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Top 20 Regulatory Alerts – 2018

So much for calm regulatory waters.  As we look back on 2018, the SEC, contrary to many predictions, pursued a vigorous examination and enforcement agenda.  Meanwhile, the federal courts kept moving the regulatory ball in areas such as the fiduciary rule and whistleblowers.  Crypto offerings emerged as the new investment management frontier, while cybersecurity continues to worry most market participants.  Along the way, we have sought to keep you updated and informed in real time with our (nearly) daily regulatory alerts.  We have reviewed all our Alerts for 2018 and offer our list of the Top 20 Alerts of 2018.  You can decide for yourself by visiting our blog at https://cipperman.com/blog/.  If you want to dig deeper, you should read my new book The Compliance Advantage: Ten Must-Know Trends to Protect Your Investment Firm (now available on Amazon in paperback or Kindle format).

 

Top 20 Regulatory Alerts – 2018

 

  1. FIFTH CIRCUIT VACATES FIDUCIARY RULE (3/19/18)
  2. SEC FILED 32% MORE ENFORCEMENT CASES AGAINST ADVISERS AND FUNDS IN FISCAL 2018 (11/5/18)
  3. SEC RAISES CRYPTOCURRENCY FUND QUESTIONS (1/22/18)
  4. SEC PROPOSES BROKER BEST INTEREST STANDARD (4/19/18)
  5. INTERNET COMPANY PAYS $35 MILLION FOR FAILING TO TIMELY DISCLOSE HACK OF CUSTOMER INFO (4/25/18)
  6. CCOS LIABLE FOR FAILING TO “MEANINGFULLY” IMPLEMENT COMPLIANCE PROGRAMS (11/12/18)
  7. SEC FINES 13 FIRMS FOR FAILING TO FILE FORM PF (6/4/18)
  8. SUPREME COURT RULES THAT WHISTLEBLOWER MUST REPORT TO SEC (2/22/18)
  9. SEC IS EXAMINING REGISTERED FUNDS AND ETFS FOR OVERSIGHT, POLICIES, AND CONFLICTS (11/9/18)
  10. BROKER/CUSTODIAN SHOULD HAVE FILED SARS TO REPORT ADVISERS ACT VIOLATIONS (7/10/18)
  11. SEC PROPOSES ETF RULE (6/29/18)
  12. SEC PROPOSES FUND-OF-FUNDS RULE TO REPLACE ALL CURRENT EXEMPTIVE ORDERS (12/20/18)
  13. LARGE ASSET MANAGER PAYS $97 MILLION FOR OVER-RELYING ON FAULTY QUANT MODELS (8/28/18)
  14. FUND ADMINISTRATOR PAYS FOR CLIENT’S FRAUD (1/24/18)
  15. ADVISERS FAILING BEST EXECUTION COMPLIANCE OBLIGATIONS (7/16/18)
  16. SEC CHARGES VIOLATIONS OF TESTIMONIAL RULE (7/12/18)
  17. STATE SECURITIES REGULATORS REPORT SIGNIFICANT INCREASES IN CRIMINAL PENALTIES (10/11/18)
  18. FUND MANAGERS FINED FOR DISQUALIFYING POLITICAL CONTRIBUTIONS (7/11/18)
  19. SEC WANTS ADVISERS TO ENHANCE MONITORING OF ALTERNATIVE MESSAGING SYSTEMS (12/18/18)
  20. SEC ALLOWS FUND BOARDS TO RELY ON CCO FOR EXEMPTIVE RULE COMPLIANCE (10/15/18)

Top 20 Regulatory Alerts – 2017

A year ago, nobody really knew what would happen in the investment management regulatory world.  We have sought to inform and guide with our (nearly) daily updates on significant actions, statements, proposals, and cases.  We have culled through all of the Regulatory Alerts that we sent this year.  Below is our list of the Top 20 Alerts of 2017.  You can decide for yourself by visiting our blog at https://cipperman.com/blog/.  It all starts again in a couple of days…

 

  1. FIDUCIARY RULE GOES LIVE ON JUNE 9 WITHOUT SPECIFIC COMPLIANCE REQUIREMENTS (5/25/17)
  2. SEC PUBLISHES LIST OF MOST CITED EXAM DEFICIENCIES (2/9/17)
  3. FINRA IMPOSED $80 MILLION MORE IN FINES IN 2016 (7/6/17)
  4. SEC SWEEP YIELDS CYBERSECURITY BEST PRACTICES (8/9/17)
  5. SEC CHAIRMAN RE-COMMITS TO EXAMINATIONS AND ENFORCEMENT (6/28/17)
  6. SUPREME COURT LIMITS SEC DISGORGEMENT (6/6/17)
  7. LARGE PRIVATE EQUITY FIRM TO PAY $12.8 MILLION FOR ACCELERATED PORTFOLIO MONITORING FEES (12/26/17)
  8. ADVISER FAILED BEST EXECUTION WHEN RECOMMENDING 12B-1 FUND CLASS (4/5/17)
  9. SEC ENFORCEMENT DIVISION TARGETS FINANCIAL EXECUTIVES (11/17/17)
  10. SEC’S CYBER UNIT STOPS VIRTUAL CURRENCY OFFERING (12/5/17)
  11. LACK OF COMPLIANCE INFRASTRUCTURE COSTS PRIVATE EQUITY FIRM AND PRINCIPALS (6/30/17)
  12. CCO BARRED AND FINED $250,000 FOR AML COMPLIANCE BREAKDOWNS (5/9/17)
  13. SEC ISSUES ROBO GUIDANCE ON DISCLOSURES, SUITABILITY, AND COMPLIANCE (2/24/17)
  14. SEC WARNS ADVISERS ABOUT MISLEADING ADVERTISING PRACTICES (9/18/17)
  15. GENERAL COUNSEL AWARDED $7.9 MILLION FOR WRONGFUL WHISTLEBLOWER TERMINATION (2/13/17)
  16. SEC STAFF PUBLISHES 2017 EXAM PRIORITIES (1/13/17)
  17. FINRA POSTS SOCIAL MEDIA AND DIGITAL CONTENT GUIDANCE (5/10/17)
  18. SEC FINES AND BARS CCO FOR IGNORING COMPLIANCE PROBLEMS (12/27/17)
  19. SEC CREATES CYBER-UNIT (9/26/17)
  20. PRIVATE COMPANY AND CEO MISLED INVESTORS ABOUT COMPLIANCE FAILURES (11/3/17)