News & Insights

Check out our Flash Reports for the latest SEC- and compliance-related news, trends, and insights.

SEC Adopts Rule Amendments to Regulation S-P to Enhance Protection of Customer Information

The SEC adopted amendments to Regulation S-P requiring broker-dealers, investment companies, registered investment advisors, and transfer agents to implement and maintain policies and procedures regarding an incident response program that are designed to detect, respond, and recover from unwarranted access or use of client information.

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Latest SEC Fine for Hypothetical Performance Ad

The SEC fined Pacific Financial Group $430,000 for advertising that presented hypothetical performance. In an order issued on August 9, 2024, the SEC pointed out that Pacific Financial Group advertised hypothetical performance on its public website without implementing policies and procedures reasonably designed to ensure that the hypothetical performance was relevant to the likely financial situation and investment objectives of the intended audience.

SEC Off-Channel Enforcements: Twenty-Six Firms to Pay More Than $390 Million in Settlements

On August 14, 2024, the SEC announced charges against 26 broker-dealers, investment advisers, and dually-registered broker-dealers and investment advisers for widespread and longstanding failures by the firms and their personnel to maintain and preserve electronic communications.

CrowdStrike Incident Reinforces Importance of Revisiting BCPs

Although Artificial Intelligence (AI) brings tremendous opportunity, it also presents significant risk—particularly to those with access to sensitive client information and personally identifiable information (PII). 

The “Pay to Play” Rule: Your Compliance Program in an Election Year

The SEC did not appeal the landmark decision of the Fifth Circuit that vacated the Private Fund Rules. The SEC could still appeal to the Supreme Court, though success there is looking less and less likely for the commission. Assuming the rules are gone for good, the private fund industry just avoided the time and expense of creating new compliance procedures.

What We Learned from the Failed Private Fund Rules

The SEC did not appeal the landmark decision of the Fifth Circuit that vacated the Private Fund Rules. The SEC could still appeal to the Supreme Court, though success there is looking less and less likely for the commission. Assuming the rules are gone for good, the private fund industry just avoided the time and expense of creating new compliance procedures.

AI Dos and Don’ts

Although Artificial Intelligence (AI) brings tremendous opportunity, it also presents significant risk—particularly to those with access to sensitive client information and personally identifiable information (PII). 

Judge Stays DOL Fiduciary Rule: How to Prepare During Extended Litigation

On July 26, 2024, a U.S. judge ordered a stay of proceedings that blocked the Department of Labor (DOL) Fiduciary Rule from taking effect. The rule and the amended DOL PTE 2020-02 protection would have taken effect starting September 23, 2024.

The SEC Did Not Appeal Private Fund Reform Loss – What This Means for the Private Fund Rules

July 22, 2024, was the deadline for the SEC to petition the Fifth U.S. Circuit Court of Appeals to review its landmark decision that vacated the Private Fund Rules, and the SEC let this deadline pass. It appears the SEC will not attempt to relitigate the decision. 

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.

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