Wrap Fee Sweep
On August 20th, Reuters summarized the contents of a SEC letter to investment advisors seeking information on their wrap fee accounts. The letter seeks information on the advisors’ wrap fee policies and assets held in such accounts. Wrap Fee Sweep.
On August 20th, Bloomberg reported the Municipal Securities Rulemaking Board is seeking SEC approval of a proposed rule which would require municipal bond traders to adopt best execution practices for their clients. Best Execution.
On August 20th, the SEC announced that its Chief Information Officer, Thomas Bayer, is planning to leave the agency in October. SEC Press Release.
On August 19th, the Office of Compliance Inspections and Examinations (“OCIE”) launched an examination initiative for newly regulated municipal advisors. Over the next two years, OCIE will examine municipal advisors’ for, among other things, their compliance with their fiduciary duty obligations, their books and recordkeeping, and their disclosure, fair dealing, supervision, and employee qualifications and training. SEC Press Release.
SEC Report on Form PF
On August 15th, the SEC published its second annual report to Congress on how it uses the data collected from private funds.