News & Insights: Flash Reports

More than just the facts, Flash Reports provide context for what’s currently happening in the industry and translate that into what it means for your business.

SEC Formally Withdraws 14 Gensler-Era Proposals

On June 12, 2025, the SEC announced a new final rule “formally withdrawing certain notices of proposed rulemaking issued between March 2022 and November 2023.” These withdrawn proposals make up every remaining proposal under Gensler’s leadership of the SEC during the Biden administration.

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CCO Charged for Altering Records Provided in SEC Examination

On July 15, 2025, the SEC announced settled charges against a CCO of a registered investment adviser for altering records and producing fictitious records in response to SEC examination requests for information.

Law Firm Suffers Data Breach; Exposes Sensitive Client Data

A law firm with asset manager clients, recently notified authorities in several states that sensitive data of more than 360 individuals was exposed in a recent data breach.

Phishing Warning: Fake SEC Emails Sent to Multiple RIAs

Multiple reports indicate an active phishing operation targeting Registered Investment Advisers with fraudulent emails impersonating official SEC communications.

16 Billion Exposed Login Credentials Following Compilation of Data Breaches

Several news sources recently reported that a data breach resulted in 16 billion login credentials being exposed. While this was not a single breach, and rather a compilation of leaked credentials stolen by infostealers, exposed in data breaches, and via credential stuffing attacks, it does reinforce the risk associated with compromised credentials.

SEC Formally Withdraws 14 Gensler-Era Proposals

On June 12, 2025, the SEC announced a new final rule “formally withdrawing certain notices of proposed rulemaking issued between March 2022 and November 2023.” These withdrawn proposals make up every remaining proposal under Gensler’s leadership of the SEC during the Biden administration.

Further Extension of Amended Form PF Compliance Date to October 2025

On June 11, 2025, the Securities and Exchange Commission (“SEC”), jointly with the Commodity Futures Trading Commission (“CFTC”), voted to further extend the compliance date for the amendments to Form PF that were adopted on February 8, 2024.

SEC’s Director of Investment Management Stepping Down

On June 10th, the SEC announced that Natasha Vij Greiner, Director of the Division of Investment Management since March of 2024, is departing the SEC effective July 4, 2025. 

FINRA’s 2025 Entitlement Certification Period Closes June 16th

The 2025 FINRA Entitlement Certification period is currently open and must be completed by June 16, 2025.

Regulation S-P Speech from the Director of the SEC’s Division of Examinations

On May 19, 2025, SEC Chair Paul Atkins gave a speech during his first SEC Speaks conference as SEC Chairman. In his remarks, Atkins covered the SEC’s current priorities, most of which should come as no surprise: innovation at the SEC, cryptocurrency, FinHub, investing in private funds, and the Consolidated Audit Trail (CAT). More details on each are included below.

Reminder: Annual Deadlines Related to GIPS® are Approaching

Reminder that the Annual GIPS Compliance Notification Form Deadline is June, 30, 2025.

Click below to view General Filing Deadlines and SEC Holidays

Regulatory Calendar

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