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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The SEC’s Updated, Aggressive Regulatory Agenda

On Wednesday, Dec. 6, the Securities and Exchange Commission (SEC) issued an updated regulatory agenda, which includes 12 investment management-related rule proposals that have yet to be adopted.

Ransomware Group Turns to SEC after Victim Denies Payment

After a ransomware gang broke into the systems of fintech platform MeredianLink, the gang did something quite unprecedented: they called the regulators

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 AI Sweep Exams

Artificial intelligence (“AI”) sweep exams may be on the horizon for 2024. An examination document reviewed by Ignites stated that the SEC asked at least one firm to provide information regarding its AI policies and procedures.

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.

Stay Vigilant to Help Prevent Cyberattacks During the Holidays

Cybercrimes tend to increase during the holiday season, as malicious actors take advantage of the increased employee travel and distractions that are more common during the holiday season. To help protect from cyberattacks during the busy holiday season, the FBI and CISA compiled several recommendations that employees can take now to prevent from these kinds of attacks.

NSCP Currents: The SEC’s Private Fund Rules: What Advisers Need to Know

On August 23, 2023, the U.S. Securities and Exchange Commission (SEC) adopted new rules (Adopting Release) for private fund advisers under the Investment Advisers Act of
1940, as amended (Advisers Act).

The New York State Department of Financial Services Adopts Amendments to Strengthen Cybersecurity Regulations

Last week, the New York State Department of Financial Services (NYDFS) finalized amendments to its 2018 regulations on cybersecurity to enhance cybersecurity governance, mitigate risks, and protect New York businesses and consumers from cyber threats.

SEC Charges SolarWinds CISO

On October 30, 2023, the Securities and Exchange Commission (“SEC”) announced charges against SolarWinds Corporation and its chief information security officer, Timothy G. Brown. The charges were for a combination of fraud and internal control failures related to allegedly knowing about cybersecurity risks and vulnerabilities.

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.

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