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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)

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)