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.

Read More

FinCEN Finalizes AML Rule for SEC Registrants and Exempt Reporting Advisers

On August 28, 2024, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) finalized the AML rule. The final rule has a few changes from the proposed rule announced in February.

SEC Charges Equiniti Trust for Cyber Failures 

On August 20th, 2024, the SEC announced that it settled charges against Equiniti Trust Company LLC (formerly American Stock & Trust Company, LLC) due to failing to ensure client securities and funds were protected from theft. Equiniti Trust Company LLC (“Equiniti”) incurred two cyber incidents from 2022 to 2023 that resulted in the loss of more than $6.6 million of client funds.

SEC Adopts Rule to Adjust Qualifying Venture Capital Fund Threshold for Inflation

On August 21, 2024, the SEC adopted a rule that updates the threshold for a fund to qualify as a “qualifying venture capital fund” under the Investment Company Act.

Latest SEC Fine for Hypothetical Performance Ad

The SEC fined Pacific Financial Group $430,000 for advertising that presented hypothetical performance. In an order issued on August 9, 2024, the SEC pointed out that Pacific Financial Group advertised hypothetical performance on its public website without implementing policies and procedures reasonably designed to ensure that the hypothetical performance was relevant to the likely financial situation and investment objectives of the intended audience.

SEC Off-Channel Enforcements: Twenty-Six Firms to Pay More Than $390 Million in Settlements

On August 14, 2024, the SEC announced charges against 26 broker-dealers, investment advisers, and dually-registered broker-dealers and investment advisers for widespread and longstanding failures by the firms and their personnel to maintain and preserve electronic communications.

CrowdStrike Incident Reinforces Importance of Revisiting BCPs

Although Artificial Intelligence (AI) brings tremendous opportunity, it also presents significant risk—particularly to those with access to sensitive client information and personally identifiable information (PII). 

The “Pay to Play” Rule: Your Compliance Program in an Election Year

The SEC did not appeal the landmark decision of the Fifth Circuit that vacated the Private Fund Rules. The SEC could still appeal to the Supreme Court, though success there is looking less and less likely for the commission. Assuming the rules are gone for good, the private fund industry just avoided the time and expense of creating new compliance procedures.

What We Learned from the Failed Private Fund Rules

The SEC did not appeal the landmark decision of the Fifth Circuit that vacated the Private Fund Rules. The SEC could still appeal to the Supreme Court, though success there is looking less and less likely for the commission. Assuming the rules are gone for good, the private fund industry just avoided the time and expense of creating new compliance procedures.

AI Dos and Don’ts

Although Artificial Intelligence (AI) brings tremendous opportunity, it also presents significant risk—particularly to those with access to sensitive client information and personally identifiable information (PII). 

Judge Stays DOL Fiduciary Rule: How to Prepare During Extended Litigation

On July 26, 2024, a U.S. judge ordered a stay of proceedings that blocked the Department of Labor (DOL) Fiduciary Rule from taking effect. The rule and the amended DOL PTE 2020-02 protection would have taken effect starting September 23, 2024.

Click below to view General Filing Deadlines and SEC Holidays

Regulatory Calendar

Stay up to date on the latest industry news and resources.

Filter by Category

Filter by Topic

Fairview

Fairview has been providing streamlined solutions to providers in the financial services industry since 2005. We are part of ViewPoint Partners, our employee-owned parent company for both Fairview and FilePoint, which provides regulatory reporting solutions for registered investment companies.

©2024 Fairview® Investment Services, LLC. All rights reserved.

1330 St. Mary’s St.
Suite 400
Raleigh, NC 27605

info@fairviewinvest.com
919.706.4100
FAX: 800.770.9925