SEC Adopts Rule Amendments to Regulation S-P to Enhance Protection of Customer Information
Washington, D.C.--(Newsfile Corp. - May 16, 2024) - The Securities and Exchange Commission today announced the adoption of amendments to Regulation S-P to modernize and enhance the rules that govern the treatment of consumers’ nonpublic personal information by certain financial institutions. The amendments update the rules’ requirements for broker-dealers (including funding portals), investment companies, registered investment advisers, and transfer agents (collectively, “covered...
2024-05-16 8:50 AM EDT
SEC Staff Publishes New Investment Adviser Statistics Report
Washington, D.C.--(Newsfile Corp. - May 15, 2024) - The staff of the Securities and Exchange Commission today published a new report of Investment Adviser Statistics, which is based on aggregated data filed by investment advisers on Form ADV. The new report, which will be updated on an annual basis, is designed to give the public a view into the investment advisory industry, with insights into areas such as business activities, client composition, and the types of funds advised. The report...
2024-05-15 12:59 PM EDT
SEC Seeks Candidates for Small Business Capital Formation Advisory Committee
Washington, D.C.--(Newsfile Corp. - May 14, 2024) - The Securities and Exchange Commission is seeking candidates to fill a limited number of vacancies on the agency’s Small Business Capital Formation Advisory Committee, which provides advice and recommendations to the Commission on rules, regulations, and policy matters relating to small businesses. The committee was established by the SEC Small Business Advocate Act of 2016. Consistent with statutory requirements, committee members represent...
2024-05-14 3:04 PM EDT
SEC Charges Hudson Valley Wealth Management Advisory Firm and Founder for Failing to Disclose Conflicts of Interest
Washington, D.C.--(Newsfile Corp. - May 14, 2024) - The Securities and Exchange Commission today announced settled charges against New York-based registered investment adviser Hudson Valley Wealth Management Inc. and its founder, Christopher Conover, for breaching their fiduciary duties by failing to disclose conflicts of interest and making misleading statements to their clients. To settle the charges, Hudson Valley agreed to pay a civil penalty of $200,000, and Conover agreed to pay more...
2024-05-14 2:43 PM EDT
SEC, FinCEN Propose Customer Identification Program Requirements for Registered Investment Advisers and Exempt Reporting Advisers
Washington, D.C.--(Newsfile Corp. - May 13, 2024) - Today the Securities and Exchange Commission and the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) jointly proposed a new rule that would require SEC-registered investment advisers (RIAs) and exempt reporting advisers (ERAs) to establish, document, and maintain written customer identification programs (CIPs). The proposal is designed to prevent illicit finance activity involving the customers of investment...
2024-05-13 11:14 AM EDT
SEC Charges Pennsylvania Resident with Insider Trading in Dick's Sporting Goods Securities
Washington, D.C.--(Newsfile Corp. - May 10, 2024) - The Securities and Exchange Commission today charged Gibsonia, PA resident Frank T. Poerio, Jr. with insider trading for misappropriating material, nonpublic information concerning Dick’s Sporting Goods Inc. and trading on that information, realizing illegal profits of more than $800,000. According to the SEC’s complaint, between November 2019 and May 2021, Poerio knew a Dick’s employee who had access to multiple internal sources of material...
2024-05-10 2:22 PM EDT
SEC Names Nathaniel H. Benjamin as Director of the Office of Minority and Women Inclusion
Washington, D.C.--(Newsfile Corp. - May 3, 2024) - The Securities and Exchange Commission today announced that Nathaniel H. Benjamin has been appointed the Director of the Office of Minority and Women Inclusion (OMWI). Mr. Benjamin will join OMWI from AmeriCorps, where he is the Chief Diversity and Inclusion Officer, on May 5, 2024. Allison Wise, OMWI’s Deputy Director, has served as Acting Director of the Office since October 2023. “I welcome Nate to the SEC in the leadership role as...
2024-05-03 5:38 PM EDT
SEC Charges Audit Firm BF Borgers and Its Owner with Massive Fraud Affecting More Than 1,500 SEC Filings
Washington, D.C.--(Newsfile Corp. - May 3, 2024) - The Securities and Exchange Commission today charged audit firm BF Borgers CPA PC and its owner, Benjamin F. Borgers (together, “Respondents”), with deliberate and systemic failures to comply with Public Company Accounting Oversight Board (PCAOB) standards in its audits and reviews incorporated in more than 1,500 SEC filings from January 2021 through June 2023. The SEC also charged the Respondents with falsely representing to their clients...
2024-05-03 9:08 AM EDT
SEC Small Business Advisory Committee to Discuss Regulation Crowdfunding and the State of Angel Investing
Washington, D.C.--(Newsfile Corp. - April 25, 2024) - The Securities and Exchange Commission’s Small Business Capital Formation Advisory Committee today released the agenda for its meeting on Monday, May 6, 2024. The meeting will include a discussion of Regulation Crowdfunding (Reg CF) and activity and trends in angel investing. Members of the public can watch the live meeting via webcast on www.sec.gov. The Committee, which provides advice and recommendations to the Commission on rules,...
2024-04-25 2:34 PM EDT
SEC Staff Publishes New Registered Fund Statistics Report
Washington, D.C.--(Newsfile Corp. - April 24, 2024) - The staff of the Securities and Exchange Commission today published a new report of Registered Fund Statistics, which is based on aggregated data reported by SEC-registered funds on Form N-PORT. The new report, which will be updated on a quarterly basis, is designed to provide the public with a regular and detailed picture of the registered funds industry—with its more than 12,000 funds and more than $26 trillion in total net assets under...
