Check out our Flash Reports for the latest SEC- and compliance-related news, trends, and insights.
On August 23, 2023, a divided SEC voted to adopt enhanced regulations of private fund advisers. These included two rules that all investment advisers managing private funds must follow: the Preferential Treatment Rule and the Restricted Activities Rule.
Read MoreOn February 13, 2023, the United States District Court’s Middle District of Florida (“the court”) struck down the expanded definition of investment-advice fiduciary put forward by the Department of Labor (DOL) in its Frequently Asked Questions (FAQ) publication from April 2021.
On February 15, 2023, the SEC proposed rule changes intended to strengthen custody protections for client assets managed by RIAs. The proposed amendment and redesignation of the Custody Rule (Rule 206(4)-2), as the Safeguarding Rule (Rule 223-1), expands current protections to cover more client asset types and impacts related recordkeeping and reporting requirements.
On February 7, 2023, the SEC’s Division of Examinations (“EXAMS”) published its 2023 Examination Priorities. These annual priorities highlight practices, products, and services that present potentially heightened risks to investors or to US capital markets.