SEC Risk Alert for Newly-Registered Advisers What happened? On March 27, 2023, the SEC’s Division of Exams (“EXAMS”) published a risk alert on observations from examinations of newly-registered advisers. In the Risk Alert, EXAMS noted that it focuses on the following, among other things, when examining new registrants: General [...]
SEC Reopens Public Comment on the Cybersecurity and Risk Management Rule and Proposes Changes to Reg S-P to Enhance Protection of Customer Information What happened? On Wednesday, March 15, the U.S. Securities and Exchange Commission (SEC) held an opening meeting and announced three proposed rules touching on cybersecurity and [...]
DOL's Fiduciary Status for Rollovers Struck Down in District Court What happened? On February 13, 2023, the United States District Court’s Middle District of Florida (“the court”) struck down the expanded definition of investment-advice fiduciary put forward by the Department of Labor (DOL) in its Frequently Asked Questions (FAQ) [...]
SEC Revises Marketing FAQ to Address Private Fund Net Performance What happened? On January 11, 2023, the SEC updated its Frequently Asked Questions page for the New Marketing Rule. There are now three questions and three answers. The first dealt with the compliance date of November 4, 2022, and [...]
SEC Risk Alert on Prevention of Identity Theft and Reg S-ID What happened? The Division of Examinations (“EXAMS”) issued a Risk Alert to assist firms with identity theft prevention programs required under Regulation S-ID. Financial institutions (including broker-dealers and registered investment advisors) must determine whether they offer “covered accounts” [...]
Goldman Sachs Fined $4M for Policy Failures of ESG Investments What happened? On November 22, 2022, the U.S. Securities and Exchange Commission SEC charged Goldman Sachs Asset Management, LP (Goldman Sachs) with maintaining inadequate and inaccurate policies governing its ESG investment strategies. According to the SEC, Goldman Sachs will [...]
The SEC's New Proxy Rule: What You Need to Know What happened? On November 2, 2022, the Securities and Exchange Commission (SEC) adopted rule and form amendments that will (1) require registered investment companies to disclose more detail on their proxy votes and (2) require institutional investment managers will [...]
Fairview General Counsel Amber Allen Elected to the NSCP Board of Directors Amber Allen, who serves as the General Counsel and Executive Vice President of Fairview®, LLC, was elected to the Board of Directors of the National Society of Compliance Professionals (NSCP) to serve up to a three-year term through [...]
2023 IARD Annual Renewal Message What's coming up soon? Every year at this time, Renewal Statements for advisers are posted in the IARD Portal. These fees are collected for system processing and jurisdiction-related renewals. For the calendar year 2023, all renewal fees, related to SEC registration, state notice-filings, or [...]
CISA Issues Guidance on Numbers Matching and Phishing-Resistant Multifactor Authentication What happened? The Cybersecurity and Infrastructure Security Agency (“CISA”) published two fact sheets on October 31, 2022, outlining the dangers to accounts and systems when applying specific types of multifactor authentication (MFA). CISA recommends that firms use phishing-resistant MFA [...]