News & Events – Compliance and Regulatory Alerts

Key Takeaways from the SEC's National Compliance Outreach live webcast for investment advisers and investment companies on November 7, 2024.

Essential SEC compliance seminar for investment professionals - CCOs and senior compliance personnel: Join key sessions on security, marketing rules, and regulatory requirements.

The SEC Division of Examinations has released its exam priorities for fiscal year 2025, outlining a comprehensive approach to oversight that emphasizes both traditional and emerging market risks.

The Treasury Department's final anti-money laundering (AML) rule for investment advisers mandates risk-based AML programs for most SEC-registered advisers. While some industry concerns were addressed, significant preparation is needed.

The Fifth Circuit Court of Appeals has issued a ruling vacating the SEC's previously adopted rule package for private fund advisers. 

The SEC has voted to finalize its proposed amendments to rules governing the protection of clients’ non-public personal information (PII). What are the important changes in the final rule?

On May 13, The SEC and FinCEN jointly proposed a new rule requiring certain advisors to implement Customer Identification Programs (CIPs). This move aims to strengthen anti-money laundering (AML) and counter-terrorism financing (CFT) efforts within the investment sector.

The U.S. Department of Labor has announced the finalization of the Retirement Security Rule, updating the definition of an "investment advice fiduciary."

The SEC has announced its adoption of amendments to the internet adviser exemption governing SEC registration eligibility for certain internet investment advisers. Any adviser no longer eligible under the exemption must withdraw its SEC registration and register in one or more states by filing a Form ADV-W by June 29, 2025.

The SEC has issued a press release announcing settled charges against two investment advisers for making false and misleading statements about their purported use of artificial intelligence (AI). The firms agreed to settle the SEC’s charges and pay $400,000 in total civil penalties.

FinCEN issued a NPRM on Tuesday requiring SEC-registered IAs and ERAs to apply AML/CFT requirements pursuant to the Bank Secrecy Act, including implementing risk-based AML/CFT programs, SARs reporting, and recordkeeping requirements.

This week is Identity Theft Awareness week, sponsored by the FTC. An increasingly harmful form of ID Theft is Account Takeover, which institutions can help prevent by requiring additional authentication elements to access accounts.

FINRA has published its 2024 FINRA Annual Regulatory Oversight Report, formerly known as the Report on FINRA’s Examination and Risk Monitoring Program. Stay tuned for our annual chart and commentary on the reformatted 2024 Report and how its findings may impact your legal, regulatory and compliance matters.

NASAA has published a Comment Letter to the DOL Regarding Retirement Security Rule: Definition of an Investment Advice Fiduciary.

FINRA is continuing its focus on eligible customers receiving Rights of Reinstatement (“ROR”) benefits where appropriate. Read our full alert for a look at FINRA's scrutiny into ROR and how our team’s deep experience in this area can help your firm.

State regulators are encouraging individuals and businesses to start preparing now for the Nov. 1 start of Nationwide Multistate Licensing System (NMLS) annual license renewal.