Vigilant Compliance Newsletter

Published on May 5th, 2025 |

Monthly Newsletter

In April, there were important releases including Vigilant Insights and SEC Releases.

Below is a brief overview of what took place in the month of April, and what is approaching for May.

Upcoming Filings:

05/07/25 -SEC Form 13G 10%
05/15/25 – AIFMD Annex IV – Fund of Funds
05/15/25 – SEC Form 13F Quarterly
05/15/25 – SEC Form 13G 5%
05/15/25 – NFA Form CTA-PR
05/30/25 – SEC Form PF Private Equity Fund Advisers Quarterly Event Reporting
05/30/25 – SEC Form PF Large Hedge Fund Update
05/30/25 – NFA Form CPO-PQR
To stay up to date with the SEC Filing Deadlines in 2025, click here to view Vigilant’s Compliance Calendar.

Events & Public Appearances by Officials:

Vigilant Insights:

It is anticipated that the SEC may approve the majority of exemptive relief applications for the dual share class structure.
Vigilant Compliance’s CEO, Salvatore Faia, JD, CPA, CFE recently provided his insights to Ignites about the likely approval of dual share class structures within the next few months.
View Salvatore’s insights here.

When acquiring an Investment Adviser, conducting a thorough Compliance Due Diligence Review is essential.
Compliance Reviews are complex and require special expertise, which is why outsourcing a Compliance Consulting Firm like Vigilant provides and advantage.
In this release, we outline the key reasons why outsourcing Compliance Due Diligence of an Adviser is a crucial consideration for successful acquisitions.
For more insights, click here.

With Paul Atkins now leading the SEC, there is a noticeable shift in regulatory philosophy that emphasizes transparency, consistency, and a less enforcement-centric approach.
Firms like Vigilant can play a key and strategic role in helping organizations adapt effectively to this new environment.
In this Vigilant Insights Release, we discuss how we can help under the new SEC leadership.
Click here to learn more.

The decision to transition to an outsourced Chief Compliance Officer (“CCO”) is often driven by a variety of practical considerations, particularly in Firms where the current CCO wears multiple hats or is approaching retirement.
While the dual-hat model can be effective early on, as businesses grow and regulatory demands become more complex, the burden of compliance responsibilities often becomes too significant for one person to manage effectively. For Firms with a CCO nearing retirement, outsourcing also provides a natural transition solution.
In this article, Vigilant provides 10 considerations for how an outsourced CCO can benefit a firm.
Click here to view more.

SEC Releases:

SEC Cracks Down on AI Misrepresentation

On April 11^th, 2025, the SEC charged a Founder and Former CEO (“CEO”), for allegedly defrauding investors by making false and misleading statements about the company’s use of Artificial Intelligence (“AI”).
The CEO is accused of falsely claiming that the Firm’s App used automated technology that relied on AI to complete purchases made through the App without human involvement.
Read more here.

An RIA was charged by the SEC on April 25^th, 2025, for failing to disclose conflicts of interest, violating their fiduciary duty.
While some major changes have been made in the structuring of the SEC’s enforcement division, the Division of Examinations has continued its goal to penalize firms for compliance failures.
Click here to learn more.

News and Alerts:

SEC Unveils Structural Overhaul of Enforcement Division

It was recently reported that the SEC has reorganized the command structure for the Divisions of Enforcement and Exams.
We have seen a wave of changes and adjustments from the SEC, and with the SEC Chair, Paul Atkins, being confirmed on April 9^th, 2025, we anticipate to gain more color on what the SEC plans to focus on going forward.
For more insight into the New Structure, click here.

The Vigilant Team is always happy to schedule a time to chat, feel free to contact us with any questions!