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 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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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.

2025 Examination Priorities Published by SEC Division of Exams

On October 21, 2024, the SEC’s Division of Examinations (“EXAMS”) published its 2025 Examination Priorities. The SEC’s fiscal year runs from October 1st to September 30th, and this fiscal year marks the 30th anniversary of the creation of the Division of Examinations, originally established as the Office of Compliance Inspections and Examinations.

2025 IARD Annual Renewal Message

Every year at this time, Renewal Statements for advisers are posted in the IARD Portal. These fees are collected for system processing and jurisdiction-related renewals.

Reminder: Plan for Amended Regulation S-P in 2025 Budget Planning

As we near budget planning season for many firms, large entities in particular (including RIAs with $1.5 billion or more in AUM) should be sure to account for costs that may be associated with complying with Amended Regulation S-P.

SEC Charges Adviser for Making False and Misleading Statements About Use of Artificial Intelligence

What happened? On October 10, 2024, The SEC announced charges against Rimar Capital USA, Inc. […]

Here Comes Form SHO

January 2025 is the first month that must be monitored, and if thresholds are crossed then the first Form SHO filing will be due February 14, 2025.

Ongoing Phishing Alert: Message Posing as FINRA Executives

We have received notice from multiple firms in receipt of phishing emails from the domain @gateway-finra.com that appear to be from a FINRA executive. The phishing campaigns are similar to past phishing campaigns FINRA has experienced, such as the campaign referenced in the Cybersecurity Alert that FINRA issued on April 4th, 2024.   

SEC to Hold Virtual National Compliance Outreach Seminar for Investment Companies and Investment Advisers

On September 20, 2024, the SEC announced that it will host a virtual seminar for investment companies and investment advisers on Nov. 7, 2024.

SEC Fines 11 Firms Over $88 Million for Recordkeeping Violations

On September 24, 2024, the SEC announced charges against 12 firms, including broker-dealers, investment advisers, and one dually-registered broker-dealer and investment adviser, for “widespread and longstanding failures by the firms and their personnel to maintain and preserve electronic communication in violation of recordkeeping provisions of the federal securities laws,” according to a SEC press release.

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