Tuesday, September 26. 2023
SEC Adopts Rule Improvements to Inhibit the Use of Misleading Investment Fund Names
On September 20th, the SEC adopted amendments to Rule 35d-1 under the Investment Company Names Rule of 2001 (Names Rule) to address certain broad categories of investment company names that may mislead investors about an investment company's investments and risks. For a business development company (BDC) or a registered investment company, the name of its firm is a key marketing tool for the fund, and it provides investors with decision-useful information about the fund. The amendments to the Names Rule, which were proposed in May 2022, are expected to help to ensure that the rule continues to meet its main objective of investor protection.
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Thursday, September 21. 2023
SEC Revises PAUSE List of Firms Using Misleading Information to Solicit Investors
On September 15th, the SEC announced that it has revised its list of unregistered entities that use inaccurate data to solicit mainly non-US investors. This update includes 29 soliciting entities, three impersonators of real firms, and one bogus regulator.
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Thursday, September 14. 2023
SEC’s Division of Investment Management to Hold Open Meeting
The SEC’s Division of Investment Management will hold an open meeting via webcast on sec.gov that will take place on Wednesday, September 20, 2023, at 10:00 a.m. ET. The meeting is free, open for the public to attend, and will address issues relating to misleading investment disclosures, among other topics. {expires: 2023-09-21}
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Wednesday, September 06. 2023
SEC Reopens Comment Period for Proposed Safeguarding Rule
The SEC has recently voted to reopen the comment period for its February 2023 proposal, Safeguarding Advisory Client Assets, which proposed a new rule under the Investment Advisers Act of 1940 that would redesignate and update the current custody rule to improve protections of customer assets managed by registered investment advisers. In compliance with the audit provision of the current custody rule, the adoption of the private fund adviser audit rule generally requires a registered investment adviser to obtain an annual financial statement audit of each private fund it advises. Reopening the comment period provides interested parties with additional time to review the proposed amendments to the current custody rule’s audit provision under the private fund adviser audit rule. The rule initially was proposed by the SEC on February 15, 2023 with a comment period that ended on May 8, 2023.
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Tuesday, August 08. 2023
FASB Issues Proposed ASU to Enhance Income Statement Expenses Disclosures
On July 31st, the Financial Accounting Standards Board (FASB) released a proposed Accounting Standards Update (ASU) that would require public companies to provide disclosures in financial statements about that company’s expenses that would help investors make informed decisions concerning investments. Investors benefit greatly by understanding a company’s performance, assessing a company’s prospects for future cash flows, and having the ability both to observe a company’s performance over time and to compare with that of other companies.
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Thursday, August 03. 2023
SEC Proposes Reforms to Mitigate Risks to Investors From Conflicts of Interest Related to the Use of Predictive Data Analytics by Firms
The SEC is proposing new rule amendments under Section 203 of the Investment Advisers Act of 1940 to eliminate, or neutralize the effect of, certain conflicts of interest when broker-dealers or investment advisers (collectively known as “firms”) interact with investors using covered technology. Covered technology refers to a firm’s use of analytical, technological, or computational functions, algorithms, models, correlation matrices, or similar methods or processes that optimize for, predict, guide, forecast, or direct investment-related behaviors or outcomes of an investor.
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Monday, July 31. 2023
SEC Proposes Internet Adviser Registration Reforms
On July 26th, the SEC announced that it is proposing amendments to the rule that allows certain investment advisers that provide investment advisory services through the internet to register with the SEC. In 2002, the SEC granted a narrow exception which allowed internet-based advisers to register with the SEC instead of with the states. Investment advisers typically are prohibited from registering with the SEC unless they reach a certain “assets under management” threshold, advise a registered investment company, or qualify for an exemption under SEC rules or statutes. Under rule 203A-2(e) and pursuant to the Investment Advisers Act of 1940, internet investment advisers are exempt from this prohibition if they meet certain conditions, including those concerning the adviser’s use of an interactive website to advise clients.
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Friday, June 16. 2023
SEC Staff to Hold Investor Advisory Committee Meeting
The SEC has announced that a virtual Investor Advisory Committee meeting will take place on Thursday, June 22, 2023 at 10:00 a.m. ET. The public may attend this free event, which will be presented live via webcast at sec.gov. {expires: 2023-06-23}
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Saturday, June 03. 2023
SEC Staff to Hold Webinar: Compliance Matters
The SEC’s Atlanta Regional Office and the Division of Examinations will be hosting a compliance outreach event to discuss compliance for registered investment advisers. The meeting will take place on Wednesday, June 14, 2023, from 2:00 p.m. to 3:15 p.m. ET. {expires: 2023-06-15}
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Friday, May 19. 2023
SEC Staff to Host Webinar: Protecting Older Americans From Financial Fraud
The SEC's Boston Regional Office, in conjunction with the FBI and the Consumer Financial Protection Bureau, will hold a meeting to discuss current scams and how older Americans may be better protected from fraud. This virtual event is free for the public to join and takes place on Monday, June 5th at 2:00 p.m. Attendees may submit questions for event speakers in advance via email to Boston@sec.gov. {expires: 2023-06-05}
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Friday, May 12. 2023
FAF Trustees Improve Stakeholder Feedback Procedures and Disclosure Requirements for Standard-Setting Boards
The Board of Trustees of the Financial Accounting Foundation (FAF) has announced an enhancement that will facilitate stakeholders’ ability to raise potential concerns about compliance with the due process procedures of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB). This is part of FAF’s continuing endeavor to improve its oversight activities and to further increase disclosure requirements for stakeholders. The enhancement gives stakeholders the ability to flag and report to the FAF’s Oversight Committee (Committee) supposed failures by either the FASB or the GASB to follow their due process procedures as defined in the FAF By-Laws.
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Friday, April 07. 2023
SEC Offers Free Investor Education Resources During Financial Capability Month
On April 3rd, the SEC’s Office of Investor Education and Advocacy (OIEA) announced that the theme for April’s National Financial Capability Month is “Investing For Everyone”. Throughout April, SEC leadership and staff will promote free tools and resources that will be available on investor.gov. The staff will also take part in investor education events nationwide that are geared toward students, underrepresented communities, older investors, and the military.
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Thursday, March 16. 2023
SEC Proposes New Requirements to Mitigate Cybersecurity Risks to the US Securities Markets
On March 15th, the SEC proposed a new rule and form as well as amendments to current recordkeeping rules that would strengthen the SEC’s ability to obtain data concerning significant cybersecurity incidents that affect market entities. The SEC is also proposing new rules regarding public disclosure requirements for covered entities that are intended to enhance transparency about the cybersecurity risks that may negatively impact the US securities markets. These disclosures would be in a structured data format.
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SEC Reopens Comment Period for Cybersecurity Risk Management Rule Proposal, Amendments for Registered Investment Advisers and Funds
On March 15th, the SEC reopened the comment period for proposed rules and amendments related to cybersecurity risk management and cybersecurity-related disclosure for registered investment advisers, registered investment companies, and business development companies. The rules and amendments were initially proposed by the SEC on February 9, 2022, with a comment period that ended on April 11, 2022.
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Wednesday, March 15. 2023
SEC Proposes Revisions to Regulation S-P to Improve Protection of Consumer Information
On March 15th, the SEC proposed enhancements to Regulation S-P, the regulation which protects the privacy of consumer financial information. The proposed changes would require covered institutions (broker-dealers, investment companies, registered investment advisers, and transfer agents) to keep affected individuals apprised of certain types of data breaches that may put them at risk.
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