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 Provides FAQs for Regulation Best Interest

The SEC released a set of Frequently Asked Questions for use by broker-dealers who are coming into compliance with the regulation.

OCIE Releases 2020 Examination Priorities

OCIE released its 2020 Examination Priorities. The list is published annually to provide clear guidance to professionals and to highlight pertinent risks to investors.

Proposed Changes to Accredited Investor Definition

The SEC proposed changes to the definition of an “accredited investor.” Until this point, the accredited investor definition has been limited to evaluating only an individual’s income or net worth. With the proposed changes, the Commission hopes to increase access to investments in private capital markets.

Kansas Adviser Ordered to Pay Over $8.5M After Breaching Fiduciary Duty

On Dec. 10, 2019, the Securities and Exchange Commission released information that an adviser, Kornitzer Capital Management, Inc. (KCM), and its principal, John Kornitzer, were charged with breaching their fiduciary duty to clients and failing to implement proper policies and procedures.

By the Numbers: SEC Division of Enforcement Publishes FY2019 Report

the Division of Enforcement of the SEC released their annual report including detailed information about the Commission’s enforcement efforts for fiscal year 2019. The Commission is focused on protecting retail investors, who are often particularly vulnerable to misconduct in the securities market.

OCIE Releases List of Common Investment Company, Money Market Fund, and Target Date Fund Compliance Issues

OCIE released a Risk Alert outlining common compliance observations among investment companies, money market funds, and target date funds. The alert outlines general weaknesses and deficiencies that OCIE staff noticed during recent examinations.

SEC Proposes Changes to Advertising and Solicitation Rules

On Nov. 4, 2019, the Securities and Exchange Commission released proposed amendments intended to modernize the advertising and solicitation rules under the Investment Advisers Act.

SEC Adopts Rule Modernizing ETF Regulations

The SEC voted to adopt Rule 6c-11. The goal of the rule is to create a clear process to establish and operate exchange traded funds (ETFs) and to facilitate competition in this market.

Pair of Advisers Fined for Failing to Disclose Interest in Publicly Traded Company

The SEC released information that a registered investment adviser, Strategic Planning Group, and its principals, David Rourke and Jarrod Sherman, were charged for failing to disclose conflicts of interest to clients and on Form ADV.

Company Charged with Violating Regulation ATS After Releasing Confidential Information

The SEC released information that TMC Bonds LLC, operator of an alternative trading system (ATS), will pay $2.1 million after being charged for failing to protect confidential information in violation of Regulation ATS.

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