News & Insights: Compliance Administration

SEC Adopts Reforms for Money Market Funds and Amendments to Form PF Reporting by Large Liquidity Fund Advisers

On July 12, 2023, the SEC adopted amendments to Investment Company Act rules regarding money market funds and large private liquidity fund advisers. The amendments will be effective 60 days after publication in the Federal Register.

SEC Examination Requests Regarding New Marketing Rule Compliance

The SEC has begun requesting more information in exams to assess compliance with the new Marketing Rule.

The SEC’s Proposed and Final Rules and Key Dates

the SEC’s proposed compliance- and cyber-related rules, including associated dates and links to the full rules.

SEC Risk Alert on the New Marketing: Additional Areas of Focus for Examinations

EXAMS published a risk alert to inform investment advisers, including advisers to private funds, about areas of emphasis for examinations focused on Rule 206(4)-1 of the Investment Advisers Act of 1940. 

DOL Voluntarily Dismisses Appeal to Defend DOL PTE Fiduciary Guidance

The Department of Labor (DOL) voluntarily dismissed its appeal of the district court decision that struck down the DOL’s fiduciary reinterpretation of fiduciary status for advisers making rollover recommendations to retirement investors. 

SEC Risk Alert on Observations of LIBOR-Transition Preparedness

On May 11, 2023, the SEC’s Division of Exams (“EXAMS”) published a Risk Alert to remind registrants of the discontinuation of U.S. Dollar LIBOR after June 30, 2023. The Risk Alert also discussed firms’ practices to manage the transition.

The SEC’s First Enforcement of Liquidity Rule Violations

On May 5, 2023, the SEC announced its first-ever enforcement of the Liquidity Rule by charging Pinnacle Advisors LLC, an investment adviser, with “aiding and abetting Liquidity Rule violations” regarding one of its mutual funds.

Certain Form PF Filers Will Have New Questions, More Reporting :: Impacts Advisers to Private Equity Funds and Large Hedge Funds

On May 3, 2023, the U.S. Securities and Exchange Commission (SEC) announced the adoption of amendments to the Form PF. This rule will impact all Form PF Large filers and all Form PF filers who manage private equity (PE) funds.

SEC Risk Alert on Safeguarding Customer Information at Branch Offices

On April 26, 2023, the SEC’s Division of Examinations (EXAMS) published a Risk Alert regarding the security of customer information at branch offices maintained by broker dealers and investment advisers.

Reminder: Annual Form PF filing Due April 30, 2023

Although the Investment Adviser Registration Depository IARD/PFRD is scheduled to be available Sunday, April 30, 2023, we recommend completing the filing by April 28th.

Click below to view General Filing Deadlines and SEC Holidays

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