SEC Operations

SEC Won’t Extend Form CRS and Reg BI Deadlines because of COVID-19

Ending speculation over whether the SEC would extend its COVID-19 regulatory relief to postponing the June 30 compliance dates for Form CRS and Regulation Best Interest, two key parts of the agency’s recently passed Standards of Conduct package, Chairman Jay Clayton gave a firm no.

COVID-19 and the CAT: Exemptive Relief and Cybersecurity Measures

The SEC’s recent actions in regard to the coronavirus address a wide range of concerns. One of these agency measures provided relief for those working on development of the Comprehensive Audit Trail, perhaps better known as the CAT, through a temporary no-action letter for self-regulatory organizations.

Coronavirus: Regulators Here and Abroad Take Action

The ripples from COVID-19 are many and growing. Aside from concerns about people’s health and the large and volatile stock market decline, there are ramifications affecting investment advisers, investment companies and others, with the SEC, the CFTC, the United Kingdom’s Financial Conduct Authority (FCA) and European Union regulators addressing the issues and taking actions.

Peirce Criticizes Commission for Digital Lack of Progress

SEC Commissioner Hester Peirce, a strong advocate of the SEC creating a regulated path for digital currencies and networks, let loose her criticism of the Commission in regard to such issues in a sharply worded dissent. Her disagreement involved a proposed rule change that would have opened bitcoin access to investors on a national securities exchange.

SEC Seeks 5 Percent Budget Increase for 2021 Fiscal Year

The SEC this month asked Congress to up its annual budget in fiscal year 2021 by almost $90 million to $1.9 billion, representing a 5 percent increase from its current appropriation. The additional moneys, if approved, would fund a variety of items, including increased personnel for enforcement, examinations and improvements in cybersecurity.

EDGAR Not Compliant with Statutory Requirements, SEC Reports

The SEC’s Electronic Data Gathering, Analysis and Retrieval system, better known by its acronym of EDGAR, is not in compliance with requirements from a 2018 law, the agency itself reported in a congressionally-mandated report this month. The SEC does say that it plans to fix the site, however.

Jackson’s Departure from the SEC Changes the Math on the Commission

Commissioner Robert Jackson’s planned departure from the SEC on February 14 will leave the Commission with three Republican votes and one Democratic vote. Will Chairman Jay Clayton use that lopsided majority to push through more conservative-oriented actions?

SEC Disgorgement Power at Risk in Supreme Court Case

The SEC this month filed a brief in the U.S. Supreme Court that may make the difference between whether it can continue to request that courts impose disgorgement against defendants or whether it can no longer do so. If the Commission loses the argument before the high court, the ramifications are likely to be significant, not only for the SEC and those it regulates, but for other federal agencies, as well.

Jackson to Leave Commission

SEC Commissioner Robert Jackson on January 16 announced his intention to leave the SEC at the end of his term this month to return to teaching at New York University School of Law.

SEC Asset Management Advisory Committee Seeks to Provide Industry Perspective

It was designed, in part, to provide the Commission with a real world perspective on developments and trends affecting asset managers. The SEC’s Asset Management Advisory Committee held its first meeting January 14, addressing a variety of topics that affect advisory firms, investment companies, broker-dealers and others.

Audio Interviews

How to Read an SEC Enforcement Action

Stern Tannenbaum law firm partner Aegis Frumento on how to get the most from reading an SEC administrative order or court complaint.

Most Important Supreme Court Decisions for Advisers and Funds

Find out the high court decisions from recent years that are likely to affect how advisers and investment companies work from Debevoise partner Robert Kaplan. 

Top 10 Cybersecurity Steps to Take Now

Sutherland law firm partner Brian Rubin shares the most urgent cybersecurity steps for investment advisers.

Top Marketing Problems … and Solutions

Get solutions for the top marketing challenges that advisers face from ACA Compliance Group managing director Kimberly Daly

Watch Out for 5 Cybersecurity Myths

ACA Aponix Director Pascal Busnel on the most common cybersecurity myths that may cause firms to spend resources where they may not be needed.

The Hidden Costs of Non-Compliance

Proskauer law firm partner and former SEC Division of Investment Management deputy director Robert Plaze on why the costs of non-compliance go way beyond an SEC penalty.

CCO Liability: How to Protect Yourself

Find out from Blue Edge Capital CCO Margaret Fretz what chief compliance officers may be liable for and best practices to make sure you are protected.

Ethics or Compliance: Making the Choice

Find out the difference an ethics, rather than a compliance, perspective makes at an advisory firm from former Ethics and Compliance Officer Association COO Timothy Mazur.