Check out our Flash Reports for the latest SEC- and compliance-related news, trends, and insights.
Cybercrimes tend to increase during the holiday season, as malicious actors take advantage of the increased employee travel and distractions that are more common during the holiday season. To help protect from cyberattacks during the busy holiday season, the FBI and CISA compiled several recommendations that employees can take now to prevent from these kinds of attacks.Read More
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.
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.
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.
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.
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.
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.