News & Insights: Compliance Administration

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.

SEC Charges Five Advisory Firms for Custody Rule Violations

On September 5, 2023, the SEC charged five investment firms who failed to comply with requirements regarding safekeeping of client assets, and/or to timely update disclosures relating to audits of financial statements for private fund’s they advise.

Private Equity Firm Will Pay $20.5 Million Following Fee Disclosure Enforcement

On September 5, 2023, the SEC charged private equity firm Prime Group Holdings LLC with “failing to disclose millions of dollars of real estate brokerage fees” that a fund managed by the firm paid to the firm’s affiliate.

Private Fund Trade Groups Sue SEC Over Private Fund Reforms

On September 1, 2023, six private equity and hedge fund trade groups sued the SEC to block new private fund reforms adopted in August. The suit was filed in the Fifth Circuit Court of Appeals and argued that the SEC overstepped its statutory authority by adopting sweeping changes with these new rules for private funds.

Divided SEC Adopts Private Fund Adviser Reforms

On August 23, 2023, a divided SEC voted to adopt enhanced regulations of private fund advisers and to update the Compliance Rule for all investment advisers.

SEC Charges Adviser for Misrepresenting Hypothetical Performance

On August 21, 2023, the SEC charged Titan Global Capital Management USA LLC (“Titan”), a FinTech investment adviser, with violations of the new Marketing Rule, among other violations.

SEC Fines 11 More Wall Street Firms For Off-Channel Communication Failures

Ten broker-dealers and one dual registrant were charged for off-channel communication failures. The firms will pay $289 mil penalties and were served a cease-and-desist order.

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