News & Insights: Compliance Administration

SEC proposes exemption for finders helping small businesses raise capital

The SEC proposed a conditional exemption allowing certain market participants to be exempted from registering as brokers under federal securities laws.

ALERT: Phishing Attack Posing as FINRA Survey

The OCIE was recently made aware of a phishing attempt which could affect broker-dealers, investment advisers, and investment companies.

Does your firm include text messages in its recordkeeping?

If your firm conducts any business via text message, all electronic records should be maintained on a secure archival platform and be easily retrievable.

CCO faces $45,000 fine after falsifying documentation

Recently, a dually registered investment adviser and broker-dealer, and its former Chief Compliance Officer, were charged and fined by the SEC.

Are your firm’s electronic records secure by SEC standards?

In recent years, the SEC has heightened its emphasis on cybersecurity requirements for firms. Routine examinations now often involve in-depth requests for information on firms’ cyber and data security practices, which are areas of evolving risk for all market participants.

Updated Accredited Investor Definition Expands Investor Access to Private Offerings

Until this point, “accredited investors” were limited to certain individuals based on income or net worth. With the amendments to the definition, the SEC aims to increase access to private capital markets for previously unqualified market participants.

Newly Identified Compliance Risks Due to COVID-19: What You Should Know

The OCIE issued a Risk Alert that outlines new compliance risks stemming from the global pandemic. The SEC and OCIE have remained operational and have continued to initiate examinations, including routine examinations of investment advisers. 

Open-End Funds: Proposed Amendments to Reporting and Disclosure Requirements

The SEC proposed a new set of amendments to mutual fund and exchange-traded fund disclosure requirements. The package includes, among other things, changes to visual presentation requirements and the disclosure framework for open-end fund shareholder documents.

SEC Adopts Rule Amendments, Issues Guidance on Proxy Voting Process

The SEC adopted rule amendments and issued additional guidance on the proxy voting responsibilities of investment advisers and third-party proxy voting advice service providers. The new provisions aim to provide greater transparency to investors while minimizing the proxy voting process’s potential costs and operational burdens.

SEC Proposes Changes to Form 13F

Proposed amendments to Form 13F reporting. The changes would affect the filing threshold for institutional advisers and several other requirements.

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