2024-04-24 10:31 AM EDT
SEC's Division of Investment Management to Host Second Annual Conference on Emerging Trends in Asset Management
Washington, D.C.--(Newsfile Corp. - April 17, 2024) - The Securities and Exchange Commission’s Division of Investment Management (IM) today announced it will host the second annual Conference on Emerging Trends in Asset Management on Thursday, May 16, 2024. The conference will bring together a variety of asset management industry participants, regulators, and academics to discuss emerging trends in asset management. The full agenda with a list of speakers is available here. Conference topics...
2024-04-17 3:18 PM EDT
SEC Issues Second Fee Rate Advisory for Fiscal Year 2024
Washington, D.C.--(Newsfile Corp. - April 17, 2024) - The Securities and Exchange Commission today announced that, starting on May 22, 2024, the fee rates applicable to most securities transactions will be set at $27.80 per million dollars. Consequently, each self-regulatory organization will continue to pay the Commission a rate of $8 per million for covered sales occurring on charge dates through May 21, 2024, and a rate of $27.80 per million for covered sales occurring on charge dates on...
2024-04-17 11:04 AM EDT
SEC Charges Five Investment Advisers for Marketing Rule Violations
Washington, D.C.--(Newsfile Corp. - April 12, 2024) - The Securities and Exchange Commission today announced settled charges against five registered investment advisers for Marketing Rule violations. All five firms have agreed to settle the SEC’s charges and to pay $200,000 in combined penalties. The five advisory firms are: GeaSphere LLC Bradesco Global Advisors Inc. Credicorp Capital Advisors LLC InSight Securities Inc. Monex Asset Management Inc. The SEC’s orders found that the five firms...
2024-04-12 9:39 AM EDT
Register for the SEC's 43rd Annual Small Business Forum April 16-18
Washington, D.C.--(Newsfile Corp. - April 4, 2024) - The Securities and Exchange Commission’s Office of the Advocate for Small Business Capital Formation will host the SEC’s 43rd Annual Government-Business Forum on Small Business Capital Formation during three virtual sessions April 16-18 from 1-2:30 p.m. ET. The Forum is a unique event where members of the public and private sectors gather to provide feedback to improve capital-raising policy. The event will feature appearances by each of...
2024-04-04 4:25 PM EDT
SEC Charges Advisory Firm Senvest Management with Recordkeeping and Other Failures
Washington, D.C.--(Newsfile Corp. - April 3, 2024) - The Securities and Exchange Commission today announced charges against registered investment adviser Senvest Management LLC for widespread and longstanding failures to maintain and preserve certain electronic communications. The SEC also charged Senvest with failing to enforce its code of ethics. To settle this matter, Senvest admitted the facts set forth in the Commission’s order, acknowledged that its conduct violated the federal...
2024-04-03 3:49 PM EDT
SEC Encourages Investors to Plan for Their Financial Future During Financial Capability Month
Washington, D.C.--(Newsfile Corp. - April 2, 2024) - The Securities and Exchange Commission’s Office of Investor Education and Advocacy (OIEA) today announced that its theme for April’s National Financial Capability Month is, “What does your financial future look like? Having a plan can help answer the question.” During the month of April, SEC leadership and staff will highlight the importance of creating a saving and investing plan to help investors meet their financial goals, and will...
2024-04-02 3:18 PM EDT
SEC Adopts Reforms Relating to Investment Advisers Operating Exclusively Through the Internet
Washington, D.C.--(Newsfile Corp. - March 27, 2024) - The Securities and Exchange Commission today adopted amendments to the rule permitting certain internet investment advisers to register with the Commission (the “internet adviser exemption”). The amendments will require an investment adviser relying on the internet adviser exemption to have at all times an operational interactive website through which the adviser provides digital investment advisory services on an ongoing basis to more...
2024-03-27 10:10 AM EDT
SEC Seeks Candidates for Investor Advisory Committee
Washington, D.C.--(Newsfile Corp. - March 26, 2024) - The Securities and Exchange Commission is seeking five candidates for appointment to the Investor Advisory Committee to help protect investors and improve securities regulations. The Committee was established under the Dodd-Frank Wall Street Reform and Consumer Protection Act to advise the Commission, protect investor interests and promote the integrity of the securities marketplace. Committee members represent the interests of investors,...
2024-03-26 4:29 PM EDT
SEC Charges Former Arista Networks Chairman Andy Bechtolsheim with Insider Trading
Washington, D.C.--(Newsfile Corp. - March 26, 2024) - The Securities and Exchange Commission today announced insider trading charges against Andreas “Andy” Bechtolsheim, the founder and Chief Architect of Silicon Valley-based technology company Arista Networks, Inc. To settle the SEC’s charges, Bechtolsheim agreed to pay a civil penalty of nearly $1 million. According to the SEC’s complaint, Bechtolsheim misappropriated material nonpublic information regarding the impending acquisition of...
2024-03-26 9:08 AM EDT
SEC's OMWI FY 2023 Annual Report Highlights the Agency's Diversity, Equity, Inclusion and Accessibility Initiatives and Progress
Washington, D.C.--(Newsfile Corp. - March 21, 2024) - As part of its continuing efforts to promote diversity, equity, and inclusion with regulated entities, the Securities and Exchange Commission’s Office of Minority and Women Inclusion (OMWI) published two reports: the 2022 Diversity Assessment Report for Entities Regulated by the SEC and OMWI’s Fiscal Year (FY) 2023 Annual Report to Congress. The 2022 Diversity Assessment Report for Entities Regulated by the SEC analyzes information...
2024-03-21 9:22 AM EDT