ACA Group’s Lessons Learned and thought leadership:

• Failure to Follow the Rules Can Be Costly
• “Does Your Company Need a ChatGPT Policy? Probably”. Chat GPT is a certainly a hot topic. The New York University School of Law’s Program on Corporate Compliance and Enforcements raises thoughtful considerations.
• Communicating with the SEC When Your Organization Suffers a Cybersecurity Incident. MoFo (Morrison Foerster) provides some tips about when to proactively report hacking incidents to the SEC.
• NYDFS Issues Guidance on Virtual Currency Custody Practices. For those following the evolving virtual currency custody environment, Dechert’s Financial Services Group recently addressed the New York Department of Financial Services’ (NYDFS) guidance.
• The DOL’s New Fiduciary Rule: What We Can Expect. Fred Reish and Joan M. Neri of Faegre Drinker weigh in on the DOL’s anticipated new fiduciary rule proposal.

Additional thought leadership and Insights can be found here.

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.

The SEC’s Division of Examinations recently released its Examinations Priorities 2023 report.  In fiscal year 2022, they examined approximately 15% of the registered investment adviser population, and over 360 broker-dealers examinations, and, together with FINRA, they examined nearly half of the approximately 3,500 registered broker-dealers in fiscal year 2022.  They continue to focus on their “four pillars”:  (1) promote compliance; (2) prevent fraud; (3) monitor risk; and (4) inform policy.

ACA’s take on the priorities can be found here.