Mutual Funds

Budget Season is Nearing an End – Are You Ready for What’s Ahead?

Benjamin Franklin is credited with saying, “You may delay, but time will not.” With only a few weeks left in the year, there is no time to put off completing certain Compliance tasks. Many firms are scrambling to complete their branch exams, mock audits, AML testing, continuing education requirements, looking at tax strategies and compensation… READ MORE

Political Contributions – Managing the Pay to Play Rule

If you live in the United States, it is impossible to avoid the constant chatter about the upcoming Presidential elections. And as the weather warms, the local and state elections are starting to heat up too. It is also a good time for advisors to remind employees of their obligations under MSRB Rule G-37 and… READ MORE

Your CCO Must Be A Strong Leader

Investment advisors, investment companies and broker-dealers must have a Chief Compliance Officer (CCO) to design a compliance program that complies with the rules and regulations that govern your firm. To fulfill their obligation, the CCO needs to be knowledgeable, competent and empowered to do the job. It is vital that your CCO be a leader… READ MORE

SEC Reminds Fund Advisors to Review – Gifts and Entertainment Policies

What’s Happening: The SEC recently issued a Guidance Update reminding mutual fund investment advisors (Advisors) that the receipt of gifts or entertainment by fund advisory personnel from persons doing business or hoping to do business with the fund may violate section 17(e)(1) of the 1940 Act. While most Advisors’ Codes of Ethics address this practice,… READ MORE

When Reviewing Books & Records, Don’t Forget About Data Destruction

The beginning of a new year is often when compliance officers assess whether the firm is meeting basic compliance requirements. Whether it is part of your annual 206(4)-7 or 3120 testing, making sure your records are in order is a basic requirement. Many firms retain records long past their regulatory requirements. When asked, firms often… READ MORE

ETMFs: Preparing for a New Breed of Funds

ETMFs: Preparing for a New Breed of Funds By: Julie Gibbs What’s Happening: The SEC recently approved investment management firm, Eaton Vance Corp’s, application to launch a new type of exchange-traded fund that is not required to disclose its holdings as frequently as traditional ETFs. Exchange-traded managed funds (“ETMFs”) are a hybrid of traditional exchange-traded… READ MORE