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In the US Securities and Exchange Commission staff’s most recent guidance addressing environmental, social, and governance (ESG) investing, the staff of the Division of Examinations released an April 9 Risk Alert noting observations made during recent examinations of investment advisers and funds (both registered and private) engaged in ESG investing.
The Risk Alert[1] highlights certain deficiencies and internal control weaknesses observed by the staff, as well as observations regarding what the staff viewed as effective practices related to the management and oversight of ESG investing activities. The Risk Alert also summarizes certain ESG-related areas on which the Division of Examinations (Examinations) intends to continue to focus in its examinations of investment advisers and funds. In an April 12, 2021, statement, US Securities and Exchange Commission (SEC) Commissioner Hester M. Peirce offered her thoughts on th
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On Wednesday, April 14, 2021, the US Food and Drug Administration (FDA) published a long-awaited final guidance document explaining its policy for conducting remote “evaluations” during COVID-19. According to the guidance, FDA will request and conduct voluntary remote evaluations at (1) facilities where drugs and biologics are manufactured, processed, packed, or held; (2) facilities covered under the bioresearch monitoring (BIMO) program; and (3) outsourcing facilities registered under section 503B of the Federal Food, Drug, and Cosmetic Act (FDCA). The evaluations do not replace in-person inspections, and FDA Form 483s will not be issued as a result of the inspection, but the results could be used to support regulatory actions, such as approving a pending product application.
Bernie Madoff Lives!
The man behind the world’s largest Ponzi scheme died at 82; the system that enabled his grift continues in his image.
Mario Tama/Getty Images
What also must be known about Bernie Madoff, who died on Wednesday at the age of 82, is that prior to the revelation in December 2008 that he had been running the world’s largest Ponzi scheme, he was, for most of his career, one of the most well-respected figures in finance. He was anything but marginal. He served as the chairman of Nasdaq three different years in the 1990s, and served on the boards of many Wall Street organizations. The funds he ran attracted some of the richest people in the world. His niece married the former assistant director of the Security and Exchange Commission’s Office of Compliance Inspections and Examinations. (In 2007, he bragged about a “very close” relationship with an SEC regulator. “My niece even married one,” he laughed.) He was an insider.
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Last month, the SEC Division of Examinations (the Division ; formerly the Office of Compliance Inspections and Examinations ) released its annual Examination Priorities for 2021. RIAs and their Chief Compliance Officers are advised to review the whole report, which can be found
here. Financial advisers registered with the SEC should expect 2021 examinations to focus on the following areas:
Standards of Conduct: The Division will assess whether RIAs have fulfilled their fiduciary duty comprised of the duty of loyalty and duty of care to their client. RIAs should also expect continued examination of their Form CRS, including a focus on readability for clients and timely submission.
Thursday, April 15, 2021
On Wednesday, April 14, 2021, the US Food and Drug Administration (FDA) published a long-awaited final guidance document explaining its policy for conducting remote “evaluations” during COVID-19. According to the guidance, FDA will request and conduct voluntary remote evaluations at (1) facilities where drugs and biologics are manufactured, processed, packed, or held; (2) facilities covered under the bioresearch monitoring (BIMO) program; and (3) outsourcing facilities registered under section 503B of the Federal Food, Drug, and Cosmetic Act (FDCA). The evaluations do not replace in-person inspections, and FDA Form 483s will not be issued as a result of the inspection, but the results could be used to support regulatory actions, such as approving a pending product application.