News & Insights

Check out our Flash Reports for the latest SEC- and compliance-related news, trends, and insights.

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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2024 IARD Annual Renewal Message

Every year at this time, Renewal Statements for advisers are posted in the IARD Portal. These fees are collected for system processing and jurisdiction-related renewals. For the calendar year 2024, all renewal fees, related to SEC registration, state notice-filings, or exempt reporting adviser filings, will be submitted electronically through E-Bill and accessible through the FINRA Gateway. 

SEC Cyber Oversight 2024 Exam Priorities

On October 16th, 2023 the SEC Division of Examinations announced its 2024 exam priorities. The 2024 examination priorities allows investors and registrants to be aware of key risks, examination topics, and priorities of the Division in the upcoming year.

What the SEC Plans for Next Year: 2024 SEC Examination Priorities Are Already Published

On October 16, 2023, the SEC’s Division of Examinations (“EXAMS”) published its 2024 Examination Priorities. These annual priorities highlight certain practices, products, and services that present potentially heightened risks to investors or the integrity of US capital markets.

All About the ‘Ishing’

By now, many of us are aware of the term “phishing,” but many may not be familiar with all of the different forms of “ishing,” that have emerged with the development of new kinds of technology and social media.

SEC Charges 10 More Firms for Off-Channel Communication Failures

On September 29, 2023, the SEC charged five broker-dealers, three dual registrants, and two affiliated investment advisors with “widespread and longstanding failures to maintain and preserve electronic communications,” according to the SEC’s press release. The ten firms will pay combined penalties of $79 million. Each firm was also censured and served a cease-and-desist order.

SEC Wells Notice Underscores Shift in Responsibility for Cyber Attacks

The SEC recently issued a Wells Notice to SolarWinds executives, representing a seismic shift in accountability from conventional targets, to also include those responsible for overseeing cyber and data security programs, as evidenced by its explicit reference to the SolarWinds chief information security officer.

SEC Adopts Amendments to “Name Rule”

The SEC adopted enhancements to the Investment Company Act “Names Rule,” aiming to address names for a registered investment company or business development company (“BDC”) that could be misleading or deceptive.

Risk Alert: Uptick in Phishing Reports

Fairview is noticing an uptick in phishing reports by clients. There are several different forms of phishing that have emerged with the development of new kinds of technology and social media.

SEC Publishes Private Fund Adviser Rules in Federal Register; Announces Comments and Compliance Dates

On September 14, the Private Fund Adviser Rules were published in the Federal Register. According to the Federal Register, the rules are effective Nov. 13, 2023, and comments regarding the collection of information requirements within the meaning of the Paperwork Reduction Act of 1995 should be received on or before October 16, 2023.

Nine Advisers Charged with Hypothetical Performance Violations

On September 11, 2023, the SEC announced charges against nine registered investment advisers for advertising hypothetical performance to a mass audience on their websites without meeting the requirements of the Marketing Rule. All nine firms have agreed to settle and will pay penalties ranging from $50,000 to $175,000.

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