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SEC Reforms Decades-Old Exemption for Internet Advisers

By Robert R. Boeche, Partner; Robert D. Conca, Partner; and Melissa Donaldson, Law Clerk of Shustak Reynolds & Partners, P.C. posted on Tuesday, July 9, 2024.

As we have highlighted, on March 27, 2024, the Securities and Exchange Commission (“SEC”) amended the internet adviser exemption by requiring functional websites and prohibiting in-person clients. The amendments aim to modernize the 22-year-old rule’s investor protections and address what the SEC considers significant compliance gaps by advisers relying on the exemption.  Read More

SEC Regulation S-P Changes: What You Need to Know

By Robert R. Boeche, Partner; Robert D. Conca, Partner; and Melissa Donaldson, Law Clerk of Shustak Reynolds & Partners, P.C. posted on Tuesday, July 9, 2024.

On May 16, 2024, the Securities and Exchange Commission (“SEC”) adopted significant amendments to Regulation S-P (“Reg S-P”). Among other changes, these amendments require covered institutions to create written policies and procedures for incident response programs addressing unauthorized access to or use of customer data. Read More

The Art of Advocacy and Arbitration in High-Stakes Financial Disputes With Erwin J. Shustak

By Erwin J. Shustak, Managing Partner of Shustak Reynolds & Partners, P.C. posted on Monday, June 24, 2024.

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The Securities and Exchange Commission Announces Amendments to Internet Investment Adviser Registration Rules

By Robert D. Conca, Partner; and Eden Elkayam, Law Clerk of Shustak Reynolds & Partners, P.C. posted on Tuesday, April 30, 2024.

On March 27, 2024, the Securities and Exchange Commission (“SEC”) adopted amended rules regarding the registration requirements that apply to internet investment advisers. This anticipated announcement follows other public announcements demonstrating the SEC’s focus on the internet adviser issues. Read More

SEC Rules 3a5-4 and 3a44-2 Requiring Registration of Liquidity-Providing Persons as "Dealers"

By Robert R. Boeche, Partner; Robert D. Conca, Partner; and Eden Elkayam, Law Clerk of Shustak Reynolds & Partners, P.C. posted on Tuesday, March 19, 2024.

On February 6, 2024, the Securities and Exchange Commission (“SEC”) adopted Rules 3a5-4 and 3a44-2 (“Final Rules”) defining the phrase “as a part of a regular business” and identifying activities that would cause people within certain activities to be “dealers” or “government securities dealers.”  Read More

The Securities and Exchange Commission Announces New Set of Private Fund Rules

By Robert R. Boeche, Partner; Robert D. Conca, Partner; and Eden Elkayam, Law Clerk of Shustak Reynolds & Partners, P.C. posted on Tuesday, March 19, 2024.

On August 23, 2023, the Securities and Exchange Commission (“SEC”) adopted new rules regarding the regulation of private funds and their advisors, providing an update to the existing compliance rules already in place for investment advisers. Read More

New Reporting Requirements Under the Corporate Transparency Act

By Robert R. Boeche, Partner; Robert D. Conca, Partner; and Eden Elkayam, Law Clerk of Shustak Reynolds & Partners, P.C. posted on Tuesday, March 19, 2024.

Beginning January 2024, several new laws began to take effect, impacting various professionals - specifically those U.S. businesses and entities who file documents with the secretary of state. The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) began accepting Beneficial Ownership Information Reports (“BOI’s” or “BOI”) in January in an effort to increase transparency surrounding entity ownership. Those who fail to comply could receive significant penalties – including fines and/or imprisonment.  Read More

SEC Announces 2024 Examination Priorities

By Robert D. Conca, Partner of Shustak Reynolds & Partners, P.C. posted on Wednesday, November 1, 2023.

Being fired is never easy, but it is a particularly challenging and uncertain time for licensed financial advisors and their clients. Within 30 days of the termination, the advisor’s prior firm must file a Form U5 with the Financial Industry Regulatory Authority (FINRA), which provides information about the circumstances of the termination. In this blog post, we explore what advisors can expect if they are fired and the implications of the Form U5 filing. Read More

Navigating the Aftermath: Financial Advisor Terminations and The Form U5

By George C. Miller, Partner of Shustak Reynolds & Partners, P.C. posted on Friday, October 27, 2023.

Being fired is never easy, but it is a particularly challenging and uncertain time for licensed financial advisors and their clients. Within 30 days of the termination, the advisor’s prior firm must file a Form U5 with the Financial Industry Regulatory Authority (FINRA), which provides information about the circumstances of the termination. In this blog post, we explore what advisors can expect if they are fired and the implications of the Form U5 filing. Read More

If You Didn’t Already Get It Done: Don’t Forget About the Initial Department of Labor Retrospective Review

By Robert R. Boeche, Partner; Robert D. Conca, Partner; and Andrew Steiger, Associate of Shustak Reynolds & Partners, P.C. posted on Wednesday, July 12, 2023.

As described in our prior article on the Requirements of New Prohibited Transaction Exemption PTE 2020-02, on December 18, 2020, the U.S. Department of Labor’s Prohibited Transaction Exemption 2020-02 (the “Exemption”) became effective. Among other things, this rule requires advisers relying upon this exemption to perform an annual Retrospective Review (the “Review”). The Exemption requires that the Review be reasonably designed to: (1) detect and prevent violations of the Impartial Conduct Standards, and (2) achieve internal compliance with the Policies & Procedures enacting those Impartial Conduct Standards. The Review consists broadly of two components, the methodology and the results, which are to be memorialized as part of a written report. Read More