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Guidance and insights on regulatory proposals, enforcements, and risk alerts

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U.S. Regulatory Update – April 2023 Edition

This update includes tips for a stellar compliance program review, the download on the recent banking sector volatility, a reminder about Form BE-12 filing obligations, and more.

  • Compliance
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SEC Proposed Order Competition Rule

The SEC proposed to amend the order competition requirements of the National Market System, which would promote competition and protect individual investors.

Compliance Alert
  • Compliance
  • SEC
Will SM&CR Pass its own fit and proper test

Will SM&CR Pass Its Own Fit and Proper Test?

SM&CR is being assessed by the FCA, PRA, and HM Treasury and invites stakeholder views on areas of potential change, specifically the effectiveness, scope, and proportionality of SM&CR and "other improvements" to SM&CR.

Compliance Alert
  • Compliance
  • FCA
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Tip for Updating Your Compliance Program: Prohibited Transaction Exemption

To receive prohibited compensation, investment advisers and broker-dealers must comply with DOL's PTE 2020-02, including impartial conduct standards, required disclosures, policies, and an annual review.

  • Compliance
cyber outage

White Paper: 4 Myths About Cybersecurity Portfolio Oversight

This paper addresses 4 common myths firms often assume about cybersecurity portfolio oversight and provides a path forward to build an effective approach to cybersecurity across your portfolio.

  • Portfolio Company Risk Management
  • Cybersecurity
ACA Vantage

ACA Group Launches ACA Vantage to Help Meet Investor Expectations for Portfolio Company Cybersecurity Oversight

New solution provides private markets firms with strategic advantage to aid growing expectations into oversight of cybersecurity.

Press Release
  • Portfolio Company Risk Management
  • Cybersecurity
  • ACA News
ecomms surveillance

Tip for Updating Your Compliance Program: Electronic Communications

The SEC will investigate advisers' use of electronic communication platforms. Advisors should review policies, poll employees, test email domains, and train staff to avoid penalties.

  • eComms Surveillance
  • Compliance
  • RegTech

Phishing Campaign Taking Advantage of Annual Form ADV Update

Cybercriminals are posing as regulators in phishing attempts on investment advisers, requesting data, and threatening inactivity if not provided. Learn how to identify these phishing attempts and what to do if you receive one.

Cyber Alert
  • Cybersecurity

White Paper: Interval and Tender Offer Funds

Learn the regulatory framework and operational considerations associated with unlisted closed-end funds.

  • Distribution
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Proposed Amendments for Regulation NMS

The SEC proposed various rule amendments to Regulation NMS to adopt variable minimum pricing increments, reduce access fee caps, and enhance the transparency of better-priced orders.

Compliance Alert
  • Compliance
  • SEC