U.S. Securities and Exchange Commission

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Are You Taking Steps To Avoid Ransomware Attacks?

Are You Taking Steps To Avoid Ransomware Attacks? WHAT HAPPENED? Earlier this month, the Office of Compliance Inspections and Examinations of the United States Securities and Exchange Commission (OCIE) issued a Risk Alert which outlines best practices for maintaining a secure network; the United States Cybersecurity and Infrastructure Agency [...]

New Security Feature for Web CRD and IARD Systems

New Security Feature for Web CRD and IARD Systems WHAT HAPPENED? For Super Account Administrators (SAAs) and Account Administrators (AAs) on FINRA’s Web CRD or IARD platforms, a new security feature is now required as part of the login process. For these administrators, FINRA is phasing in a multi-factor [...]

SEC Proposes Changes to Form 13F

SEC Proposes Changes to Form 13F WHAT HAPPENED? On July 10, 2020, the United States Securities and Exchange Commission proposed amendments to Form 13F reporting. The changes would affect the filing threshold for institutional advisers and several other requirements. Because the filing requirements have not been updated since adoption [...]

Nine Things to Notice: SEC Examiners’ Focus Areas

Nine Things to Notice: SEC Examiners’ Focus Areas WHAT HAPPENED? As capital markets shift and the risks to market participants change, so do the focus areas of routine SEC exams. Below are trending items from recent examinations: KEY FOCUS POINTS: Environmental, social, and governance [...]

LIBOR Transition Compliance Risks

LIBOR Transition Compliance Risks WHAT HAPPENED? On June 18, 2020, the Office of Compliance Inspections and Examinations of the United States Securities and Exchange Commission (OCIE) announced an exam initiative and issued a subsequent Risk Alert about LIBOR transition preparedness. LIBOR, formerly known as the London Interbank Offered Rate, [...]

OCIE: Private Fund Risk Alert

OCIE: Private Fund Risk Alert WHAT HAPPENED? On June 23, 2020, the Office of Compliance Inspections and Examinations of the United States Securities and Exchange Commission (OICE), released a Risk Alert which outlines recently observed compliance issues among private fund advisers. Over a third of SEC-registered advisers manage private [...]

Our Firm Filed Form CRS – What Now?

Our Firm Filed Form CRS - What Now? WHAT HAPPENED? Initial filings of Form ADV Part 3 (Form CRS) are due by June 30, 2020. For months, retail advisers and their service providers have put much time and effort into understanding, writing, and filing the initial Form CRS document. [...]

Firm Misused MNPI, Ordered to Pay $1 Million

Firm Misused MNPI, Ordered to Pay $1 Million WHAT HAPPENED? On May 26, 2020, the United States Securities and Exchange Commission released documentation detailing an enforcement action against a Los Angeles private equity firm and registered investment adviser, Ares Management, for its misuse of material nonpublic information (MNPI). The [...]

Adviser Fined $60,000 for Custody Rule Violation

Adviser Fined $60,000 for Custody Rule Violation WHAT HAPPENED? On May 22, 2020, the United States Securities and Exchange Commission published information on an enforcement action against a registered investment adviser, TSP Capital. The firm was investigated, and subsequently disciplined by the SEC for violating the Custody Rule, which [...]

Six Ways to Help Protect Your Firm from a Cybersecurity Breach

Six Ways to Help Protect Your Firm from a Cybersecurity Breach WHAT HAPPENED? As the COVID-19 pandemic has changed how most industries are conducting business, one of the biggest challenges is the transition to working from home. Many people are using their personal devices for work, often on an [...]