News & Insights: Compliance Administration

Phishing Alert: Message Posing as FINRA Includes Malicious Links

We have received notice that at least one firm has received phishing emails purporting to be FINRA from the domain [domain?].

SEC Risk Alert: Registered Investment Companies Examination Focus Areas and Document Requests

On November 4, 2024, the SEC Division of Examinations (the “Division”) published a Risk Alert to describe the examination process for advisers of mutual funds, ETFs, and other registered investment companies (“RICs” or “funds”); the selection and scope of such examinations; and observations on core focus areas for RICs, The alert also shares a list of the typical documents and information requested during such examinations.

District Court Blocks Corporate Transparency Act

On December 3, 2024, a district court in Texas issued a nationwide preliminary injunction against the enforcement of the Corporate Transparency Act (CTA) and its reporting on Beneficial Ownership Information to the Treasury Department.

Cryptocurrency Advocate Paul Atkins Selected to Chair SEC

President-elect Donald Trump announced today that he plans to nominate Paul Atkins to chair the SEC. Atkins will replace SEC Chair Gary Gensler.

NSCP Currents: Marketing Rule Charges for Testimonials and Endorsements, Third-party Ratings, and Substantiation

On September 9, 2024, the Securities and Exchange Commission (“SEC”) announced settled charges againstnine registered investment advisers for violations of Rule 206(4)-1 under the Investment Advisers Act of 1940(the “Marketing Rule”)

SEC Gary Gensler to Step Down as Commission Chair

Gary Gensler will step down from his position as the 33rd Chair of the Securities and Exchange Commission (SEC) on January 20, 2025, at 12:00 p.m., according to the SEC’s November 21, 2024 press release.

SEC Charges for Endorsements, Hypothetical Performance and Green-Washing

On November 1, 2024, the SEC Division of Enforcements charged Wahed Invest, LLC (“Wahed”), a registered investment adviser, for violating the Marketing Rule. 

2025 Examination Priorities Published by SEC Division of Exams

On October 21, 2024, the SEC’s Division of Examinations (“EXAMS”) published its 2025 Examination Priorities. The SEC’s fiscal year runs from October 1st to September 30th, and this fiscal year marks the 30th anniversary of the creation of the Division of Examinations, originally established as the Office of Compliance Inspections and Examinations.

2025 IARD Annual Renewal Message

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.

Reminder: Plan for Amended Regulation S-P in 2025 Budget Planning

As we near budget planning season for many firms, large entities in particular (including RIAs with $1.5 billion or more in AUM) should be sure to account for costs that may be associated with complying with Amended Regulation S-P.

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Fairview has been providing streamlined solutions to providers in the financial services industry since 2005. We are part of ViewPoint Partners, our employee-owned parent company for both Fairview and FilePoint, which provides regulatory reporting solutions for registered investment companies.

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