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The following article appeared in the February 2015 NSCP Current's Newsletter and was written by ACA's Jessica Huelbig.
Regulatory filings may not be the sexiest topic among compliance professionals. Even so, it is important to note that the U.S. Securities and Exchange Commission (“SEC” or “Commission”) has been giving them more attention of late. In September, for example, the Commission charged more than 30 individuals, investment firms, and publicly traded companies for allegedly failing to comply with various public company holdings and transactions reporting requirements. “The reporting requirements in the federal securities laws are not mere suggestions, they are legal obligations that must be obeyed. Those who fail to do so run the risk of facing an SEC enforcement action,” stated Andrew M. Calamari, Director of the SEC’s New York Regional Office.1
Investment advisers, whether registered with the SEC or not, must submit various regulatory filings to the Commission. In light of recent events, firms should reevaluate their filing obligations and make sure they have adopted appropriate processes and systems to track regulatory filing thresholds and deadlines. To that end, this article provides the following overview of the most common regulatory filings required of advisers.2