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 Office of Compliance Inspections and Examinations Releases Risk Alert: Most Frequent Advisory Fee and Expense Compliance Issues Identified in Examinations

OCIE released a compiled list of compliance issues relating to fees and expenses most frequently identified in deficiency letters sent to advisers.

SEC Charges Investment Adviser for "Improperly" Registering and Violating Multiple Rules

According to the SEC, the principle, sole owner of an investment firm falsely claimed more than $100 million in AUM from 2012-2016 to meet the minimum eligibility requirement for SEC registration.  The owner of the firm also made violations to the custody rule by failing to provide quarterly statements to clients and by failing to organize an annual surprise audit of assets. 

SEC Office of Compliance Inspections and Examinations to Release New Cyber Exam Initiative

On March 22nd, Peter Driscoll, OCIE Director, announced plans for its third cybersecurity sweep exam in four years. The next cyber initiative will focus on advisers who maintain remote offices and advisers that have merged firms.

SEC Proposes Changes to Forms N-Port and N-1A Concerning Liquidity Disclosures

The SEC’s Proposing Release identifies three areas for potential revision to improve the current reporting and disclosure requirements of liquidity information by registered open-end investment firms.

Downloadable Resource for New ADV Reporting Obligation on Branch Offices

As of October 1st, 2017, the amended Form ADV requirements include a new reporting obligation for Part 1, Item 1(F) – Principal Office and Place of Business.

Fifth Circuit Court of Appeals’ Split Decision Vacates DOL Fiduciary Rule

On March 15th, the Fifth Circuit Court of Appeals vacated the DOL Fiduciary Rule, holding that the DOL surpassed its authority under the Employee Retirement Income Security Act.

Bookkeeping Service Considered Custody, Leads to Enforcement

The SEC recently settled an enforcement action against Financial Fiduciaries, alleging that the adviser had custody of client assets through a “dual employee” who served in various outside business activities.

SEC on-Pace to Examine 20% of Advisers

The steady increase in examination rates is due to an internal restructuring of resources that have allowed for approximately 100 staff members to be reassigned from broker-dealer and market oversight units to the investment advisors and investment companies division.

SEC Announces Share Class Selection Disclosure Initiative

The SEC launched a self-reporting initiative to protect advisory clients from undisclosed conflicts of interest and return money to investors.

Dodd-Frank Whistleblower Protection Narrowly Applicable

On Wednesday, February 21, 2018 the Supreme Court announced that whistleblower protections passed by Congress following the 2008 financial crisis only apply to those who report problems directly to the government. 

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