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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Risk Alert: Phishing Campaign Targeting Senior Corporate Accounts in Microsoft Azure

An active phishing campaign using individualized phishing lures is targeting senior corporate accounts in Microsoft Azure environments, according to researchers from Proofpoint, a company that provides cybersecurity products and software.  

SEC Marketing FAQ: Net IRR Guidance for Private Funds

On February 6, 2024, the SEC updated its Frequently Asked Questions page for the new Marketing Rule. The page now has four questions and four answers, which provide clarity on items such as the compliance date of November 4, 2022, and an adviser’s ability to comply early; the prescribed time period requirement and conditions on the use of interim performance information; presenting performance of one investment or group of investments in a private fund; and calculation of gross and net performance.

SEC Adopts Additional Amendments to Form PF

On February 8, 2024, the SEC adopted additional amendments to Form PF that build on those adopted in May and July of 2023. The amendments will require SEC-registered advisers to private funds, particularly advisers to hedge funds, to report additional information on Form PF. The amendments’ effective and compliance dates will be one year after their publication in the federal register.

Private Fund Reforms: Restricted Activities

On August 23, 2023, a divided SEC voted to adopt enhanced regulations of private fund advisers. These included two rules that all investment advisers managing private funds must follow: the Preferential Treatment Rule and the Restricted Activities Rule. 

SEC Requirement: Annual Amendment for Form ADV 2024

The SEC requires that investment advisers file a form ADV Annual Amendment within 90 days of the end of the adviser’s fiscal year. If your fiscal year ended Dec. 31, you will be required to file an annual amendment to your Form ADV by March 30, 2024.

New Rule 13f-2 and Form SHO

Stay up to date on SEC and compliance-related news, including SEC exam topics, the SEC Marketing Rule, and more, with our News and Flash Reports.

Reminder about the “13s” due February 14, 2024

The are a number of filing deadlines coming up next month for the “13s”. As of February 5, 2024, the filing deadline for Schedule 13Ds, Schedule 13Gs, and their respective amendments will be extended from 5:30PM EST to 10:00 PM EST.

Exempt Reporting Advisers and Private Fund Reforms: The Requirements That Attach for any Manager of a Private Fund

On August 23, 2023, a divided SEC voted to adopt enhanced regulations of private fund advisers. These included two rules that all investment advisers managing private funds must follow: the Preferential Treatment Rule and the Restricted Activities Rule. 

Four-Step Guide to Investment Adviser Compliance Program Readiness

Last year was a busy year for the SEC, and 2024 is expected to be even busier. The New Year is a great time to take a fresh look at your compliance program to make sure you are meeting the most up-to-date best practices, and to ensure you are prepared for regulatory inspection.

2024 Cyber and Data Security Program Checklist

As you finalize your goals and planning for 2024, make sure that your cyber and data security program is a key component of your plan. As regulatory requirements continue to change, and as online hackers become even more sophisticated, it is absolutely critical that your cyber and data security programs meet industry best practices.

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