U.S. Regulatory Update – March 2023 Edition

As compliance professionals, we know that “March Madness” has a special meaning beyond the excitement of NCAA basketball. In the March 2023 Edition of the ACA Regulatory Update, we share practical tips for creating a championship-worthy ADV annual amendment and actionable advice and analysis of the U.S. Securities and Exchange Commission’s (SEC's) 2023 Exam Priorities, the proposed changes to the Custody Rule, and a federal district court's ruling about the Department of Labor’s (DOL's) interpretation of "regular basis." This issue also contains a few state updates about their implementation of the Marketing Rule. For broker-dealers, we unpack the recent amendments to electronic record keeping rules and for commodity pool operators (CPOs), commodity trading advisers (CTAs), and introducing brokers (IBs), we provide details about recent NFA Notices to members about common deficiencies and the implications of the recent ION cyber-attack. Download to read our unique insights and practical thought leadership as well as a checklist of important dates for the month of March. 

This edition includes articles such as: 

• News for All Firms 
  • The SEC Speaks and the Industry Listens 
  • PTE 2020-02: Federal Court Strikes Down DOL's Interpretation of "Regular Basis" 
  • The SEC Shortens Settlement Cycle to T+1
• News for Investment Advisers 
  • Sharpen Your Pencils - Form ADV Amendments are Due Soon! 
  • Massive Changes to the Custody Rule Proposed by the SEC 
  • States Continue to Consider Adoption of the SEC's Marketing Rule 
• News for Broker-Dealers 
  • Amendments to Rule 17a-4 Electronic Recordkeeping Requirement 
• News for CPOs/CTAs 
  • The NFA Shares Educational Resources, Common Deficiencies, & Other Important Regulatory Information 
  • Recent ION Cyber-attack Directly Impacts Derivatives Market 
•  Lessons Learned 
  • Failure to Follow the Rules Can Be Costly 

Download

How we help

Compliance teams need continuous support and knowledge sharing to stay on top of regulatory initiatives. Our team helps you navigate the evolving regulatory landscape while considering the complexity of your firm’s unique compliance requirements. 

We help our clients manage regulatory compliance, cybersecurity and risk, and performance verification through our consulting, outsourcing, and technology solutions. Our services and solutions include standard and customized compliance packages, cybersecurity and technology risk assessments, Global Investment Performance Standards (GIPS^®) compliance and other performance services, and a variety of business advisory, technology, and training solutions for financial services firms.    

Contact us if you have any further questions about these rule proposals, or how ACA can help your firm meet your regulatory requirements.