In the U.S., the Securities and Exchange Commission (SEC) has signaled a clear shift in focus and prioritization. Recent commentary from SEC Chair Gary Gensler indicates that the agency will likely push forward with an aggressive rulemaking agenda.
"The SEC’s Enforcement Division is the cop on the beat for America’s securities laws…As these results show, we go after misconduct wherever we find it in the financial system, holding individuals and companies accountable, without fear or favor, across the $100-plus trillion capital markets we oversee." - Chair Gary Gensler, 2021 Division of Enforcement Annual Report
The SEC proposed to amend the order competition requirements of the National Market System, which would promote competition and protect individual investors.
The SEC proposed various rule amendments to Regulation NMS to adopt variable minimum pricing increments, reduce access fee caps, and enhance the transparency of better-priced orders.
The SEC proposed new regulations requiring broker-dealers to establish policies on conflicted transactions, assess execution quality, and preserve regulation compliance records, among other specific provisions.
Investor demand has pushed funds to incorporate more ESG factors. As a result, the SEC has launched a Climate and ESG Task Force to identify ESG-related misconduct.
The SEC's proposed updates would expand the scope of entities subject to Rule 605, modify the reporting information it requires, and change how its orders are categorized.
This month's update has tips for creating a strong ADV annual amendment, adhering to the SEC's 2023 exam priorities, and more. We share our unique insights and guidance, and include a list of important dates for the month of March.
Join us for a special live Consultant's Corner webcast where we'll discuss what firms should know about the recent deficiencies uncovered in private fund manager examinations.
Our surveillance, compliance, and technology experts will discuss the latest client communication trends in the financial industry and what solutions are available to monitor and archive those communications.
Hear from ACA’s Carlo di Florio, Mike Pappacena, and Liam Jaris as they unpack the SEC’s proposed cyber rules and amendments and describe how they can affect private fund managers.