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SEC Issues Advisory Alert on Adviser Use of Social Media
January 09, 2012
The SEC's Office of Compliance Inspections and Examinations recently issued a National Examination Risk Alert regarding investment adviser use of social media. The alert reminds firms that under the Advisers Act, firms must adopt, and periodically review the effectiveness of, policies and procedures regarding… read more
DOL Investigates Broker-Dealers and RIAs
November 01, 2011
According to a DrinkerBiddle legal alert, in recent months the Department of Labor has launched a number of investigations into broker-dealer services to ERISA retirement plans. These appear to be part of a nationwide enforcement project called the Consultant/Adviser Project (CAP) which focuses on… read more
Study: Advisers’ Use of Mutual Funds
September 28, 2011
A recent article summarizes the findings of Cogent Research's 2011 study on investment advisers' preferences and trends. The article includes a ranking of the fund groups that were found to have the highest level of adviser loyalty and discusses how these rankings have… read more
Analysis of DOL Fiduciary Rule Reproposal
September 27, 2011
On September 19, 2011, the U.S. Department of Labor's Employee Benefits Security Administration announced that it will revise and repropose its controversial rule amending the definition of fiduciary under the Employee Retirement Income Security Act (ERISA) in early 2012. The original proposal would have subjected… read more
Federal Court Dismisses Fund Distribution Fee Case
June 17, 2011
Earlier this month, a district court in New York dismissed plaintiffs' claims in Smith v. Oppenheimer Funds Distributor, Inc., a case involving payments made to broker-dealers by the funds' distributor in accordance with the funds' 12b-1 plan. The dismissed case was one of a number… read more