News & Insights

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

Flash Reports
03 Sep, 2026

2026 Fall Filing Preview

Fall filing season is here — and between Form PF, 13F, 13G, and three federal holidays, Q4 can get crowded. Here's your at-a-glance guide to what's due and when, so nothing catches your team off guard.

Flash Reports
22 Oct, 2025

2026 IARD Renewal Reminder: Fees and Deadlines to Know

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.

CyberSecurity
15 Oct, 2025

SonicWall Security Incident: What Firms Using Their Firewalls Should Check

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.

SEC No-Action Letter on Crypto Custody: Who Qualifies as a Custodian?

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.

SEC
01 Oct, 2025

Government Shutdown: How Reduced SEC Operations Affect Advisers

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.

Regulation S-P
25 Sep, 2025

Amended Reg S-P Compliance Confirmed: SEC Signals No Further Delay

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.

Form PF Amendments Delayed Again to October 2026: What Fund Managers Should Know

Regulation S-P
17 Sep, 2025

SEC Webinar Recap: Adoption Timeline for 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.

Regulation S-P
15 Sep, 2025

Why Amended Reg S-P Isn’t Getting Delayed: What Advisers Should Do Now

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.

SEC Marketing Rule & Recordkeeping Fine: What Triggered the $75,000 Penalty

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.

Private Fund
08 Sep, 2025

SEC Overcharging Case: What It Means for Private Fund Management Fee Practices

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.