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Here is a discussion of the Marketing Rule article that should provide a roadmap for opportunities and risks associated with the new rule.
If you’re anything like me, wrapping your head around the intricacies of the latest cybersecurity threats and the technology solutions for addressing them can seem overwhelming.Yet, the recent risk alerts published by the SEC Office of Compliance Inspections and Examinations (OCIE) and the third series of cybersecurity sweep exams conducted by OCIE hammer home the message that the SEC and other regulators continue to carefully scrutinize how advisory firms and broker-dealers identify and manage such risks.Fortunately, understanding the fundamental tenets of cybersecurity risk management does not require an advanced computer science degree.This articlewill provide a user-friendly roadmap for evaluating your firm’s cybersecurity risks focusing on addressing five key “W’s”:
Richard A. Chen Attorney At Law
The SEC has made no secret of the fact that one of its highest priority focus areas in recent years has been ensuring that advisers are billing clients properly for services rendered.In various recent enforcement actions and in an April 2018 risk alert issued by the Office of Compliance Inspections and Examinations, the SEC has warned that improper fee and expense billing practices can cause an adviser to violate the antifraud provisions found in the Investment Advisers Act of 1940 (the “Advisers Act”).To help advisers identify and address any improper billing and expense practices, this article describes fifteen common mistakes that are often found when reviewing advisory fee billing practices and explains how an adviser should address such mistakes.
Regulators such as the SEC expect an adviser to adopt and maintain a robust business continuity plan because, among other things, it believes that advisers have a fiduciary duty to protect the clients’ interests from risks arising out of an adviser's inability to provide advisory services after a business disruption.
While many advisory firms are keenly attuned to identifying the investment risks associated with using underlying third-party managers, such as sub-advisors, separate account managers, and hedge and private equity fund sponsors, operational due diligence has generally garnered less attention.Yet, this is an imperative that advisory firms cannot afford to overlook.The SEC considers operational due diligence of such managers as a part of an adviser’s fiduciary duty owed to its clients.The failure to conduct proper operational due diligence could lead to regulatory or civil liability should a client’s assets or information be lost, stolen, or otherwise compromised.This article provides a roadmap for firms seeking to adopt a program for conducting operational due diligence on such managers and focuses on three critical “P’s”: personnel, processes, and privacy controls.
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Recruiting top talent is a high priority for most advisory firms, but fast-tracking the hiring and onboarding process and failing to conduct appropriate due diligence on prospective employees can result in potential legal and regulatory liability. Below, we highlight five faulty hiring practices, the regulatory consequences arising out of such practices, and some recommended practices for addressing such risks.
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It’s a great way for us to get to understand your needs and how our services can help you navigate the complexities of operating within the financial services industry. There is no commitment until we are comfortable with each other.Most of my career, following my graduation from Harvard College in 1995 and Harvard Law School in 1998, has been spent with some of the top multinational law firms in the world, cultivating the legal and business knowledge, experience, judgment, and industry relationships that have helped me provide practical and sophisticated legal advice and business solutions that add significant value to investment advisers (including investment managers, financial planners, and hedge and private equity fund sponsors), broker-dealers, and other financial industry participants. For a more in-depth description of my educational and professional background visit my LinkedIn profile and connect with me.
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I care about my clients and am passionate about their success because investment advisers do a noble job of helping their clients achieve their life goals. It’s my privilege to help entrepreneurial advisers accomplish this mission while simultaneously achieving their own business goals.
I understand that serving as an entrepreneurial adviser is hard work. I learned so much about the rewards and rigors of being an entrepreneur from my parents who immigrated to the United States nearly 50 years ago to pursue the American dream. Having owned and operated numerous businesses, they taught me the value of integrity, hard work, teamwork, and the need to face challenges with courage and resolve.
That’s something I’ve had to do throughout my life given that I’m blind. Despite the numerous challenges, being blind has profoundly shaped me and equipped me to launch the firm to help others. Among other things, blindness has taught me how to deal with uncertainty, solve problems creatively, have a game plan, and adapt as circumstances change. As an entrepreneur, I understand that these are challenges that entrepreneurs face every day.
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In me, you will get a trusted advisor who will work hard for you, help you understand and navigate the uncertainties of an ever-changing legal and regulatory landscape, help you devise a game plan for where you’re going, help you solve discrete problems, and help you save time and money when operating your firm. I take the time to listen to you and understand the challenges you face, respond promptly, communicate effectively, and provide customized, proactive guidance and solutions tailored to your needs. I have the privilege of working alongside other experienced and skilled attorneys who share this same vision for supporting investment advisers.
When I’m not working, I love spending time with my family and friends. I also love traveling (having been to nearly 40 countries), playing guitar and keyboard, collecting sports memorabilia, adventure sports (such as sky diving and bungy jumping), and motivational speaking. I also enjoy serving my community as a board member of a not-for-profit organization that provides free legal and counseling services to the underserved in New York City.
Here is a discussion of the Marketing Rule article that should provide a roadmap for opportunities and risks associated with the new rule.
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If you’re anything like me, wrapping your head around the intricacies of the latest cybersecurity threats and the technology solutions for addressing them can seem overwhelming.Yet, the recent risk alerts published by the SEC Office of Compliance Inspections and Examinations (OCIE) and the third series of cybersecurity sweep exams conducted by OCIE hammer home the message that the SEC and other regulators continue to carefully scrutinize how advisory firms and broker-dealers identify and manage such risks.Fortunately, understanding the fundamental tenets of cybersecurity risk management does not require an advanced computer science degree.This articlewill provide a user-friendly roadmap for evaluating your firm’s cybersecurity risks focusing on addressing five key “W’s”:
The SEC has made no secret of the fact that one of its highest priority focus areas in recent years has been ensuring that advisers are billing clients properly for services rendered.In various recent enforcement actions and in an April 2018 risk alert issued by the Office of Compliance Inspections and Examinations, the SEC has warned that improper fee and expense billing practices can cause an adviser to violate the antifraud provisions found in the Investment Advisers Act of 1940 (the “Advisers Act”).To help advisers identify and address any improper billing and expense practices, this article describes fifteen common mistakes that are often found when reviewing advisory fee billing practices and explains how an adviser should address such mistakes.
Regulators such as the SEC expect an adviser to adopt and maintain a robust business continuity plan because, among other things, it believes that advisers have a fiduciary duty to protect the clients’ interests from risks arising out of an adviser's inability to provide advisory services after a business disruption.
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While many advisory firms are keenly attuned to identifying the investment risks associated with using underlying third-party managers, such as sub-advisors, separate account managers, and hedge and private equity fund sponsors, operational due diligence has generally garnered less attention.Yet, this is an imperative that advisory firms cannot afford to overlook.The SEC considers operational due diligence of such managers as a part of an adviser’s fiduciary duty owed to its clients.The failure to conduct proper operational due diligence could lead to regulatory or civil liability should a client’s assets or information be lost, stolen, or otherwise compromised.This article provides a roadmap for firms seeking to adopt a program for conducting operational due diligence on such managers and focuses on three critical “P’s”: personnel, processes, and privacy controls.
Recruiting top talent is a high priority for most advisory firms, but fast-tracking the hiring and onboarding process and failing to conduct appropriate due diligence
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