News & Insights

Check out our Flash Reports for the latest SEC- and compliance-related news, trends, and insights.

SEC Adopts Rule Amendments to Regulation S-P to Enhance Protection of Customer Information

The SEC adopted amendments to Regulation S-P requiring broker-dealers, investment companies, registered investment advisors, and transfer agents to implement and maintain policies and procedures regarding an incident response program that are designed to detect, respond, and recover from unwarranted access or use of client information.

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District Court Blocks Corporate Transparency Act

On December 3, 2024, a district court in Texas issued a nationwide preliminary injunction against the enforcement of the Corporate Transparency Act (CTA) and its reporting on Beneficial Ownership Information to the Treasury Department.

FinCEN Alert on Fraud Schemes with Deepfake Media

On November 13, 2024, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued an alert to help financial institutions identify fraud schemes associated with the use of deepfake media (“deepfakes”) created with generative artificial intelligence (“GenAI”).

Cryptocurrency Advocate Paul Atkins Selected to Chair SEC

President-elect Donald Trump announced today that he plans to nominate Paul Atkins to chair the SEC. Atkins will replace SEC Chair Gary Gensler.

NSCP Currents: Marketing Rule Charges for Testimonials and Endorsements, Third-party Ratings, and Substantiation

On September 9, 2024, the Securities and Exchange Commission (“SEC”) announced settled charges againstnine registered investment advisers for violations of Rule 206(4)-1 under the Investment Advisers Act of 1940(the “Marketing Rule”)

SEC Gary Gensler to Step Down as Commission Chair

Gary Gensler will step down from his position as the 33rd Chair of the Securities and Exchange Commission (SEC) on January 20, 2025, at 12:00 p.m., according to the SEC’s November 21, 2024 press release.

SEC Charges for Endorsements, Hypothetical Performance and Green-Washing

On November 1, 2024, the SEC Division of Enforcements charged Wahed Invest, LLC (“Wahed”), a registered investment adviser, for violating the Marketing Rule. 

SEC Increases Focus on AI

The SEC’s Division of Examinations (“EXAMS”) will intensify its focus on artificial intelligence (AI) usage, according to its 2025 Examination Priorities, released last week.

NYDFS Publishes Guidance on AI-Related Cyber Risk

On October 16, 2024, the New York State Department of Financial Services (“NYDFS”) published an industry letter (the “Guidance”) discussing the increasing reliance on artificial intelligence (“AI”) and its associated cyber risks. This is one of the most detailed state laws regarding cybersecurity.  

2025 Cybersecurity Examination Priorities: Vendor Due Diligence, Incident Response Plans, and More

On October 21, 2024, the SEC’s Division of Examinations (“EXAMS”) published its 2025 Examination Priorities, which includes annual priorities viewed by EXAMS as presenting heightened risks to investors and markets overall.

SEC Charges for Misleading Cyber Disclosures

On October 22, 2024, the SEC announced charges against four current and former public companies for “making materially misleading disclosures regarding cybersecurity risks and intrusions”, according to a SEC press release.

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