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 Updates Marketing Rule FAQ

On March 19, 2025, the SEC updated its Marketing Rule FAQ with new guidance on extracted performance and information on how to navigate the performance versus investment characteristic question.

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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.

Department of Labor Creates Principles For Developers and Employers When Using AI in the Workplace

The Department of Labor (DOL) announced last week Principles for Developers and Employers when using AI in the workplace. These Principles, which are a directive from President Biden’s Oct. 30, 2023,  Executive Order on the Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence, will “create a roadmap for developers and employers on how to harness AI technologies for their businesses while ensuring workers benefit from new opportunities created by AI and are protected from its potential harms.”

Joint SEC and FinCEN Proposed Customer Identification Program Rule

On May 13th, FinCEN and the SEC jointly released a proposed rule to apply CIP obligations on RIAs and ERAs. This new proposal comes on the heels of FinCEN’s February 13th proposal of an AML rule to designate RIAs and ERAs as “financial institutions” under the Bank Secrecy Act and apply AML/CFT program, suspicious activity reporting and record keeping requirements. 

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.

Countdown to T+1

On May 28, 2024, the settlement cycle for most transactions in US securities will shorten from two business days (‘T+2’) to one business day (‘T+1’).  May 28, 2024, is also the compliance date for the new requirements of the industry when processing institutional trades and the new recordkeeping requirements of registered investment advisers (“RIAs”). 

AI Considerations

On April 15th, 2024, the SEC’s enforcement director, Gurbir Grewal, spoke at the Program on Corporate Compliance and Enforcement Spring Conference 2024, where he discussed the use of artificial intelligence (“AI”), cybersecurity, and disclosure obligations, among other topics.  

DOL Finalizes New Fiduciary Rule: The Retirement Security Rule and Amended PTE 2020-02 to be Added to Federal Register

On April 23, 2024, the White House announced that the Department of Labor (“DOL”) has finalized its Retirement Security Rule, also known as the “Fiduciary Rule.” The new rule extends the current definition of “investment advice fiduciary” under ERISA to include advisers when they “give investment advice for a fee to retirement plan participants, individual retirement account owners and others.” The rule and related exemptions will be effective on September 23, 2024, with a phase-in period for many of the exemptions and reporting requirements of one year until September of 2025.

Risk Alert Examiner’s Observations on the Marketing Rule

On April 17th, 2024, the Division of Examinations (“EXAMS”) published a risk alert to inform investment advisers, investors, and other market participants about the examiner’s observations on the Marketing Rule. This risk alert highlights the Division’s focus on advisers’ compliance with the marketing rule and their completion of the marketing rule items contained in Form ADV as well as Advisers Act Rule 206(4)-7 (the “Compliance Rule”), Advisers Act Rule 204-2 (the “Books and Records Rule), and the Marketing Rule’s “General Prohibitions”.

Annual FINRA Entitlement User Accounts Certification Begins Today

FINRA announced that the 2024 FINRA Entitlement Certification period begins today and must be completed on or before June 17, 2024.

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