Exempt Reporting Advisers And SEC Scrutiny

Highlights

• Increasing numbers of small, mid-size and large exempt reporting advisers (ERA) in the investment adviser community have drawn the interest of the U.S. Securities and Exchange Commission's (SEC) Division of Enforcement.
• ERAs are required to file with the SEC by providing basic identifying information, details about the size of any funds they advise on and other business interests they and their affiliates have, among other details.
• Considering the possibility of heightened scrutiny by the SEC, current and aspiring ERAs should be knowledgeable about applicable filing and compliance requirements, as well as topics of interest to the Division of Enforcement, to avoid violating federal and state regulations.