U.S. Regulatory Update – September 2023


Cari A. Hopfensperger, Jaqueline M. Hummel, Andrea Penn

Publish Date



  • SEC
  • Compliance
  • Broker-Dealer
  • Investment Adviser

This edition of our Regulatory Update starts off with an overview of the most ground-breaking regulation since Dodd Frank – the Private Funds Reform Rule.

Investment advisers will also find coverage of the SEC’s recent risk alert with details about its risk-based approach to selecting firms for examination. Also, for investment advisers, the SEC explores private fund adviser use of artificial intelligence, top examination deficiencies found in state-registered firms, and an update on the state-by-state status of Investment Adviser Representative Continuing Education requirements.

For broker-dealers, check out the SEC’s risk alert regarding AML and Narrows Proprietary Trading Exemption. Finally, we share our “lessons learned” from recent enforcement activity and suggested resources for your additional research. 

This edition, includes articles such as: 

  • The SEC Adopts Private Fund Reforms  
  • SEC Offers Advisers a Document Request List and a Glimpse into the Examination Selection Process 

  • SEC Examiners Probe Advisers’ Use of Artificial Intelligence 

  • 2023 State Investment Adviser Examination Sweep Identifies Compliance Deficiencies 

  • IAR Continuing Education Update 

  • Risk Alert on Broker-Dealers AML Program Compliance 

  • The SEC Narrows Proprietary Trading Exemption 

  • Performance May be Hypothetical, but Sanctions are Real 

  • The SEC Charges FinTech Investment Adviser for Misrepresenting Hypothetical Performance of Investments 

  • Major Firm Settles with SEC for Excessive Advisory Fees 

  • SEC Charges 11 Wall Street Firms with Widespread Recordkeeping Failures 

  • Private Fund Gatekeeper Nailed for Failing to Follow up on Red Flags 


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