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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House Panel Passes Bill to Repeal DOL Fiduciary Rule

On October 12, 2017, the House Financial Services Committee passed the Protecting Advice for Small Savers Act of 2017 (the “PASS Act”), which would repeal the DOL’s Fiduciary Rule.  This bill would keep fiduciary rulemaking under the SEC’s jurisdiction.

RIA Examinations Expected to Rise by 25% Over Next 2 Years

Congress, SEC Chairman Clayton stated that the SEC is on track to increase the number of registered investment adviser (“RIA”) examinations by 20 percent in the fiscal year 2017 and by an additional 5 percent in the fiscal year 2018.

SEC Spoofed Emails Used In Spear Phishing Attack

Cisco’s Talos Intelligence Group has identified a targeted cyber-attack focusing on specific organizations. 

Reminder that the New Form ADV Rules Took Effect on October 1, 2017

All Form ADVs filed on or after October 1, 2017, must now report the new information required by the updated form.

SEC Provides Updates from Investigation of 2016 Cyber Intrusion

The SEC provided an update on its ongoing staff investigation of the 2016 cyber intrusion into the EDGAR system.

SEC Creates Cyber Unit and Retail Strategy Task Force

On September 25, 2017, the SEC announced the creation of the Enforcement Division’s Cyber Unit and Retail Strategy Task Force.

PE Firm Charged with Improper Allocation of Broken Deal Expenses

The SEC charged a registered investment adviser with improperly allocating broken deal expenses between three private equity funds it manages.

Amendments to the Books and Records Rule, Effective October 1st

Effective Oct. 1, advisers will be required to comply with the revised Books and Records Rule. Under the new rule, advisers must maintain additional records supporting the calculation and distribution of performance information.

SEC Charges SunTrust With Improperly Recommending Costlier Mutual Funds

The SEC charged SunTrust Investment Services with receiving more than $1.1 million in client fees by improperly recommending costlier share classes of mutual funds when cheaper shares were available.

OCIE Announces Most Frequent Advertising Rule Risks Identified in Examinations

On September 14, 2017, the OCIE announced the most frequent compliance issues with the Advertising Rule identified in their recent deficiency letters and examinations.

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