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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SEC Issues FAQs for Share Class Selection Disclosure Initiative

The SEC’s Division of Enforcement issued a list of 19 Frequently Asked Questions on the Share Class Selection Disclosure Initiative, going in-depth on adviser eligibility, disgorgement, and the distribution of funds to clients.

SEC Releases Proposal to Enhance Protections and Preserve Choice for Retail Investors

The SEC voted to propose a set of rules and interpretations intended to improve the quality and transparency of investors’ relationships with investment advisers and broker-dealers while protecting access to various investment relationships and products.

The National Institute for Standards and Technology Updates Cybersecurity Framework

The National Institute for Standards and Technology (NIST) released an updated version of its Cybersecurity Framework, known as version 1.1. 

SEC Office of Compliance Inspections and Examinations Releases Risk Alert: Most Frequent Advisory Fee and Expense Compliance Issues Identified in Examinations

OCIE released a compiled list of compliance issues relating to fees and expenses most frequently identified in deficiency letters sent to advisers.

SEC Charges Investment Adviser for "Improperly" Registering and Violating Multiple Rules

According to the SEC, the principle, sole owner of an investment firm falsely claimed more than $100 million in AUM from 2012-2016 to meet the minimum eligibility requirement for SEC registration.  The owner of the firm also made violations to the custody rule by failing to provide quarterly statements to clients and by failing to organize an annual surprise audit of assets. 

SEC Office of Compliance Inspections and Examinations to Release New Cyber Exam Initiative

On March 22nd, Peter Driscoll, OCIE Director, announced plans for its third cybersecurity sweep exam in four years. The next cyber initiative will focus on advisers who maintain remote offices and advisers that have merged firms.

SEC Proposes Changes to Forms N-Port and N-1A Concerning Liquidity Disclosures

The SEC’s Proposing Release identifies three areas for potential revision to improve the current reporting and disclosure requirements of liquidity information by registered open-end investment firms.

Downloadable Resource for New ADV Reporting Obligation on Branch Offices

As of October 1st, 2017, the amended Form ADV requirements include a new reporting obligation for Part 1, Item 1(F) – Principal Office and Place of Business.

Fifth Circuit Court of Appeals’ Split Decision Vacates DOL Fiduciary Rule

On March 15th, the Fifth Circuit Court of Appeals vacated the DOL Fiduciary Rule, holding that the DOL surpassed its authority under the Employee Retirement Income Security Act.

Bookkeeping Service Considered Custody, Leads to Enforcement

The SEC recently settled an enforcement action against Financial Fiduciaries, alleging that the adviser had custody of client assets through a “dual employee” who served in various outside business activities.

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