Purpose – To explain an administrative law judge (ALJ) decision, along with a censure, fine, and industry disbarment, against an investment adviser for misleading advertising and false claims of compliance with Global Investment Performance Standards (GIPS). Design/methodology/approach –...

Purpose – To review SEC enforcement action taken against an adviser over: failure to grant advisory fee breakpoint discounts based on the aggregation of related accounts requested by clients and related deficiencies in the adviser’s administration of the account aggregation feature....

Purpose – To alert broker-dealers to the SEC’s plans to examine their cybersecurity practices, and offer advice on compliance. Design/methodology/approach – Reviews the SEC’s proposed cybersecurity framework and provides suggestions for broker-dealers to address and respond to these...

Purpose – To provide an overview of a new, streamlined process from the Division of Swap Dealer and Intermediary Oversight (DSIO) of the Commodity Futures Trading Commission (CFTC) by which a commodity pool operator (CPO) may request expedited no-action relief for failure to register under...

Purpose – To provide an overview of recent developments relating to the Securities and Exchange Commission (SEC)’s Market Access Rule, Rule 15c3-5 promulgated under the Securities Exchange Act of 1934. Design/methodology/approach – Provides a brief overview of the Rule’s requirements;...

Purpose – To describe some of the challenges that the Securities and Exchange Commission (SEC) will face in requiring that high-frequency traders register as dealers. Design/methodology/approach – This paper provides a brief overview of the dealer-trader distinction, an analytical framework...