As predicted, securities regulators are increasing their scrutiny of advisers’ assets under management (AUM). Both the Securities and Exchange Commission (SEC) and state agencies are taking a closer look at suspect asset levels reported on Form ADV, among other areas.
In the first known case, Massachusetts’s regulators have filed an action against CCR Wealth Management for overstating its assets for several years, presumably to stay with the SEC and out of the state regulator’s realm.
It is unlikely that Massachusetts will be the only state scrutinizing filing documents. The SEC is also expected to pay close attention to midsize advisers that are close to the $90 million threshold for federal registration.
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