News & Insights: Compliance Administration

Reminder: Annual IAR Continuing Education Requirements

Time to ask IARs if they have completed annual Continuing Education (“CE”) requirements. Eleven states have continuing education requirements for Investment Adviser Representatives (“IARs”) with final effective dates. Even more jurisdictions have planned or passed a CE requirement for the future. Notices have already been sent to IARs with a CE requirement.

Private Fund Adviser Reforms Compliance Dates, Deadlines, and Grandfathering Provisions

On September 14, the Private Fund Adviser Rules were published in the Federal Register. Given the complexity of the rules, it can be hard to keep track of which rules hit when and which rules are applicable to whom. This chart maps out each rule’s corresponding compliance dates, grandfathering provisions, and to whom it applies.

SEC Releases FY 2023 Enforcement Results

On November 14, 2023, the SEC released its FY 2023 Enforcement Results. In FY 2023 results, the SEC included how many enforcement actions and standalone enforcement actions were filed along with the price of penalties, disgorgement, and amount returned to harmed investors.

DOL Announces Proposed Rule: Updated “Investment Advice Fiduciary” Definition, Expanded Scope of Current Fiduciary Requirements

On October 31, 2023, the Department of Labor proposed a new rule that would extend the current definition of “investment advice fiduciary” to include advisers when they “give investment advice for a fee to retirement plan participants, individual retirement account owners and others,” according to the DOL’s Press Release.

What the SEC Plans for Next Year: 2024 SEC Examination Priorities Are Already Published

On October 16, 2023, the SEC’s Division of Examinations (“EXAMS”) published its 2024 Examination Priorities. These annual priorities highlight certain practices, products, and services that present potentially heightened risks to investors or the integrity of US capital markets.

SEC Charges 10 More Firms for Off-Channel Communication Failures

On September 29, 2023, the SEC charged five broker-dealers, three dual registrants, and two affiliated investment advisors with “widespread and longstanding failures to maintain and preserve electronic communications,” according to the SEC’s press release. The ten firms will pay combined penalties of $79 million. Each firm was also censured and served a cease-and-desist order.

SEC Adopts Amendments to “Name Rule”

The SEC adopted enhancements to the Investment Company Act “Names Rule,” aiming to address names for a registered investment company or business development company (“BDC”) that could be misleading or deceptive.

SEC Publishes Private Fund Adviser Rules in Federal Register; Announces Comments and Compliance Dates

On September 14, the Private Fund Adviser Rules were published in the Federal Register. According to the Federal Register, the rules are effective Nov. 13, 2023, and comments regarding the collection of information requirements within the meaning of the Paperwork Reduction Act of 1995 should be received on or before October 16, 2023.

Nine Advisers Charged with Hypothetical Performance Violations

On September 11, 2023, the SEC announced charges against nine registered investment advisers for advertising hypothetical performance to a mass audience on their websites without meeting the requirements of the Marketing Rule. All nine firms have agreed to settle and will pay penalties ranging from $50,000 to $175,000.

SEC Risk Alert: Scope of Investment Adviser Examinations

On September 6, 2023, the SEC’s Division of Exams (the Division or EXAMS) published a risk alert on how the Division assesses risk, decides on the scope of an examination and the methodology for document requests during an examination.

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