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There were several important developments impacting private investment funds in 2020. The SEC continued to prioritize this area of the capital markets, and it issued important rules and guidance impacting private funds and investment advisers. There also were two important court rulings, one by the United States Supreme Court and one by the Delaware Supreme Court. This Article summarizes the most important developments in the private fund space – in chronological order.
OCIE Examination Priorities
On January 7, 2020, the SEC’s Office of Compliance Inspections and Examinations (OCIE) started off the year by announcing its examination priorities. OCIE identified a continued focus on registered investment advisers, including for private funds. Among other things, OCIE explained that it would focus on potential conflicts when an investment adviser provides services to both private funds and to other accounts.
Thursday, January 14, 2021
On December 16, 2020, the U.S. Securities and Exchange Commission’s (“SEC”) Office of Compliance Inspections and Examinations (“OCIE,” since reorganized as a separate division of the SEC, i.e., the Division of Examinations [“DivEx”]) issued a Risk Alert entitled “Observations from Examinations of Broker-Dealers and Investment Advisers: Large Trader Obligations.” My December 8, 2020, blog post, “Meeting Specified Standards: the SEC’s OCIE Assesses Compliance,” emphasizes the importance of compliance by regulated industry participants and notes DivEx reports from examinations of a number of recurring deficiencies.
In its December 16 Risk Alert, DivEx reports on similar inspections of broker-dealers and investment advisers and finds, if anything, even more frequent compliance issues concerning “Large Traders” as defined, with respect to recordkeeping, monitoring, and reporting relevant information using the Electronic B
US institute describes solution as ‘internally consistent approach’
CFA Institute’s plan to create a global ESG standard has triggered concern among some US and European asset managers already juggling overlapping regulations and rising costs in a crowded space.
Virginia-based CFA Institute, which offers chartered financial analyst certification globally, is forging ahead with its consultation, gathering feedback on its proposed principles of voluntary ESG disclosure standards for investment products. It aims to issue a draft voluntary standard in six months.
‘It is very difficult for investors to find products that are suitable for their needs and preferences,’ Chris Fidler, CFA’s senior director of global industry standards, tells
CapWealth Advisors spars with SEC over charges of selling clients pricey mutual fund shares financial-planning.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from financial-planning.com Daily Mail and Mail on Sunday newspapers.
SEC taps new examination operations executive
Charles Koretke has been named managing executive of the SEC s Examinations division, the agency announced Tuesday.
Mr. Koretke has been acting executive since October 2019.
Mr. Koretke will be in charge of business operations, including examiner training and development and analytical services that support examinations,. He will also be the division s main liaison to other SEC divisions and offices.
Examinations Director Peter Driscoll said in the announcement that Mr. Koretke brings extensive analytical talent, demonstrated initiative, and broad knowledge of examinations to this role.
The office, created 25 years ago, is now the SEC s second-largest division in terms of staff size, after enforcement. Until Dec. 17, it was called the Office of Compliance Inspections and Examinations. The name was changed to reflect the division s emphasis on compliance in the financial services industry, SEC officials said.