CPAs and Advisors with Your Growth in Mind

Civil Monetary Penalties Adjusted for Inflation

A final rule has been introduced to carry out the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. The final rule implements the first annual inflation adjustment of Securities and Exchange Commission-issued (“SEC”) civil monetary penalties under the following: Securities Act of 1933 Securities Exchange Act of 1934 Investment Company Act of 1940 Investment Advisers Act of 1940 Certain penalties under the Sarbanes-Oxley Act of 2002 Violations that occurred after November 2, 2015, will be impacted upon the final rule’s effective date. For violations on or before that date, the SEC will reinstate penalty amounts in its previous adjustments as. Read More.

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SEC Rule to Extend Exemption from Conflict-of-Interest Rules

Proposed by the Securities and Exchange Commission (“SEC”), Temporary Rule Regarding Principal Trades with Certain Advisory Clients amends rule 206(3)-3T under the Investment Advisers Act of 1940. Per the proposal, rule 206(3)-3T would be extended to December 31, 2016. Comments on Temporary Rule Regarding Principal Trades with Certain Advisory Clients are due 30 days after being published in the Federal Register. The amendment provides an another means for investment advisers registered as SEC broker-dealers to meet section 206(3) requirements of the Investment Advisers Act when performing in a principal capacity during transactions with certain advisory clients. Check out the Firm’s SEC Audit page for more information on our services.

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