Compliance Newsflash – February 21, 2018

February 21, 2018

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SEC Seeks Budget Boost to Restore Staff
On February 12, 2018, the Securities and Exchange Commission requested a $1.66 billion budget for fiscal year 2019, a 3.5% increase over the agency’s 2018 request, which would allow the securities regulator to restore 100 positions lost during the 2017 hiring freeze. The agency’s annual appropriations has remained essentially flat from 2016 to 2018, at $1.6 billion. However, during the same period, securities trading has grown by more than $3 trillion, assets under management by investment advisors has jumped more than $5 trillion, and there’s been a 17% growth in ETFs and mutual funds
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Annual Compliance Obligation Reminders
Investment advisers registered with the U.S. Securities and Exchange Commission (“SEC”) or with a state (“Advisers”) as well as commodity pool operators (“CPOs”) and commodity trading advisors (“CTAs”) registered with the U.S. Commodity Futures Trading Commission are subject to important annual compliance obligations. This summary sets forth the primary obligations of which your firm should be aware. This summary should not be considered an exhaustive list of your firm’s obligations under the broader federal securities laws, tax laws or applicable state, local or foreign laws. Obligations for state-registered Advisers may vary from SEC obligations and clients should feel free to contact us for more information.
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