Category Archives: investment advisor

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SEC Publishes OCIE 2020 Examination Priorities

On Jan. 7, the SEC announced the publication of the annual Office of Compliance Inspections and Examinations (OCIE) 2020 Examination Priorities. In addition to the examination priorities themselves, the 28-page publication includes statistics related to OCIE’s 2019 examination program, touting OCIE’s completion of over 3,000 examinations covering ~15% of registered investment advisers and verification of … Continue Reading

When Can Futures Commission Merchants and Broker-Dealers Be Deemed Banks?

On March 21, 2019, in Whitaker v. Wedbush Securities, an Illinois appellate court for the first time addressed the liability of a futures commission merchant (FCM) or broker-dealer (BD) under Section 4A-105 of the Uniform Commercial Code (UCC). By way of background, a customer of an FCM dually registered as a BD ostensibly requested a … Continue Reading

Illinois Supreme Court Rules Annuities Are Not Securities Under Illinois Securities Act

On March 21, 2019, in Van Dyke v. Jesse White, the Illinois Supreme Court issued a long-awaited opinion relating to Illinois Securities Department authority to regulate annuities under the Illinois Securities Law of 1953 (Act). By way of background, in 2011, the Illinois Securities Department audited Richard Lee Van Dyke following complaints from the adult … Continue Reading
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