February Regulatory Updates from Cari Hopfensperger at ACA Group:

Topics include:

• News for All Firms
  • SEC Amends Rule 10b5-1 Restricting Insider Trading
  • State Privacy “Class of 2023” – Several New Privacy Laws Taking Effect
• News for Investment Advisers
  • 10 States Now Require IARs to Complete Annual Continuing Education
  • Form 13F Amendments to Make Data More Usable Take Effect
• News for CPOs/CTAs
  • NFA Reminds Members to Confirm Exemption Status of Entities They Do Business With
•  Lessons Learned
  • SEC Fines Service Provider $5 Million for Securities Fraud: Service Providers Beware!
  • I’m Ready for My Close-Up: Former PM Leverages Investment to Get His Daughter in the Movies
  • Adviser Keeps Revenue Sharing on the Down Low – and Gets SEC Smackdown

Read more here.

Lessons Learned:

• SEC Rules that Investors Win in Battle over Inconsistent Documentation
• No Harm but Still Foul — SEC Nit Picks Backtested Performance
• SEC Takes Hard Stance on Hedge Clauses Used With Retail Clients

Worth Reading, Watching, and Hearing

• Federal Reserve Board Publishes CBDC Discussion Paper
• Statement on Proposed Amendments to Form PF to Require Current Reporting and Amend Reporting Requirements for Large Private Equity Advisors and Large Liquidity Fund Advisers
• Cybersecurity and Securities Laws

Read more here.