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Top 20 Regulatory Alerts – 2019

The past year saw some watershed regulatory events that could reverberate for years to come.  The SEC adopted Regulation Best Interest as well as an ETF rule, both of which could have profound long-term implications for the investment management industry.  The SEC also proposed significant new rules about investment adviser marketing and advertising, derivatives, and the accredited investor definition.  The Enforcement Division once again set new records, while OCIE sweeps highlighted pervasive compliance breakdowns.  Meanwhile, the states have flexed their regulatory muscles.  Protection of personal information and its misuse continue to make headlines, and cryptocurrencies and blockchain technologies continue to make inroads into the financial markets.  I have been writing this blog nearly every day since 2008, and, regardless of market trend or political administration, I never run out of content.  I expect 2020 should be equally dynamic and impactful.

I have reviewed all the Alerts for 2019 and offer my list of the Top 20 Alerts of 2019.  You can decide for yourself by visiting our blog at https://cipperman.com/blog/.  If you want to dig deeper, you should read my book The Compliance Advantage: Ten Must-Know Trends to Protect Your Investment Firm (available on Amazon in paperback or Kindle format).

  1. SEC ADOPTS REGULATION BEST INTEREST, RAISING BROKER STANDARD OF CARE (6/6/19)
  2. SEC ENFORCEMENT DIVISION HITS NEW HIGH WITH $4.3 BILLION IN MONETARY PENALTIES IN FISCAL 2019 (11/7/19)
  3. SEC ADOPTS ETF RULE TO REPLACE EXEMPTIVE ORDERS (9/27/19)
  4. SEC PROPOSES NEW INVESTMENT ADVISER ADVERTISING RULE (11/5/19)
  5. INVESTMENT ADVISERS INCLUDED AS ACCREDITED INVESTORS IN SEC PROPOSAL (12/20/19)
  6. SEC SAYS THAT ICO IS NOT A SECURITIES OFFERING (4/4/19)
  7. SEC ALLOWS TESTING OF DISTRIBUTED LEDGER SYSTEM FOR SECURITIES SETTLEMENT (10/29/19)
  8. NEW YORK STATE EXPANDS SECURITIES ENFORCEMENT STATUTE (9/4/19)
  9. MASSACHUSETTS PROPOSES ITS OWN FIDUCIARY RULE (6/27/19)
  10. TECH COMPANY FINED $5.1 BILLION FOR FAILING TO DISCLOSE CUSTOMER DATA VIOLATIONS (7/25/19)
  11. ROBO FALSELY COMPARED PERFORMANCE WITH OTHER ROBOS (1/9/19)
  12. SEC INSPECTIONS STAFF CHIDES ADVISERS FOR WEAK SUPERVISION AND COMPLIANCE (7/24/19)
  13. SEC FINDS PERVASIVE REGULATORY FAILURES BY REGISTERED FUNDS AND BOARDS (11/12/19)
  14. MORE WORK FOR THE CCO IN SEC’S PROPOSED DERIVATIVES RULE (11/26/19)
  15. SEC OFFICIAL WARNS FIRMS NOT TO SHORTCHANGE COMPLIANCE (5/9/19)
  16. DUAL REGISTRANT FAILED TO CONVERT INACTIVE FEE-BASED ACCOUNTS TO BROKERAGE (9/19/19)
  17. PRIVATE EQUITY FIRM OVERCHARGED CLIENTS FOR 16 YEARS (1/3/19)
  18. PORTFOLIO MANAGER BLOWS UP HIS FIRM WITH SWAP PRICING SCHEME (7/19/19)
  19. PRIVATE FUND MANAGER TOOK MANAGEMENT FEES WHILE TELLING INVESTORS THAT FUND WAS ILLIQUID (10/28/19)
  20. HEDGE FUND FINED $5 MILLION FOR WEAK VALUATION PROCEDURES (6/5/19)