Amendments to Form ADV to Become Effective October 1, 2017

We would like to remind private fund sponsors that in August 2016, the Securities and Exchange Commission adopted amendments to Form ADV that (i) require registered investment advisers to provide additional information regarding the separately managed accounts (SMAs) they advise, (ii) make certain clarifying, technical and other revisions to Form ADV and (iii) codify the […]

Steven Cohen raises eyebrows with auditor choice

A PwC affiliate is unloading the illiquid ‘side pocket’ investments for SAC funds it has audited SAC Capital’s Steven Cohen, faced with a Securities and Exchange Commission deadline to liquidate his funds as part of an insider-trading settlement, has turned to an affiliate of his firm’s auditor to take the remaining investments off his hands, MarketWatch […]

What advisers need to know about the SEC’s new Form ADV

Heads-up, financial advisers on social media: The government is watching you. Or, at least, they will on Oct. 1, when advisers must detail on the Securities and Exchange Commission’s updated Form ADV—which all advisers use to register with the SEC and state securities authorities—all social media accounts they use for business purposes. On the surface, the changes […]

SEC Settles Charges Against Investment Adviser for Failing to Disclose Receipt of Revenue Sharing Payments from Third-Party Broker-Dealer

On July 19, 2017, the SEC announced settled administrative proceedings against KMS Financial Services, Inc. (KMS), a Seattle, Washington-based investment adviser, for failing to disclose to its advisory clients that it received revenue from a third-party broker-dealer (the Clearing Broker) for certain mutual fund investments that KMS selected for its advisory clients, and that it […]