On Aug. 9, 2024, the Securities and Exchange Commission initiated administrative and cease-and-desist proceedings against a U.S. registered investment adviser (the Adviser). This action resulted from the Adviser’s failure to comply with the SEC amended Marketing Rule under the Investment Advisers Act of 1940 (Advisers Act), adopted to modernize rules that govern investment adviser advertisements and payments to solicitors.

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Tags: Financial Regulation and Compliance, FRAC, GT Insight, investment management, SEC, securities and exchange commission
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Photo of Tracy S. Combs Tracy S. Combs

A former Regional Director at the U.S. Securities and Exchange Commission, Tracy counsels corporations, financial institutions, and individuals regarding complex investigations, litigation, and regulatory matters, including those involving the SEC, the Department of Justice, the Commodity Futures Trading Commission, and other law enforcement…

A former Regional Director at the U.S. Securities and Exchange Commission, Tracy counsels corporations, financial institutions, and individuals regarding complex investigations, litigation, and regulatory matters, including those involving the SEC, the Department of Justice, the Commodity Futures Trading Commission, and other law enforcement agencies and financial regulators.

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Photo of Richard M. Cutshall Richard M. Cutshall

Richard M. Cutshall is Co-Chair of the firm’s Investment Management Group. Rich has experience representing clients in a variety of investment management, corporate, and general securities matters, including the representation of mutual funds and other funds registered under the Investment Company Act of…

Richard M. Cutshall is Co-Chair of the firm’s Investment Management Group. Rich has experience representing clients in a variety of investment management, corporate, and general securities matters, including the representation of mutual funds and other funds registered under the Investment Company Act of 1940, fund independent directors, unregistered investment companies, federally registered and state registered investment advisers, broker-dealers, and an array of public and private companies. He represents clients in all aspects of investment company practice, including organizing and forming new funds, registering investment companies with the SEC, the acquisition and merger of funds, and advising clients on the day-to-day aspects of corporate governance, board and adviser fiduciary responsibility, and SEC compliance.

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Photo of Patrick Kassen Patrick Kassen

Patrick Kassen assists clients with the formation of private equity and real estate funds, purchases and sales of businesses and real estate assets, joint ventures, minority investments, financings and leasing. Patrick also has deep experience in investment management regulation, including the Investment Advisers…

Patrick Kassen assists clients with the formation of private equity and real estate funds, purchases and sales of businesses and real estate assets, joint ventures, minority investments, financings and leasing. Patrick also has deep experience in investment management regulation, including the Investment Advisers Act and Investment Company Act, and advises clients on the design and operation of compliance programs and interactions with regulators.

Patrick brings to bear experience as a former general counsel and chief compliance officer at Blackstone, Link Logistics (a Blackstone portfolio company) and the private equity group of late investor Sam Zell, which gives him insight into the challenges faced by his clients. Patrick has advised on numerous cross-border transactions and designed multi-jurisdictional compliance programs. Finally, Patrick has served on the boards of directors of several companies, which informs his pragmatic approach to helping clients.

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Photo of Nathan M. Iacovino Nathan M. Iacovino

Nathan M. Iacovino focuses his practice on the investment servicing and investment management industries, advising asset-servicing entities, including custodians, transfer agents, and administrators, in connection with various regulatory and transactional matters. He has supported and developed strategies related to the structuring, negotiation, and

…

Nathan M. Iacovino focuses his practice on the investment servicing and investment management industries, advising asset-servicing entities, including custodians, transfer agents, and administrators, in connection with various regulatory and transactional matters. He has supported and developed strategies related to the structuring, negotiation, and implementation of domestic and global custody, fund administration, managed account platforms, collateral management, and related servicing arrangements by and among his custodial, investment servicing and managed account platform provider clients and their respective fund, investor, pension plan, and adviser client base.

Nathan also represents mutual fund complexes, asset managers, investment advisers, institutional investors and financial institutions in developing and maintaining financial products while navigating the regulatory landscape.

Nathan’s clients include a wide range of private funds, registered investment companies, transfer agents, banks, financial institutions, institutional investors and investment advisors.

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Photo of William Mack William Mack

William B. Mack is a co-chair of the Financial Regulatory and Compliance Practice. He is experienced in advising companies on regulatory and compliance matters relating to the Securities and Exchange Commission regulations, the Exchange Act, Anti-Money Laundering laws and Financial Industry Regulatory Authority

…

William B. Mack is a co-chair of the Financial Regulatory and Compliance Practice. He is experienced in advising companies on regulatory and compliance matters relating to the Securities and Exchange Commission regulations, the Exchange Act, Anti-Money Laundering laws and Financial Industry Regulatory Authority (FINRA) rules.

William’s practice involves all aspects of broker-dealer regulation, including Self-Regulatory Organization (SRO) membership, supervision, employment, research, soft dollar arrangements, chaperoning of foreign broker-dealers, social media, use of foreign finders, anti-money laundering rules, alternative trading systems (ATS), exchanges, and market making issues. He also provides regulatory guidance to investment banking clients in connection with securities offerings and related trading issues.

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Photo of Amelia Hope Adams Amelia Hope Adams

Hope Adams focuses her practice on the asset management and financial services industry, advising banking institutions and investment managers on a wide range of regulatory, transactional, asset servicing, product structuring and private fund matters.

With over three decades of experience, including 13 years…

Hope Adams focuses her practice on the asset management and financial services industry, advising banking institutions and investment managers on a wide range of regulatory, transactional, asset servicing, product structuring and private fund matters.

With over three decades of experience, including 13 years as senior legal counsel supporting the asset management operations and private fund investment activities of a large U.S. national bank, Hope has developed a wide-ranging understanding of the intersection of regulatory and operational risks and the business objectives of the institution. Based on her in-house experience, Hope strongly believes that an effective lawyer will first understand the client’s objectives and limitations and then provide practical and risk appropriate alternatives, whether related to the implementation of new regulations, managing regulatory audits, drafting contracts or internal policies and procedures or advising on the development and launch of new products, services or private funds.

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Photo of Ryan F. Helmrich Ryan F. Helmrich

Ryan Helmrich advises investment managers, broker-dealers, fund sponsors, custodial banks, transfer agents and other asset servicing providers on a broad range of investment management regulatory and transactional matters. He also counsels asset managers on a range of regulatory issues, including registration, interpretive guidance…

Ryan Helmrich advises investment managers, broker-dealers, fund sponsors, custodial banks, transfer agents and other asset servicing providers on a broad range of investment management regulatory and transactional matters. He also counsels asset managers on a range of regulatory issues, including registration, interpretive guidance, new product development, regulatory examinations and enforcement actions.

In addition to his general experience in asset management, Ryan regularly represents financial institutions in lift-out transactions, master servicing arrangements, derivatives-trading arrangements, as well as other matters affecting their domestic and global asset-servicing activities (custody, administrative, sub-accounting, and transfer agency). He has worked with state sponsors, private program managers and other providers involved with Section 529 college savings programs, Section 529A (ABLE) disability savings programs, and regularly represents investment advisers, broker-dealers, and program administrators with product development and contract negotiation.

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