News & Insights: Compliance Administration

Recordkeeping Failures for Off-Channel Communication Cost 12 Firms $63 Million in SEC Penalties

The Securities and Exchange Commission (“SEC”) announced charges against nine investment advisers and three broker-dealers for failures to maintain records of electronic communications by employees, in violation of federal securities laws. The firms paid penalties ranging from $4 million to $12 million, except for one firm that self-reported its violations and paid the reduced penalty of $600,000.

SEC Charges Boston-Based Registered Investment Adviser and Its Managing Partner for Failing to Disclose Conflicts of Interest

On December 20, 2024, the SEC announced settled charges against Rose Park Advisors, LLC (“Rose Park”), a Boston registered investment adviser, and its managing partner, Matthew Q. Christensen (“Christensen”). The charges stemmed from failing to disclose significant conflicts of interest related to investments made by one of their clients (“the Fund”), which invested nearly $50 million in a portfolio company run by Christensen’s uncle.

Notice: Federal Government Closed on January 9

 All executive departments and agencies of the Federal Government will be closed on Thursday, January 9, 2025, as a mark of respect for former President Jimmy Carter, pursuant to President Biden’s recent executive order.

2025 Compliance Program Checklist

There are a number of compliance deadlines that are already set for 2025. Similarly, the 2025 Exam Priorities published by the Division of Examinations and published observations from the commission will continue to be a guide for effective compliance programs. Start your year off on the right foot with our 2025 Compliance Program Checklist.

Court Ordered Whiplash: US Court of Appeals Blocks Corporate Transparency Act Again

On December 26, 2024, a merits panel of the Fifth Circuit Court of Appeals reinstated a nationwide injunction blocking enforcement of the Corporate Transparency Act (CTA) and its required reporting of beneficial ownership information.

Compliance Year in Review 2024

Although total enforcement actions declined compared to the 2023 fiscal year, the Division of Enforcement obtained orders of $8.2 billion in financial remedies. This is the highest amount in SEC history.

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.

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”)

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