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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SEC Charges BD and Affiliated IAs with Violating Whistleblower Protection Rule

What happened? On September 4, 2024, the SEC announced settled charges against three affiliated registrants, […]

SEC Charges Nine Investment Advisers in Ongoing Marketing Rule Sweep

On September 9, 2024, the SEC announced settled charges against nine registered investment advisers (“RIAs”) for violating the Marketing Rule by disseminating advertisements that included untrue or unsubstantiated statements of material fact or testimonials, endorsements, or third-party ratings that lacked required disclosures. Combined, these nine RIAs agreed to pay $1,240,000 in civil penalties.

Notification Deadline for the DOL’s QPAM Exemption

On August 26, the SEC announced that it settled charges against registered investment adviser Sound Point Capital Management LP (“Sound Point”) for “failing to establish, maintain, and enforce written policies and procedures reasonably designed to present the misuse of material nonpublic information (MNPI) concerning its trading of collateralized loan obligations (CLOs)”. 

SEC Charges Investment Adviser for Mishandling of Nonpublic Information

On August 26, the SEC announced that it settled charges against registered investment adviser Sound Point Capital Management LP (“Sound Point”) for “failing to establish, maintain, and enforce written policies and procedures reasonably designed to present the misuse of material nonpublic information (MNPI) concerning its trading of collateralized loan obligations (CLOs)”. 

FinCEN Finalizes AML Rule for SEC Registrants and Exempt Reporting Advisers

On August 28, 2024, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) finalized the AML rule. The final rule has a few changes from the proposed rule announced in February.

SEC Charges Equiniti Trust for Cyber Failures 

On August 20th, 2024, the SEC announced that it settled charges against Equiniti Trust Company LLC (formerly American Stock & Trust Company, LLC) due to failing to ensure client securities and funds were protected from theft. Equiniti Trust Company LLC (“Equiniti”) incurred two cyber incidents from 2022 to 2023 that resulted in the loss of more than $6.6 million of client funds.

SEC Adopts Rule to Adjust Qualifying Venture Capital Fund Threshold for Inflation

On August 21, 2024, the SEC adopted a rule that updates the threshold for a fund to qualify as a “qualifying venture capital fund” under the Investment Company Act.

Latest SEC Fine for Hypothetical Performance Ad

The SEC fined Pacific Financial Group $430,000 for advertising that presented hypothetical performance. In an order issued on August 9, 2024, the SEC pointed out that Pacific Financial Group advertised hypothetical performance on its public website without implementing policies and procedures reasonably designed to ensure that the hypothetical performance was relevant to the likely financial situation and investment objectives of the intended audience.

SEC Off-Channel Enforcements: Twenty-Six Firms to Pay More Than $390 Million in Settlements

On August 14, 2024, the SEC announced charges against 26 broker-dealers, investment advisers, and dually-registered broker-dealers and investment advisers for widespread and longstanding failures by the firms and their personnel to maintain and preserve electronic communications.

CrowdStrike Incident Reinforces Importance of Revisiting BCPs

Although Artificial Intelligence (AI) brings tremendous opportunity, it also presents significant risk—particularly to those with access to sensitive client information and personally identifiable information (PII). 

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