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Regulatory Update

November 2022

Topics in this month's update include the U.S. Securities and Exchange Commission’s crackdown on use of unmonitored messaging apps, the approaching annual renewal cycle for registered investment advisers, investment adviser representatives, broker-dealers,  and registered representatives, and the SEC’s latest rule proposal addressing due diligence on service providers. We also provide our unique insights and practical thought leadership as well as a checklist of important dates for the month of November.

In this newsletter, we reflect on the latest regulatory updates and developments of note.

Articles Include:

  • News for All Firms
    • SEC Slams Big Firms with Large Fines for Employees’ Use of WeChat, WhatsApp, and Texting
    • The 2023 Renewal Program is Underway
  • News for Investment Advisers
    • SEC Proposes Another Gigabyte Eating Rule Requiring Advisers to Perform Due Diligence on Service Providers
    • SEC Takes a Step to Support Diversity in the Financial Industry
    • Not All State Regulators Adopted SEC’s New Marketing Rule
    • NASAA 2022 Enforcement Report Highlights State Focus on Senior Investors
  • News for Broker-Dealers
    • SEC Gets Rid of WORM and Modernizes Broker-Dealer Record-Keeping Rules
    • Will Broker-Dealers that Provide Research Need to Register as Advisers?
  • News for Private Fund Advisers
    • Belt and Suspenders: SIFMA’s Sample Disclosure for Cap Intro under New Marketing Rule
  • News for Municipal Advisers
    • SEC Issues Risk Alert for Municipal Advisors
  • Lessons Learned
    • Aren’t We Done Yet? SEC Wins Another 12b-1 Share Class Case
    • Don’t Set it And Forget It – Adviser Settles Over Weak Proxy Voting Practices
    • Private Funds in the Enforcement Crosshairs
    • SEC’s Data Analytic Tools Detect Cherry-Picking Scheme
  • Worth Reading, Listening, and Watching
  • To Do Checklists for the Month of November 2022