Compliance Newsflash – January 16, 2019

January 17, 2019

DLA is committed to keeping our clients and friends updated on relevant news and topics in the industry by distributing a weekly Compliance Newsflash. We hope this provides you with helpful and insightful information for you and your firm! Join our mailing list by clicking here: DLA Newsflash Registration.

Government Shutdown Halts SEC Processing of New Adviser Registrations

On January 10th, 2019, Investment News reported that financial advisers whose New Year’s resolution was to open a registered investment advisory firm are in limbo thanks to the government shutdown. The partial closure of the federal government has curtailed most Securities and Exchange Commission work, including exams and the processing of new or pending investment adviser applications, according to the agency’s shutdown operations plan.

For more information, click here.

SEC Risk Alert Provides Electronic Messaging Guidance to RIAs

On January 15th, 2019, the SEC’s Office of Compliance Inspections and Examinations (the “OCIE”) issued a risk alert regarding electronic messaging by registered investment advisers (“RIAs”). As used in the Alert, the term “electronic messaging” refers to written communications sent electronically using text or SMS messaging, instant messaging, personal email, or private messaging, both through the RIA’s systems and through third-party apps (e.g., Twitter and Instagram).

For more information, click here.