Highlights from the SEC’s 2021 Exam Priorities

SEC’s Division of Examinations (formerly OCIE) has released their Examination Priorities Report for 2021. While the release is not much of a departure from recent years, some of the older topics have been re-framed to include newer risks and practices. Among “relatively new” topics, the Division will be focusing on Fintech and Innovation, including Digital… READ MORE

3 Things to Do Now About the New Investment Adviser Marketing Rule

On December 22, 2020 the SEC released its new Investment Adviser Marketing Rule, intended to modernize the regulatory framework. Most Investment Adviser firms will find a little bit of good news and a little bit of bad news within the 430 pages.  The rule restructures frameworks, repeals as-yet-unspecified No-Action Letters and has new definitions for… READ MORE

Your Form ADV – Beyond Checking the Box

Additionally, Reg BI requires that firms file Form CRS.  The SEC has said that to answer some parts of Form CRS, you may link to other places where the relevant information resides, and a lot of that information is already in your ADV part 2A brochure.  Even if you don’t take advantage of your new… READ MORE

SEC Publishes Form CRS FAQs

As the effective dates for Reg BI approach, we are starting to see more information and activity around certain aspects of the rule.  This includes some welcome FAQ’s around Form CRS. On November 26, 2019 the staff of the Division of Investment Management and the Division of Trading and Markets released FAQs to help registrants prepare… READ MORE

SEC Posts 2018 Exam Priorities

The SEC’s Office of Compliance Inspections and Examinations (“OCIE”) released its 2018 National Exam Program examination priorities yesterday. While most of the topics are familiar, there are a few new items of note. OCIE has divided its priorities into four categories: Retail investors including Seniors and those saving for retirement “Disclosures of the Costs of… READ MORE

SEC Risk Alert Shows Gaps in Firm Cybersecurity Programs

The SEC’s Office of Compliance Examinations and Inspections (OCIE) has released a Risk Alert with a brief summary of observations from its second round of cybersecurity exam sweeps, where it surveyed 75 broker dealers, investment advisors, and investment companies.  The Cybersecurity 2 Initiative was a more thorough follow-up to their 2014 Cybersecurity 1 Initiative.  The… READ MORE