News & Insights: Jeremy McCamic

Jeremy leads the Policy Management team, which is responsible for staying current with regulatory changes and how they impact the firm’s investment adviser clients.

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”.

Off-Channel Communications and Recordkeeping Among RIAs Remains a Top Priority for SEC

The Securities and Exchange Commission (SEC) has fined several companies in recent months for off-channel communications and record-keeping. At the recent SEC Speaks conference, Sanjay Wadhwa, deputy director of the Division of Enforcement, said the SEC considers several factors in determining the fine amount, including size of the firm, breadth and depth of the violations, whether a firm self-reported, level of cooperation, and more.  

SEC Risk Alert on “T+1” Settlement Cycle

On March 29, 2024, the Securities and Exchange Commission’s Division of Examinations (EXAMS) published a Risk Alert on changes to the securities transaction settlement cycle. The Risk Alert noted that, as of May 28, 2024, “the standard settlement cycle for most transactions in US securities will shorten from two business days (‘T+2’) to one business day (‘T+1’).”

SEC starts 2024 with Charges Against More Firms for Off-Channel Communications Failures

On February 9, 2024, the SEC announced charges against five broker-dealers, seven dual registrants, and four advisers for recordkeeping violations related to electronic communications.

Exempt Reporting Advisers and Private Fund Reforms: The Requirements That Attach for any Manager of a Private Fund

On August 23, 2023, a divided SEC voted to adopt enhanced regulations of private fund advisers. These included two rules that all investment advisers managing private funds must follow: the Preferential Treatment Rule and the Restricted Activities Rule. 

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 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.

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.

SEC Charges Five Advisory Firms for Custody Rule Violations

On September 5, 2023, the SEC charged five investment firms who failed to comply with requirements regarding safekeeping of client assets, and/or to timely update disclosures relating to audits of financial statements for private fund’s they advise.

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