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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The SEC Did Not Appeal Private Fund Reform Loss – What This Means for the Private Fund Rules

July 22, 2024, was the deadline for the SEC to petition the Fifth U.S. Circuit Court of Appeals to review its landmark decision that vacated the Private Fund Rules, and the SEC let this deadline pass. It appears the SEC will not attempt to relitigate the decision. 

T+1 SEC Examination Sweep

SEC registered advisers are beginning to see examination requests targeting recordkeeping, policies and procedures, training, and third-party agreements related to the shortened settlement cycle that came into effect on May 28, 2024.

The Jaresky Decision and Limiting Administrative Proceedings

On June 27, 2023, in SEC vs. Jaresky, the U.S. Supreme Court held that a jury trial is required under the Seventh Amendment in securities fraud cases brought by the SEC.

CrowdStrike Causes Globe Outages

CrowdStrike, a leading cybersecurity vendor, has caused a significant global IT outage affecting millions of computers using Microsoft Windows operating systems.

The SEC’s Updated Spring 2024 Regulatory Agenda

On July 8, the SEC issued an updated Spring 2024 regulatory agenda, which includes updated timing related to several key regulatory actions. This signals another busy few months for the SEC.

Supreme Court Overturns Chevron Deference

On June 28, 2024, the U.S. Supreme Court issued a landmark ruling overturning Chevron deference.  The 1984 Chevron case created a doctrine that required courts to defer to federal agencies in interpreting complex or ambiguous regulations.

SEC Applies Broad Scope of Regulation in Cybersecurity-Related Charges Against R.R. Donnelley & Sons

On June 18th, 2024, the SEC announced that R.R. Donnelley & Sons (RRD) agreed to pay over $2.1 million to settle disclosure and internal control failure charges relating to cybersecurity incidents and alerts in late 2021.

Amendments to QPAM Exemption Come Into Effect

On April 3, 2024, the Department of Labor (“DOL”) finalized amendments to the Prohibited Transaction Class Exemption 84-14 (“QPAM Exemption”) for Qualified Professional Asset Managers (“QPAM”).

Fifth Circuit Vacates Private Fund Reform Rules with Sweeping Opinion

On June 5th, the Fifth U.S. Circuit Court of Appeals vacated the Private Fund Reform Rules, saying that the SEC exceeded its statutory authority in adopting them on August 23, 2023. The Private Fund Reform Rules were adopted by a narrow 3-2 vote with strong dissent from the conservative commissioners. This expansive set of rules sought to enhance regulation, not just of registered private fund advisers, but of all private fund managers.

Amendments to Regulation S-P Published to Federal Register

On June 3rd, 2024, the SEC’s adopted amendments to Regulation S-P were published to the Federal Register. The adopted amendments become effective within 60 days of publication, on August 2nd, 2024.

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