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.

Mid-February Regulatory Updates from Cari Hopsfenperger at Foreside.

Topics include:

• Observations from Examinations of Private Fund Advisors
• Wisconsin Becomes Latest State to Adopt Continuing Ed Requirements for Investment Adviser Representatives
• Private Fund Managers Holding More Than $200 Million in Foreign Assets Face Form SHC Filing Obligation
• FINRA Extends Relief for Remote Inspections in 2022
• NFA Also Extends Relief for Remote Inspections in 2022

Read more here.

Lessons Learned 

• The War on “May” Continues: SEC Charges Advisor and Dual-Hatted CCO Over Inadequate Disclosures About Fee Mark-Ups
• Form CRS Violations Continue. The SEC recently fined two more advisors for Form CRS violations similar to 27 enforcement actions brought against broker-dealers and advisors in July.

Worth Reading, Watching, and Hearing

• SEC Pulls Years of No Action Letters Replaced by Marketing Rule.
• Cybersecurity: Meeting the Emerging Challenge.
• How to Nail Your Executive Presentation – 5 Best Practices to Gain Leadership Support 
• Ted Lasso Is Reinventing Leadership and Proving That Nice Leaders Can (and Should) Finish First
• Finding Your Career Path in Compliance