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
On September 1, 2023, six private equity and hedge fund trade groups sued the SEC to block new private fund reforms adopted in August. The suit was filed in the Fifth Circuit Court of Appeals and argued that the SEC overstepped its statutory authority by adopting sweeping changes with these new rules for private funds.
On Saturday, August 19, 2023, a Kroll employee fell victim to a sophisticated “SIM swapping” cyber-attack, targeting their T-Mobile US., Inc. account. This attack involved the transfer of the Kroll employee’s phone number by T-Mobile to the threat actor’s device at their request.
The SEC states a “covered technology” includes a broker-dealer or investment advisers’ “use of analytical, technological, or computational functions algorithms, models, correlation matrices, or similar methods or processes that optimize for, predict, guide, forecast, or direct investment-related behaviors or outcomes of an investor”.
On July 26th, 2023, the SEC adopted rules requiring public companies “to disclose material cybersecurity incidents they experience and to disclose on an annual basis material information regarding their cybersecurity risk management, strategy, and governance”.
On July 12, 2023, the SEC adopted amendments to Investment Company Act rules regarding money market funds and large private liquidity fund advisers. The amendments will be effective 60 days after publication in the Federal Register.