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The weekly news source for investment management legal and compliance professionals

Topic: SEC Operations and Agenda

Watchdog Agency Finds Information Security at SEC Below Par

March 24, 2017
The SECís information security program does not measure up as "effective" against legal requirements, according to the agencyís own Office of the Inspector General. The watchdog agency this month issued an audit report to the SEC with 21 recommendations for corrective action.

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Examination of Advisers and Funds Up 20 Percent in FY 2016 Over Previous Year

March 9, 2017
Mary Jo White must have been particularly pleased with this statistic before she left office as SEC chair last month: The number of investment advisers and investment companies examined by the agencyís Office of Compliance Inspections and Examination in FY 2016 increased by more than 20 percent over the number examined in FY 2015.

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New SEC Already Here as Piwowar and White House Make Changes

March 3, 2017
If youíre looking for changes at the SEC, you donít need to wait for Jay Clayton to be approved by the Senate as the new SEC chair. The agency has already changed in a number of ways. Acting chairman Michael Piwowar recently limited who can initiate enforcement actions, most division directors have left, and the Trump administration plans to place regulatory monitors in federal agencies.

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Form PF FAQs Clarify Just What the SEC Wants

February 17, 2017
Those seeking answers when they complete Form PF now have another source to consult: a new set of answers to frequently asked questions issued recently by the SEC Division of Investment Management.

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Barr Urges Incoming SEC to Review Existing Rules

February 3, 2017
The Investment Adviser Associationís top person wants the new SEC to conduct a retrospective assessment on rules that are "long overdue for reevaluation." Among them are the Advertising Rule, the Custody Rule, and the Pay-to-Play Rule.

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House Bills Would Significantly Slow Pace of Regulation

January 20, 2017
Two bills passed this month by the U.S. House of Representatives threaten to grind the gears of regulatory change to a crawl. The bills, one targeted at all agencies and the other at just the SEC, now head to the Senate, where they face an uncertain future.

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SEC 2017 Exam Priorities: Robo-Advisers, Money Market Funds, Cybersecurity

January 13, 2017
The SECís Office of Compliance Inspections and Examinations, in what has become something of an annual rite, on January 12 issued its 2017 Examination Priorities list. While many of the targets are similar to those listed in 2016, one new priority this year is electronic investment advice.

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Changes in SEC Philadelphia Office

January 6, 2017
Jeffrey Boujoukos is the new director of the SECís Philadelphia Regional Office. He replaced Sharon Binger, who left her position at the end of 2016.

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IM Division Appoints Two Officials

January 6, 2017
The SECís Division of Investment Management has two new senior officers.

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Required Third-Party Compliance Assessments Not Likely

January 6, 2017
Donít expect an SEC rule requiring third-party compliance assessments any time soon. Outgoing SEC chair Mary Jo White, in a recent letter to two Senate chairmen, put the kibosh on such a rule being pushed through in the remaining days of her term.

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SEC Use of Administrative Law Judges Unconstitutional, Appeals Court Rules

January 6, 2017
The battle over administrative law judges goes on, and it increasingly looks like the U.S. Supreme Court will be the final arbiter.

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Clayton as SEC Chair Likely to Focus on Dealmaking, Non-Regulatory Agenda

January 6, 2017
President-elect Donald Trumpís choice of Sullivan & Cromwell partner Jay Clayton to chair the SEC may be a harbinger of a Commission focusing primarily on capital formation and market stability, with less time spent on enforcement and rulemaking.

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Ceresney’s Departure May Not Mean Less Enforcement

December 16, 2016
SEC Division of Enforcement director Andrew Ceresney, who will leave the agency before the end of the year, oversaw a period of increased enforcement of financial institutions, not least of which was investment advisory firms. But advisers and their defense counsel would be premature to break out the champagne bottles just yet. Not that much may change.

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2016 in Review: Enforcement, New Rules and Cybersecurity

December 16, 2016
A lot happened in 2016, but the question hovers like a cloud over the asset management industry: Will Donald Trump change all that?

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Beware the CAT: More Scrutiny Likely After Approval of Trading Database Plan

December 2, 2016
The SEC will soon be able to track trading activity in domestic equity and options markets to within 100 microseconds. Once it is active, the Comprehensive Audit Trail (CAT) will allow the agency to conduct not only more focused investigation of broker-dealers, but also of advisers. The agency recently approved the plan to create this single, comprehensive database, which is expected to be up and running within two years.

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MJW: The SEC Needs More Powerful Enforcement Tools

December 2, 2016
Record-setting enforcement figures apparently arenít enough. SEC chair Mary Jo White, in one of her final speeches prior to leaving her post before Donald Trump takes the presidential oath of office, advocated a number of amendments to civil and criminal law.

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MJW Will Depart, SEC Extols Enforcement and Reform Initiatives

November 18, 2016
It is perhaps no surprise that the former federal prosecutor who headed the SEC for more than three years will leave her position particularly proud of the enforcement initiatives, aggressive rulemaking and related reforms that occurred during her tenure.

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Trump, the SEC and Asset Management: A Lighter Touch Anticipated

November 18, 2016
While it is hazardous to make predictions about almost anything a Trump administration will do, a number of industry insiders think it likely that an SEC led by a Trump-appointed chair will ease up on enforcement and possibly revisit some existing and proposed rules.

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Stein Calls on SEC to Step Up on Data Technology

November 11, 2016
The SEC needs to get ahead of the data technology curve Ė or at least keep up with it. That, at least, appears to be the view of agency commissioner Kara Stein, who in a recent speech called on the agency to take advantage of opportunities data provides, and to overcome challenges that may get in the way of the SEC "keeping up" with dataís growing role in the markets. She also called for a new office within the agency to coordinate the creation of data strategy.

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How to Give Testimony in an SEC Investigation: Preparation is Key

November 11, 2016
Yes, the time has come that you, the chief compliance officer, have dreaded. You and others have been called to provide testimony to the SEC as part of an investigation into suspected fraud at your firm. Are you ready?

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