News & Insights: Compliance Administration

T+1 SEC Examination Sweep

SEC registered advisers are beginning to see examination requests targeting recordkeeping, policies and procedures, training, and third-party agreements related to the shortened settlement cycle that came into effect on May 28, 2024.

The Jaresky Decision and Limiting Administrative Proceedings

On June 27, 2023, in SEC vs. Jaresky, the U.S. Supreme Court held that a jury trial is required under the Seventh Amendment in securities fraud cases brought by the SEC.

The SEC’s Updated Spring 2024 Regulatory Agenda

On July 8, the SEC issued an updated Spring 2024 regulatory agenda, which includes updated timing related to several key regulatory actions. This signals another busy few months for the SEC.

Supreme Court Overturns Chevron Deference

On June 28, 2024, the U.S. Supreme Court issued a landmark ruling overturning Chevron deference.  The 1984 Chevron case created a doctrine that required courts to defer to federal agencies in interpreting complex or ambiguous regulations.

Amendments to QPAM Exemption Come Into Effect

On April 3, 2024, the Department of Labor (“DOL”) finalized amendments to the Prohibited Transaction Class Exemption 84-14 (“QPAM Exemption”) for Qualified Professional Asset Managers (“QPAM”).

Fifth Circuit Vacates Private Fund Reform Rules with Sweeping Opinion

On June 5th, the Fifth U.S. Circuit Court of Appeals vacated the Private Fund Reform Rules, saying that the SEC exceeded its statutory authority in adopting them on August 23, 2023. The Private Fund Reform Rules were adopted by a narrow 3-2 vote with strong dissent from the conservative commissioners. This expansive set of rules sought to enhance regulation, not just of registered private fund advisers, but of all private fund managers.

Joint SEC and FinCEN Proposed Customer Identification Program Rule

On May 13th, FinCEN and the SEC jointly released a proposed rule to apply CIP obligations on RIAs and ERAs. This new proposal comes on the heels of FinCEN’s February 13th proposal of an AML rule to designate RIAs and ERAs as “financial institutions” under the Bank Secrecy Act and apply AML/CFT program, suspicious activity reporting and record keeping requirements. 

Countdown to T+1

On May 28, 2024, the settlement cycle for most transactions in US securities will shorten from two business days (‘T+2’) to one business day (‘T+1’).  May 28, 2024, is also the compliance date for the new requirements of the industry when processing institutional trades and the new recordkeeping requirements of registered investment advisers (“RIAs”). 

DOL Finalizes New Fiduciary Rule: The Retirement Security Rule and Amended PTE 2020-02 to be Added to Federal Register

On April 23, 2024, the White House announced that the Department of Labor (“DOL”) has finalized its Retirement Security Rule, also known as the “Fiduciary Rule.” The new rule extends the current definition of “investment advice fiduciary” under ERISA to include advisers when they “give investment advice for a fee to retirement plan participants, individual retirement account owners and others.” The rule and related exemptions will be effective on September 23, 2024, with a phase-in period for many of the exemptions and reporting requirements of one year until September of 2025.

Risk Alert Examiner’s Observations on the Marketing Rule

On April 17th, 2024, the Division of Examinations (“EXAMS”) published a risk alert to inform investment advisers, investors, and other market participants about the examiner’s observations on the Marketing Rule. This risk alert highlights the Division’s focus on advisers’ compliance with the marketing rule and their completion of the marketing rule items contained in Form ADV as well as Advisers Act Rule 206(4)-7 (the “Compliance Rule”), Advisers Act Rule 204-2 (the “Books and Records Rule), and the Marketing Rule’s “General Prohibitions”.

Click below to view General Filing Deadlines and SEC Holidays

Regulatory Calendar

Stay up to date on the latest industry news and resources.

Filter by Category

Filter by Topic

Fairview

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.

©2024 Fairview® Investment Services, LLC. All rights reserved.

1330 St. Mary’s St.
Suite 400
Raleigh, NC 27605

info@fairviewinvest.com
919.706.4100
FAX: 800.770.9925