Stay to up to date on trends and breaking news impacting financial services and compliance, performance, risk and cybersecurity.
Risk Alert on MNPI
Risk Alert on MNPI What happened? Restrictions on the use of material non-public information (“MNPI”) are one of the cornerstones of the SEC’s regulatory framework. The Division of Examinations (“EXAMS”) [...]
IMPORTANT :: PHISHING ALERT, MESSAGE POSING AS FINRA DEFICIENCY LETTER WITH MALICIOUS LINKS OR ATTACHMENTS
IMPORTANT :: PHISHING ALERT, MESSAGE POSING AS FINRA DEFICIENCY LETTER WITH MALICIOUS LINKS OR ATTACHMENTS What happened? There is an active phishing campaign coming from the @claims-finra.org domain. Messages refer to [...]
Recent Cyber Attacks Prove that MFAs are not All Created Equal
Recent Cyber Attacks Prove that MFAs are not All Created Equal WHAT HAPPENED? Within the past few months, two hacker groups, a data extortion gang known as Lapsu$ and elite [...]
The New Marketing Rule: Part 1 – What is an Ad?
The New Marketing Rule: Part 1 - What is an Ad? What Happened? On December 22, 2020, the U.S. Securities and Exchange Commission (SEC) passed amendments to the advertising [...]
Reminder: Annual Form PF filing Due April 30, 2022
Reminder: Annual Form PF filing Due April 30, 2022 Although IARD/PFRD is scheduled to be available Saturday the 30th, we recommend filing be completed by April 29th If you are [...]
March 2022 Cyber Recap
March 2022 Cyber Recap WHAT HAPPENED? Significant changes are on the horizon for cybersecurity requirements for investment advisers and other companies in critical infrastructure. March 9th, 2022: On March 9th, 2022, the [...]
2022 SEC Examination Priorities: ESG, Private Funds, Data Security, and Digital Assets
2022 SEC Examination Priorities: ESG, Private Funds, Data Security, and Digital Assets WHAT HAPPENED? On March 30, 2022, the Division of Examinations (the Division) published its 2022 Examination Priorities. These annual priorities [...]
Shocking Recension and Amendment of the Proxy Adviser Rule Threatens Shareholder Democracy
Shocking Recension and Amendment of the Proxy Adviser Rule Threatens Shareholder Democracy I. Introduction In November 2021, the U.S. Securities and Exchange Commission’s (the “SEC” or “Commission”) proposed recensions and [...]
ADVISER CHARGED WITH FAILING TO DISCLOSE FEES AND EXPENSES: Results in nearly $10 million in penalties and reimbursements
ADVISER CHARGED WITH FAILING TO DISCLOSE FEES AND EXPENSES: Results in nearly $10 million in penalties and reimbursements WHAT HAPPENED? On December 20th, a private fund adviser, Global Infrastructure Management, LLC, [...]
CISA Issues “Shields Up” Advisory
CISA Issues “Shields Up” Advisory WHAT HAPPENED? The Cybersecurity & Infrastructure Security Agency’s (“CISA”) issued a “Shields Up” message to every U.S. organization in response to Russia’s unprovoked attack on [...]
SEC Exam Trends
SEC Exam Trends The SEC’s Division of Examinations has conducted a series of exams, coined as the Retail Investment Company Initiatives (RIC), which focused on mutual funds and exchange-traded funds (ETFs). [...]
Cybersecurity Risk Management
Cybersecurity Risk Management WHAT HAPPENED? On February 9th, 2022, the SEC announced its proposed rule 206(4)-9 under the Advisers Act and new rule 38a-2 under the Investment Company Act (collectively, the [...]
SEC Proposes Reforms for Private Funds
SEC Proposes Reforms for Private Funds WHAT HAPPENED? On February 9, 2022, the United States Securities and Exchange Commission voted to propose new rules and amendments to enhance the regulation of private [...]
SEC Continues Focus on Private Fund Advisers
SEC Continues Focus on Private Fund Advisers WHAT HAPPENED? In the past five years, private fund assets have increased by 70%. As private fund advisers continue to play a larger role [...]
SEC Commissioner Signals Regulatory Changes are underway for Cybersecurity
SEC Commissioner Signals Regulatory Changes are underway for Cybersecurity WHAT HAPPENED? SEC Chair Gensler spoke at Northwestern Pritzker School of Law’s Annual Securities Regulation Institute yesterday, where he focused on the [...]
Phishing Via Gmail Accounts
Phishing Via Gmail Accounts WHAT HAPPENED? A survey conducted by Barracuda surveyed 10,500 organizations and found that 35% of them had at least one bait attack email in September 2021 alone. Bait [...]