On 5 May 2025, the United States Securities and Exchange Commission (US SEC) published an ‘Order for cancellation of registrations’ under United States Investment Advisers Act Release No. 6878, cancelling the registration of multiple investment advisers pursuant to Section 203(h) of the United States Investment Advisers Act of 1940. The action was taken against firms that have ceased operations as investment advisers or failed to file required updates through the Investment Adviser Registration Depository (IARD), as mandated under US SEC Rule 204-1.
In exercise of its statutory powers under Section 203(h), the US SEC has the power and authority to cancel the registration of any investment adviser that is no longer in business or is otherwise not eligible to remain registered, to protect the integrity of the national investment advisory registry and ensure that only active and compliant advisers operate within the United States financial system.
The following investment adviser registrations were cancelled as of the effective date:
- Stock Markets Institute, Inc.
- TCA Fund Management Group Corp.
- Enier Jose Cabrera
- Brite Advisors Pty Ltd
- Mavros Capital Management, LLC
- PF Advisors LLC
The above-listed firms are no longer legally permitted to operate as registered investment advisers in the United States. They must cease all advisory activities requiring US SEC registration and must not represent themselves as federally registered investment advisers. Any further violations may subject them to enforcement proceedings under federal securities laws.
The order was issued by the US SEC Division of Investment Management, acting under delegated authority, and signed by Sherry R. Haywood, Assistant Secretary.
(Source: https://www.sec.gov/files/rules/ia/2025/ia-6878.pdf)
