News & Insights

Check out our Flash Reports for the latest SEC- and compliance-related news, trends, and insights.

Smaller Advisers: Time to Comply with Amended Reg S-P

The final compliance deadline of Amended Reg S-P is finally here. For smaller entities, who manage less than $1.5B in AUM, there are less than two months until the June 3, 2026, deadline.

Flash Reports
22 Oct, 2025

2026 IARD Annual Renewal Reminder

Every year at this time, Renewal Statements for advisers are posted in the IARD Portal. These fees are collected for system processing and jurisdiction-related renewals.

Flash Reports
15 Oct, 2025

SonicWall Security Incident

SonicWall, a popular network security company that advisers and other financial institutions use for its firewall or router products, recently confirmed a security incident resulting in unauthorized access to configuration backup files for customers using its cloud backup service.

Custody Relief for Crypto Assets: SEC No-Action Letter Benefits Advisers and Registered Investment Companies

On September 30th, the SEC Division of Investment Management gave an answer to the most challenging question for crypto assets: What entities are qualified custodians for crypto assets? Since qualified custodians must meet the definition of a banking institution for both the Adviser Act’s Custody Rule and the Investment Company Act’s.

Flash Reports
01 Oct, 2025

The SEC in a Shutdown: What Advisers Need to Know

Effective Oct. 1, 2025, the U.S. government is in a shutdown. During this time, the SEC will operate at a reduced capacity, meaning only essential staff will perform functions that are necessary to protect human life or property, or to prevent the loss of government assets.

Flash Reports
25 Sep, 2025

SEC on Amended Reg S-P: This is Happening

On September 17, 2025, The Securities and Exchange Commission (“SEC”), jointly with the Commodity Futures Trading Commission (“CFTC”), voted to extend the compliance date for the amendments to Form PF again.

Amended Form PF Compliance Date Extended Again to October 2026

Flash Reports
17 Sep, 2025

SEC Webinar: Adoption of Amended Regulation S-P

The SEC announced it will host a webinar regarding the adoption of Amended Regulation S-P for large firms on Sept. 25, 2025, at 1:00 pm ET. The webinar is part of a series of three events regarding the amendments. The other two events, for transfer agents and small firms, will be announced at a later date.

Flash Reports
15 Sep, 2025

Regulatory Preparedness 2025: Amended Reg S-P

Despite efforts to postpone Amended Regulation S-P, industry experts believe that the SEC is unlikely to postpone Amended Regulation S-P. Given the impending deadline, advisers should work diligently to meet the quickly approaching compliance date.

$75,000 Penalty for Marketing Rule and Recordkeeping Violations

On September 4, 2025, the SEC issued an administrative order (“the order”) against a registered investment adviser (“RIA”) for compliance violations related to the Marketing Rule and the Books and Records Rule, among others. The RIA agreed to pay $75,000 in civil penalties for the violations.

Flash Reports
08 Sep, 2025

SEC Charges Investment Adviser for Overcharging Management Fees to Private Funds

On August 15, 2025, the SEC announced charges against a Registered Investment Adviser for its management fee calculation practices for private fund clients. Each fund has a limited partnership agreement (“LPA”) that states the adviser is entitled to management fees and may receive transaction fees, including advisory fees, monitoring fees, and other fees, from portfolio companies.