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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AI Considerations

On April 15th, 2024, the SEC’s enforcement director, Gurbir Grewal, spoke at the Program on Corporate Compliance and Enforcement Spring Conference 2024, where he discussed the use of artificial intelligence (“AI”), cybersecurity, and disclosure obligations, among other topics.  

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”.

Annual FINRA Entitlement User Accounts Certification Begins Today

FINRA announced that the 2024 FINRA Entitlement Certification period begins today and must be completed on or before June 17, 2024.

Five Investment Advisers Charged by the SEC for Marketing Rule Violations

On April 12, 2024, the Securities and Exchange Commission (SEC) announced that it settled charges against five registered investment advisers for Marketing Rule violations.

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.  

Ongoing Phishing Alert, Messages Posing as FINRA

Fairview has received numerous reports of fraudulent emails that appear to be from FINRA. These messages aim to elicit a reply in a short period of time.

The Risks of Artificial Intelligence in Financial Services

In March, the U.S. Department of Treasury has released its newest report, Managing Artificial Intelligence- Specific Cybersecurity Risks in the Financial Services Sector. The report, which was mandated by Executive Order 14110, Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence, outlines the current state of AI as it relates to the financial industry, as well as best practices for managing and utilizing AI, largely in relation to growing fraud and cybersecurity threats associated with AI.

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 Adopts Reforms Relating to Internet Investment Advisers

On March 27, 2024, the Securities and Exchange Commission (SEC) adopted amendments to the rule that allows certain internet investment advisers to register with the SEC (the “internet adviser exemption”).

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