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This is a reminder that the 2019 IARD account renewal obligation for investment advisers (including exempt reporting advisers) starts this November.  An investment adviser must ensure that its IARD account is adequately funded to cover payment of all applicable registration renewal fees and notice filing fees.

Key Dates in the Renewal Process:

November 12, 2018 – Preliminary Renewal Statements which list advisers’ renewal fee amount are available for printing through the IARD system.

December 17, 2018 – Deadline for full payment of Preliminary Renewal Statements.  In order for the payment to be posted to its IARD Renewal account by the December 17 deadline, an investment adviser should submit its preliminary renewal fee to FINRA through the IARD system by December 14, 2018.

December 28, 2018 – January 1, 2019 – IARD system shut down.  The system is generally unavailable during this period.

January 2, 2019 – Final Renewal Statements are available for printing.  Any additional fees that were not included in the Preliminary Renewal Statements will show in the Final Renewal Statements.

January 21, 2019 – Deadline for full payment of Final Renewal Statements.

For more information about the 2019 IARD Account Renewal Program including information on IARD’s Renewal Payment Options and Addresses, please visit http://www.iard.com/renewals.asp

Please contact us if you have questions.

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The California legislature recently passed a bill that would require public companies whose principal place of business is in California (as indicated in their Form 10-K) to have at least 1 woman on its Board of Directors by the end of 2019.  Thereafter, by the end of 2021, these companies would be required to have a minimum of 1 female director if they have a board of 4 or less, 2 female directors if they have a board of 5, or 3 female directors if they have a board of 6 or more.  There would be a monetary fine for non-compliance of $100,000 for a first violation and $300,00 for a second or subsequent violation (per-seat).

The bill is currently under consideration by Governor Jerry Brown, who has until September 30th to decide whether to sign the bill.

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Covered businesses will need to update policies and procedures for responding to customer inquiries about collection, use, sale and disclosure of customers’ personal information or face stiff enforcement actions.

Takeaways

  • The California Consumer Privacy Act of 2018 provides consumers with broad rights to control use of their personal information by covered businesses.
  • Covered businesses will need to review and revise their existing privacy policies to make the required disclosures and to provide two methods for customers to inquire about use of their personal information.

READ MORE . . .

Read this article and additional Pillsbury publications at Pillsbury Insights.

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howey-coins-300x171The rapid growth of cryptocurrency markets, digital asset products and initial coin offerings (ICOs), and the alarmingly high number of fraudulent ICO attempts among them, has prompted the SEC to engage the public in some creative investor education.

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Pillsbury Investment Funds practice co-leader Ildiko Duckor recently spoke with The Hedge Fund Law Report about the strategies and risks inherent in investing in and managing quant funds, which utilize highly sophisticated computer-based models to automate trading activities and are increasingly popular in the “hyper-connected” trading and investment sector.

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The future of the Department of Labor’s Fiduciary rule is in limbo following the Fifth Circuit’s decision striking it down “in toto.”

Takeaways

  • The future of the Fiduciary rule is uncertain, particularly in light of the Fifth Circuit’s decision vacating the rule.
  • Retirement plan fiduciaries should continue to stay apprised of the viability of the Fiduciary rule with an eye towards the services provided by their plans’ investment advisors.
  • Industry experts are hopeful that the DOL and SEC will coordinate their efforts to provide clear guidance to investment advisers and broker-dealers, plan fiduciaries and plan participants.

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Read this article and additional Pillsbury publications at Pillsbury Insights.

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This alert contains a summary of the primary annual and periodic compliance-related obligations that may apply to investment advisers registered with the Securities and Exchange Commission (the “SEC”) or with a particular state (“Investment Advisers”), and commodity pool operators (“CPOs”) and commodity trading advisors (“CTAs”) registered with the Commodity Futures Trading Commission (the “CFTC”) (collectively with Investment Advisers, “Managers”).[1]  Due to the length of this Alert, we have linked the topics to the Table of Contents and other subtitles for easy click-access.

This summary consists of the following segments: (i) List of Annual Compliance Deadlines; (ii) New Developments; (iii) 2018 National Exam Program Examination Priorities; (iv) Continuing Compliance Areas; and (v) Securities and Other Forms Filings.

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Read this article and additional Pillsbury publications at Pillsbury Insights.

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We are pleased to announce that Pillsbury has been shortlisted in the category of “Best Onshore Law Firm – Client Service” by HFM Week’s US Hedge Fund Performance Awards 2017. In 2016, we were awarded “Best Onshore Law Firm for Hedge Fund Startups”.

The US Hedge Fund Performance Awards was established to recognize providers of services to the hedge fund sector that have demonstrated exceptional innovation, customer service and performance over the last year. The awards are determined by a panel of independent industry experts who consider a combination of quantitative and qualitative measures.

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The Office of Compliance Inspections and Examinations (OCIE) of the SEC issued a Risk Alert yesterday providing a list of the most frequently identified compliance issues relating to the Advertising Rule (Rule 206(4)-1) under the Investment Advisers Act of 1940.  These compliance issues were identified as part of the OCIE examination of investment advisers:  misleading performance results, misleading one-on-one presentations, misleading claim of compliance with voluntary performance standards, “cherry-picked” profitable stock selections, misleading selection of recommendations and insufficient/inaccurate compliance policies and procedures.

Compliance with the Advertising Rule has long been, and remains, a favorite focus of the SEC.  In an age of fundraising challenges, investment advisers must balance the pressing need of appealing to prospective clients with adherence to precise regulatory standards.  Each marketing piece should go through rigorous internal review and sign-off procedures and, as necessary, outside counsel evaluation.  Investment advisers are urged to pay special attention to any form of performance or track record marketing.

Click here for the full Risk Alert. Contact your Pillsbury attorney for additional assistance.