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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Year in Review

2023 was a busy year for the SEC. From the sweeping Private Fund Adviser Rules to the SEC’s proposed predictive analytics rules and more, investment advisers are in for a busy 2024 as well.

The Biggest Cyber Trends in 2024 to Prepare for Now

Cybersecurity is already topping the list as one of the greatest risks to businesses. 2024 will be no different—in fact, by the end of the coming year, the cost of cyber-attacks on the global economy is predicted to top 10.5 trillion. In addition to existing threats, artificial intelligence (AI) will continue to grow and evolve in the coming year, and businesses need to be prepared.

Regulation S-P Overview

Regulation S-P became effective on November 13th, 2000, and requires financial institutions to provide notice to customers regarding the financial institution’s privacy policies; the condition under which they may disclose nonpublic personal information about consumers to nonaffiliated third parties; and provide an “opt out” method for consumers to prevent the financial institution from disclosing information.  

Reminder: Annual IAR Continuing Education Requirements

Time to ask IARs if they have completed annual Continuing Education (“CE”) requirements. Eleven states have continuing education requirements for Investment Adviser Representatives (“IARs”) with final effective dates. Even more jurisdictions have planned or passed a CE requirement for the future. Notices have already been sent to IARs with a CE requirement.

The SEC’s Updated, Aggressive Regulatory Agenda

On Wednesday, Dec. 6, the Securities and Exchange Commission (SEC) issued an updated regulatory agenda, which includes 12 investment management-related rule proposals that have yet to be adopted.

Ransomware Group Turns to SEC after Victim Denies Payment

After a ransomware gang broke into the systems of fintech platform MeredianLink, the gang did something quite unprecedented: they called the regulators

Private Fund Adviser Reforms Compliance Dates, Deadlines, and Grandfathering Provisions

On September 14, the Private Fund Adviser Rules were published in the Federal Register. Given the complexity of the rules, it can be hard to keep track of which rules hit when and which rules are applicable to whom. This chart maps out each rule’s corresponding compliance dates, grandfathering provisions, and to whom it applies.

SEC AI Sweep Exams

Artificial intelligence (“AI”) sweep exams may be on the horizon for 2024. An examination document reviewed by Ignites stated that the SEC asked at least one firm to provide information regarding its AI policies and procedures.

SEC Releases FY 2023 Enforcement Results

On November 14, 2023, the SEC released its FY 2023 Enforcement Results. In FY 2023 results, the SEC included how many enforcement actions and standalone enforcement actions were filed along with the price of penalties, disgorgement, and amount returned to harmed investors.

Stay Vigilant to Help Prevent Cyberattacks During the Holidays

Cybercrimes tend to increase during the holiday season, as malicious actors take advantage of the increased employee travel and distractions that are more common during the holiday season. To help protect from cyberattacks during the busy holiday season, the FBI and CISA compiled several recommendations that employees can take now to prevent from these kinds of attacks.

Click below to view General Filing Deadlines and SEC Holidays

Regulatory Calendar

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