Assessing your operations for T+2 settlement readiness

By Jeff Fecteau

In March, the Securities and Exchange Commission (SEC) announced an amendment to shorten the standard settlement cycle for most broker-dealer securities transactions by one business day to T+2. According to the SEC, the change will enhance efficiency and reduce risk in the settlement process, which will ultimately benefit investors and market participants alike.

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SEC and the accredited investors

By Michael Loo

During the Practicing Law Institute’s SEC Speaks in 2016 conference, SEC acting chairman Michael Piwowar shared his thoughts on how the SEC should remove the distinction between accredited and non-accredited investors. Accredited investors can invest in private securities not registered with financial authorities. Under SEC Rule 401 of Regulation D, some of the requirements to be an accredited investor include having an income of $200,000 or having a net worth of $1 million (excluding the primary residence). This naturally targets the alternative investment space, such as hedge funds and private equity funds. Should the distinction between accredited and non-accredited cease to exist, alternative investment managers could have a larger pool of viable investors to tap into.

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Impacts on managing private equity funds in an era of increased complexity

By Bocar Kante

The private equity fund industry has raised over $300B in committed capital every year for the last four years—and 2016 proved to be the best fundraising year since the financial crisis[1]. This may even cause Assets under Management (AuM) to double within the next five years[2] off the back of institutional inflows. As fiduciaries to institutional money, private equity is facing pressure to reform its operating model and raise standards. Continue reading

Access – a key issue of cyber risks

By Lisa McLaughlin, Information Security Officer

Today, cyber threats are real and ever changing. In response, regulatory rules must constantly evolve in attempt to mitigate this dynamic threat. In the first of this two-part blog series, we’ll take a look into the complex roles of in-house attorneys and security professionals, and how they are intrinsic to the success of your business by protecting your organization’s sensitive information.

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Securities Transfer Association Annual Conference Shines Light on Industry Changes

By: Roger Behling


Transfer agents, issuers, SEC, DTCC, and other service and technology providers recently gathered for the 105th annual Securities and Transfer Association (STA) conference. Participants learned about and discussed important topics including the SEC concept release for transfer agents, T+2 (shortened settlement cycle) rollout – effective September, 2017, and evolving cost basis reporting rules.
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SS&C Deliver Regulatory Update: The Effect of the Election on Financial Services Regulation

Election Vote Buttons

By: Shana Bruner

To close out day one of this year’s SS&C Deliver conference, The Investment Adviser Association’s Vice President for Government Relations, Neil Simon, gave attendees a glimpse inside the beltway in this most unpredictable of election years.
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New SEC Rules Target Separately Managed Accounts

By: Stephen Newman


While no one likes to focus on them, compliance and ADV filings are mandatory for wealth, asset, and investment managers. The SEC has new filing requirements regarding separately managed accounts and has updated the Advisers Act. The new rules focus on gathering data and back-up information. Are you up-to-speed on what’s expected?
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Important Clarifications to Filing Form PF on the PFRD System

By: Jeffrey Cronin

Man and woman   signing a business contract after the conclusion

The Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange Commission (SEC) periodically release frequently asked questions (FAQs) regarding the preparation of Form PF. In April 2016, FINRA released important changes to the XML schema. In order to be accepted and processed by FINRA, all XML uploads after April 16, 2016, must conform to the new format. In case you missed the updates regarding the FAQ, we’re covering them for you again.
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