Navigating Risk & Regulations

Compliance Insights

Access compliance commentary from some of the industry’s leading consulting firms and attorneys. Clients can use their Schwab Advisor Center® credentials to download full white papers.

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Amendments to Form PF: Implementing the first phase

The Securities and Exchange Commission's (SEC) recent amendments to Form PF introduce new reporting requirements for large hedge fund advisers and all private equity fund advisers. The amendments significantly expand the reporting obligations of affected advisers, including new requirements to report the occurrence of certain triggering events in a shortened timeframe.

In the latest Compliance Review from Schwab, the authors discuss the new and modified reporting requirements, describe operational considerations, and outline planning steps when reporting is required.

Read the white paper to learn more

Compliance Reviews

  • New amendments to the Marketing Rule: Key changes and practical considerations

    The SEC's amendments to Rule 206(4)-1 (the "Marketing Rule") of the Investment Advisers Act of 1940 went into effect in May 2021. The objective was to modernize advisors' marketing due to new technologies and methods of client outreach. However, many advisors continue to have questions about this complex rule and how it affects their business practices. In light of such concerns, we are re-distributing a 2021 Compliance Review that thoroughly discusses implications for advisors.

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    Advisor acquisitions: Identifying risk and opportunity

    The RIA industry is experiencing unprecedented M&A activity. For any such transaction to succeed, both parties must understand the risks and opportunities. Because M&A transactions can have a significant impact on client service and satisfaction, firms need to think strategically about both parties' goals and motivations before entering into any agreement. Key factors to consider include the alignment of business and culture "fit" and the firm's legal and compliance risk. 

  • Best practices for advisory agreements

    Advisory agreements between Registered Investment Advisers (RIAs) and their clients should aim to clearly describe the scope of the advisory relationship and the services to be provided. These agreements must comply with SEC and state securities regulations. What constitutes a best practice for advisory contracts is constantly evolving, however, as developments in the industry continually inform what is expected of the standard contract.

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