U.S. Regulatory Update – October 2023


Jaqueline Hummel, Cari Hopfensperger, Andrea Penn, Joel Bernardin, Tanner Beverly

Publish Date



  • Compliance
  • Private Fund
  • SEC
  • SEC Marketing Rule
  • ComplianceAlpha

Nightmare on Elm Street warned viewers: “Whatever you do, don’t fall asleep.” Not bad advice for already sleep-deprived compliance professionals as the U.S. Securities and Exchange Commission’s (SEC’s) rulemaking and enforcement activity continues unabated.

This edition of our Regulatory Update starts off with an in-depth analysis of the new Private Fund Adviser Rules.

For advisers to mutual funds, we address the amended “Names Rule” under the Investment Company Act of 1940, and we share details for municipal advisers regarding an upcoming compliance outreach event sponsored by the SEC, Financial Industry Regulatory Authority (FINRA), and Municipal Securities Rulemaking Board (MSRB).

For broker-dealers, we address FINRA’s recent request to allow remote inspections until June 2024 and break down a recent North American Securities Administrators Association (NASAA) report summarizing its assessment of broker-dealers’ implementation of Reg BI.

This edition, includes articles such as:

  • Private Fund Managers Will Have a Heavy Lift Under the Private Fund Adviser Rules
  • A Rose by Any Other Name Still Has Thorns: SEC Finalizes Investment Company “Names” Rule
  • SEC, MSRB, & FINRA Co-Sponsor Municipal Adviser Virtual Compliance Outreach Program
  • FINRA  Asks for an Extension to Allow Remote Inspections Until June 2024
  • NASAA Finds Broker-Dealers Struggling with Reg BI Compliance
  • SEC Continues Crackdown on Use of Off-Channel Communications
  • Large RIA Pays $18 million for Undisclosed Conflicts of Interest
  • Private Equity Adviser Violates Duty of Care and Loyalty Obligation
  • The SEC Fines Adviser $10 Million for Violating Whistleblower Protection Rule
  • The SEC Charges Corporate Insiders for Failing to Report Transactions and Holdings in a Timely Manner
  • Advisory Firm and Owner Charged with Cherry-Picking


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