Technology

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.

Peirce Proposes Safe Harbor for New Digital Networks

SEC Commissioner Hester Peirce periodically notes that she has been called the “crypto mom” for her advocacy of a more welcoming approach from the SEC in the area of digital networks and cryptocurrencies. She is likely to only enhance her credibility in that area following her recent proposal to create a safe harbor in agency rules that would allow new digital networks greater freedom to develop and operate in their first three years.

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.

Watchdog Finds SECs Information Technology Management Controls Lacking

Even the SEC needs to be monitored and audited – as a report from the agencys Office of Inspector General makes clear. The SECs internal watchdog found that while the agency has processes to manage its information technology investments, several fall short. It made five recommendations to the SEC to improve them. The OIG, in […]

SEC Sets Markers and Penalties for CAT Completion

SEC Chairman Jay Clayton has put the CAT on a leash. While actual cats are well known to avoid such attempts to control their behavior, perhaps it will be different with the Consolidated Audit Trail (CAT), a much-ballyhooed but delayed project that, once completed, would capture, in a consolidated data source, customer and order information […]

CCOs Must Keep Pace with Changes in How Firms Retain Books and Records

The world of information technology has changed virtually everything it has touched since the advent of email, data management and the Internet. Compliance with the SECs Rule 204-2, the Books and Records Rule, is no different. Advisers today typically keep some, if not most, of their documents electronically – and must remember to adapt their […]

Nine Inspectors General Call for Joint Efforts to Address Cybersecurity and More

Inspectors General from the SEC, the CFTC, the Treasury Department and six other financial regulatory bodies recently issued a report that addresses seven management and performance challenges they face – a list that includes enhanced oversight of cybersecurity, managing and securing information technology, and sharing threat information. The report, Top Management and Performance Challenges Facing […]

Peirce Calls for Digital Token Safe Harbor

Long a backer of digital innovation in the securities markets, SEC Commissioner Hester Peirce on July 30 called for the creation of a digital token safe harbor that would permit issuers to offer tokens “under an alternative regime with robust requirements.” Peirce made her pitch during a speech in Singapore at an international conference on […]

Commissioner Calls for More SEC Cryptocurrency Guidance

The SEC needs to do more to regulate the burgeoning cryptocurrency industry, in part by providing guidance to issuers, advisers, funds and broker-dealers so they can stay in the proper compliance lanes in regard to matters like custody, portfolio holdings, electronic platform obligations, and more. That is the view of agency Commissioner Hester Peirce, who, in a recent speech, said that the SEC, which some feared might go too far in regulating digital currencies, instead has demonstrated "its unwillingness to take meaningful action at all."

Technology in the Coming Years: What Advisory Firms Should Expect

Technology has altered the world for investment advisers. The rise of auto-advisers, the ever-increasing need for cybersecurity, the overwhelming prevalence of various forms of social media, cryptocurrencies and more have shaped a business and compliance reality that many advisers might not have predicted a decade or more ago. Given that each new step in high tech appears to exponentially bolster the arrival and impact of the subsequent one, what should advisers expect in the next decade, and how should they prepare for it?

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.