Vigilant Compliance Newsletter | September 2026
Monthly Newsletter
In September, there were important releases including Vigilant Insights and SEC Releases.
Below is a brief overview of what took place in the month of September, and what is approaching for October.
Events & Public Appearances by Officials
- 10/07/26 – Closed Meeting
- 10/27/26 – Small Business Capital Formation Advisory Committee Meeting
- 10/27/26 – 2026 Compliance Outreach Program Regional Seminar for Investment Advisers and Investment Companies (Denver and Salt Lake City)
- To see upcoming 2026 SEC Meetings and Public Appearances click HERE!
Materials
Vigilant Insights:
Revisiting the Marketing Rule | Vigilant Insights
- SEC examination observations show that Marketing Rule Compliance remains an area of focus, particularly around advertising reviews, testimonials and endorsements, third-party ratings, performance, disclosures, and books and records.
- Marketing Rule Compliance should be viewed as an on-going process, not a one-time implementation exercise.
- Click here for Vigilant’s Marketing Rule Update on what advisers should still be aware of.
Is Your Rule 206(4)-7 Annual Review Complete?
- Rule 206(4)-7 requires SEC RIAs to review their compliance policies and procedures at least annually to determine whether they remain adequate and are being effectively implemented.
- The SEC’s Division of Examinations has made clear that the effectiveness of an Adviser’s compliance program is a fundamental part of the examination process.
- Vigilant provides important Rule 206(4)-7 considerations here.
40 Act Fund Launch Compliance Considerations
- Launching a Registered Investment Company (RIC) involves a range of regulatory, operational, and compliance considerations that should be addressed before the Fund begins offering shares.
- Establishing the compliance framework early can help ensure the Fund and its Service Providers understand their respective responsibilities from launch.
- For more information on what needs to be in place for a Fund launch, click here.
Outsourced Compliance: When Is the Time Right?
- For many Investment Advisers, the question is not whether Compliance is important, it is whether the Firm has the right resources, experience, and infrastructure to manage its compliance responsibilities effectively.
- We believe Outsourced Compliance is a valuable option which provides value regardless of the Firm’s lifecycle.
- Learn more about Outsourced Compliance here.
SEC Releases:
“Pay-to-Play” Rule | SEC Proposes Rescission
- On September 3, 2026, the SEC proposed rescinding Rule 206(4)-5 under the Investment Advisers Act of 1940, commonly known as the “Pay-to-Play Rule”.
- In its proposal, the SEC cited compliance burdens, operational challenges, and concerns about the rule’s lack of clarity.
- Read more here.
Form 13F Filing Failures | $500k Penalty
- The SEC recently announced settled charges for $500,000 against a Dually Registered Investment Adviser and Broker Dealer for failing to file required Forms 13F.
- The SEC found that the Firm violated Section 13(f)(1) of the Securities Exchange Act of 1934 and Rule 13f-1.
- Learn more here.
SEC Risk Alert | Annual Compliance Review Observations
- The SEC Division of Examinations issued a Risk Alert highlighting observations from recent examinations regarding Investment Advisers’ annual reviews of their compliance policies and procedures.
- The Compliance Rule requires SEC RIAs to review, at least annually, the adequacy of their compliance policies and procedures and the effectiveness of their implementation.
- More details and Vigilant’s thoughts here.
The Vigilant Team is always happy to schedule a time to chat, feel free to contact us with any questions!
