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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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”).

For the First Time, the SEC Charges Two Investment Advisers for “AI Washing”

The SEC announced on Monday that it settled charges against two investment advisers, Delphia (USA) Inc. and Global Predictions Inc., for making false and misleading statements about their purported use of artificial intelligence (AI), according to a SEC press release. This is the first time the SEC has fined investment advisers for false and misleading statements about their use of AI. 

SEC Exams Remain Focused on New Marketing Rule

This year, Securities and Exchange Commission (SEC) Exams will remain focused on the new Marketing Rule, as well as AI, according to Natasha Vij Greiner, deputy director of the SEC’s Division of Examinations, who recently spoke at the Investment Advisers Association (IAA) Compliance Conference in Washington, D.C. 

SEC Adopts Final Climate Disclosure Rules for Public Companies

On March 6, 2024, the Securities and Exchange Commission (SEC) adopted final climate disclosure rules for public companies and in public offerings, according to the SEC’s Press Release.

NIST Releases Updated Version of Cybersecurity Framework

Last week, the National Institute of Standards and Technology (NIST) released version 2.0 of its widely used Cybersecurity Framework (CSF), its landmark guidance document for reducing cybersecurity risk. This is the first major update since the framework was initially launched in 2014 to help organizations understand, mitigate, and communicate cybersecurity-related risks.

FinCEN Proposes AML Rule for SEC Registrants and Exempt Reporting Advisers, Again

On February 13, 2024, the Financial Crimes Enforcement Network (FinCEN) proposed a new rule to combat the investment of illicit funds in the U.S. financial system. The proposed rule would require certain investment advisers to apply Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) requirements pursuant to the Bank Secrecy Act (BSA). 

SEC starts 2024 with Charges Against More Firms for Off-Channel Communications Failures

On February 9, 2024, the SEC announced charges against five broker-dealers, seven dual registrants, and four advisers for recordkeeping violations related to electronic communications.

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