Under current law, broker-dealers are exempt from adhering to the fiduciary duties imposed under the Investment Advisers Act
, as long as the advice they provide is solely incidental to their primary function of selling products.
On May 20, the Securities and Exchange Commission released proposed amendments to the custody rule under the Investment Advisers Act
of 1940 and related forms.
A lot has changed in the accounting profession since the Investment Advisers Act
of 1940 (Advisers Act).
It covers the Securities Act of 1933 and the Securities Exchange Act of 1934, including selected rules and forms; selected provisions of Regulations S-K and S-X; Regulations M and M-A; selected provisions of Regulation ATS; Regulations AC, FD, and G; selected provisions of the Rules of Practice and Investigations; selected release of Staff Accounting Bulletins; the Sarbanes-Oxley Act of 2002; selected provisions of the Investment Advisers Act
of 1940 and the Advisers Act Rules; and selected provisions of the Investment Company Act of 1940 and the Investment Company Act Rules.
Updated two times a year, the book provides section-by-section analysis of the Investment Advisers Act
of 1940, and practical advice on how to comply with the act's requirements.
In addition, banks providing advice within the bank are exempt from the provisions of the Investment Advisers Act
(1940), although the SEC has some authority under the Investment Company Act (1940) to regulate the activities of banks that serve as investment advisers to mutual funds.
Such organizations would provide a self-regulatory mechanism for planners and advisers by amending the Investment Advisers Act
Currently, the Investment Advisers Act
of 1940 requires investment advisers with over $30 million in assets under management to register with the SEC.
is an investment adviser registered in the United States under the Investment Advisers Act
of 1940, an affiliate of Pershing LLC and a wholly owned subsidiary of The Bank of New York Mellon Corporation (BNY Mellon).
Given these risk factors, it pays for every investment adviser to understand what constitutes fraud under the Investment Advisers Act
an investment management firm registered with the SEC under the Investment Advisers Act
DoubleLine Capital LP, a registered investment adviser under the Investment Advisers Act
of 1940, and its affiliates managed $64 billion in assets held in 1940 Act fund, separate account, hedge fund, variable annuity and UCITS vehicles as of the end of the fourth quarter of 2014.