Compliance October 16th, 2023 SEC Exam Priorities Require Advisers to Account for Client-Specific Needs in Recommendations The regulator also listed expensive, complicated and illiquid investment recommendations as coming under increased scrutiny in 2024.
Compliance October 13th, 2023 Does Anyone Support the Predictive Analytics Rule? Nobody in the investment advice industry seems to, and few and far between appear to elsewhere.
Compliance October 10th, 2023 SEC’s AI Proposal Would Negatively Affect Retirement Education Features, Commenters Say The feedback period for the SEC proposal on artificial intelligence and conflicts of interest closed today, and the feedback has...
Compliance September 29th, 2023 SEC Imposes $79M in Fines on Advisers for Recordkeeping Violations Ten firms were fined for using unapproved off-channel devices for business related communications.
Compliance September 29th, 2023 SEC Proposes New Rules for RILA Annuity Providers The proposal directs RILA providers to use registration documents that better explain the annuity’s features and complexities.
Compliance September 27th, 2023 SEC Would Suspend Rulemaking, Enforcement During Potential Shutdown Comment periods would remain open for the AI and safeguarding proposals, but comments would not be reviewed in real time.
Compliance September 27th, 2023 Fund Advisers Reject SEC Aiding and Abetting Charges The adviser for a mutual fund argues against alleged Liquidity Rule violations because the company was not responsible for the...
Compliance September 25th, 2023 Private Fund Adviser Fined $1.6M for Duty of Care Violations The infrastructure fund allegedly did not disclose conflicts of interest and took actions without regard for their impact on investors.
Compliance September 20th, 2023 Funds’ Portfolios Must Reflect Their Name, SEC Says New rule means funds will have to derive 80% of their value from investments related to their official names.
Compliance September 19th, 2023 Scope of AI Conflicts Proposal Finds New Opponents on the Hill Members of both parties have criticized the SEC’s definition of ‘covered technology’ when it comes to using AI in financial...
Compliance September 14th, 2023 SEC’s Risk Alert Worth Close Look Amid ‘Bevy’ of New Rules, Charges Compliance experts point to the regulator’s focus on third-party providers and its marketing rule stringency in the recent exam notice.
Compliance September 12th, 2023 Congress, Industry Push Back on SEC’s AI, Safeguarding Rule Proposals The proposal would require advisers to eliminate conflicts related to a wide range of computational technology.
Compliance September 12th, 2023 SEC Makes 2nd Marketing Rule Charges Against 9 Investment Advisories According to the regulator, a sweep into marketing rule violations led to $850,000 in total penalties.
Compliance September 5th, 2023 SEC Charges 5 Advisory Firms for Custody Rule Violations The rule violation announcement is the second the regulator has issued in a ‘targeted’ effort, even as it seeks public...
Compliance September 1st, 2023 Complying With SEC’s Hypothetical Performance Marketing Rules Advisers should use a process that makes it tough to fall out of compliance, not look for ways to dodge...
Compliance August 29th, 2023 Wells Fargo Agrees to Pay $35 Million for Overcharging Advisory Accounts The registered investment adviser overbilled clients with custom rates by maintaining inadequate procedures, the SEC said.
The Markets August 23rd, 2023 SEC Reopens Comment Period for RIA Investment Custody Rule The regulator also announced a new proposal to increase transparency and disclosures for private fund managers such as private equity...
Compliance August 21st, 2023 SEC Fines Fintech Advisory Titan in 1st Marketing Rule Charge The regulator calls the charges a ‘warning’ to investment advisers about how they can market offerings.
Compliance August 9th, 2023 New SEC Cybersecurity Rule a ‘Business Problem,’ Not Just IT or Legal, According to Experts The new disclosure requirements for public companies will require time and resources to meet cybersecurity needs.
Compliance August 8th, 2023 SEC Charges Wells, BNP, Others With Electronic Communications Misuse 11 Wall Street firms admit wrongdoing and agree to pay $289 million in fees for improperly using messaging systems like...