News & Insights: Compliance Administration

SEC Proposes Rule Changes Related to Custody of Client Assets

On February 15, 2023, the SEC proposed rule changes intended to strengthen custody protections for client assets managed by RIAs. The proposed amendment and redesignation of the Custody Rule (Rule 206(4)-2), as the Safeguarding Rule (Rule 223-1), expands current protections to cover more client asset types and impacts related recordkeeping and reporting requirements.

SEC Expected to Finalize Cybersecurity Rule Spring 2023

On January 11, 2023, the SEC updated its Frequently Asked Questions page for the New Marketing Rule. There are now three questions and three answers.

2023 SEC Examination Priorities: New Rules, Private Funds, Retail Investors and Working Families, ESG, Information Security, and Digital Assets

On February 7, 2023, the SEC’s Division of Examinations (“EXAMS”) published its 2023 Examination Priorities. These annual priorities highlight practices, products, and services that present potentially heightened risks to investors or to US capital markets.

SEC Revises Marketing FAQ to Address Private Fund Net Performance

On January 11, 2023, the SEC updated its Frequently Asked Questions page for the New Marketing Rule. There are now three questions and three answers.

Goldman Sachs Fined $4M for Policy Failures of ESG Investments

The SEC charged Goldman Sachs Asset Management, LP, with maintaining inadequate and inaccurate policies governing its ESG investment strategies.

SEC New Marketing Rule Compliance Date Reminder

Investment advisers can no longer choose to comply with previous advertising and cash solicitation rules following the Nov. 4, 2022, compliance deadline for the new Marketing Rule, rule 206(4)-1, under the Advisers Act.

2023 IARD Annual Renewal Message

Every year at this time, Renewal Statements for advisers are posted in the IARD Portal. These fees are collected for system processing and jurisdiction-related renewals.

SEC Proposes New Rule on Outsourcing by Investment Advisers

On Wednesday, Oct. 26, 2022, the SEC proposed a new rule and amendments regarding the due diligence of service providers.

Electronic Communications Recordkeeping: SEC Examination Requests

After landmark penalties against 16 Wall Street Firms, the message is clear: firms are expected to abide by the SEC recordkeeping rules, especially around communication.

16 Wall Street Firms Charged by the SEC for Widespread Recordkeeping Failures

The SEC charged 16 firms for widespread and longstanding failures to maintain and preserve electronic communications.

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