Insights
SEC Keeps ESG Momentum with Release of Risk Alert
On Friday, April 8, 2021, the SEC’s Division of Examinations issued a Risk Alert for ESG Investing, putting an exclamation point on ESG being a top priority for the Commission.
- ESG
- Compliance
- SEC
The Microsoft® Exchange® Server Breach: What’s Next and What To Do
When Microsoft announced patches for the four “zero-days” that were revealed on March 2, 2021, the full extent of the vulnerability was not known. Security experts continue to notify victims, coordinate remediation, and suggest remaining vigilant for “stage 2” of this attack, i.e., further exploitation of the backdoors left on the already-compromised servers.
- Cybersecurity
ACA Group Announces ComplianceAlpha® 2021Q2 with New Features Designed to Help Financial Services Firms Meet Increasing Demands for Digitizing Compliance Programs
ComplianceAlpha 2021 Q2 introduces a suite of new features and sophisticated technology enhancements designed to help firms globally build more comprehensive and scalable GRC programs in line with the expectations of regulators, boards, management, clients, and investors.
- ComplianceAlpha
- RegTech
ComplianceAlpha® 2021Q2 Introduces New Features for Marketing Reviews, Legal Documents, eLearning, and More
ComplianceAlpha 2021Q2 includes new features and technology such as natural language processing (NLP) for marketing reviews and legal document tracking (side letters and NDAs), a new integrated eLearning solution, and more.
- RegTech
- ComplianceAlpha
ESMA final report recommends expansion of transaction reporting regime to AIFMS and UCITS Management Companies
ESMA has published a final report assessing the functioning of the Transaction Reporting regime under Article 26 of the Markets in Financial Instruments Regulation (“MiFIR”). Among a number of proposed changes perhaps the most impactful is the recommendation that UCITS management companies and AIFMs that are providing one or more MiFID services (i.e., Collective Portfolio Management or ‘CPMI’ firms) should be subject to transaction reporting
- Trade & Transaction
- Compliance
Q2 2021 Regulatory Reporting Deadlines
Here we summarize the regulatory filing submission deadlines occurring from April through June 2021.
- Compliance
- Regulatory Deadlines
SEC Increases Focus on Digital Assets
On February 26, 2021, the U.S. Securities and Exchange Commission’s (SEC) Division of Examinations released a Risk Alert highlighting areas of concern found in its examinations of investment advisers and broker-dealers investing and dealing in digital assets that are securities. We believe that these recent Division observations highlight the SEC’s interest in Digital Asset Securities and are a precursor to additional scrutiny in these areas.
- Compliance
Urgent Update for Apple iOS
Apple has issued urgent updates for its iPhone, iPad, and iWatch devices. According to Apple, these updates patch a discovered “cross site scripting” vulnerability that allows bad actors to inject malicious code into web pages. The code could be enabled when users access these pages using browsers on Apple devices. This vulnerability may already have been exploited.
- Cybersecurity
New Marketing Rule - SEC Staff Confirms All or None Early Adoption Approach
The SEC issued an FAQ officially confirming what has been informally communicated by Division of Investment Management staff, which is that investment advisers may not implement the new Marketing Rule until they are prepared to comply with it in its entirety. Note that this includes both the rules around traditional advertisements and the new requirements for solicitation arrangements.
- SEC Marketing Rule
The New Marketing Rule’s Impact on the Presentation of Performance
The long-awaited modernization of the Marketing Rule was added to the Federal Register on March 5, 2021. Not only does the final marketing rule consolidate the advertising and cash solicitation rules, it also (among other things) categorizes certain considerations for presenting investment performance, effectively streamlining guidance currently found across multiple staff letters.
- SEC Marketing Rule
- Performance
- Compliance