Vigilant Compliance Newsletter

Published on Aug 29th, 2025 |

Monthly Newsletter

In August, there were important releases including Vigilant Insights, SEC Releases, and Vigilant Shortlist Award Announcements.

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

Upcoming Filings:

09/05/25 – SEC Form 13G 10%
09/30/25 – DFSA Annual AML Return
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 Announcements:

Vigilant is thrilled to announce that we have been shortlisted for the following Awards below by Private Equity Wire for their US Awards.
- Regulatory and Compliance Firm of the Year
- Compliance Service of the Year: Overall
- Compliance Services of the Year: Fund Domicile
Click here to view the shortlisting.

Vigilant is thrilled to announce that we have been shortlisted for the following Award below by ETF Express for their 2025 US Awards.
- Best ETF Regulatory/Compliance Adviser
Click here to view the shortlisting.

Vigilant Insights:

Vigilant continues to see a trend surrounding an increasing number of Private Fund Managers (i.e., Private Equity, Private Credit, Hedge Fund Strategies) that have begun to expand their horizons by launching Registered Closed-End Funds such as Interval Funds and Tender Offer Funds.
This shift represents a compelling evolution in the Asset Management landscape, allowing Firms to tap into new pools of capital while maintaining investment flexibility.
To learn more about why Private Fund Shops are exploring this structure and how Vigilant Compliance can support a successful and compliant Fund Launch, click here.

In the ever-evolving landscape of Marketing and Advertising, SEC Registered Investment Advisers (“RIAs”), SEC Registered Investment Companies (“RICs”), and FINRA Registered Broker-Dealers face heightened scrutiny regarding advertising and promotional material.
With the SEC’s Marketing Rule (Rule 206(4)-1), enforcement actions, and FINRA’s detailed advertising guidelines, compliance failures can lead to reputational damage, regulatory penalties, and even enforcement referrals.
Read more about common marketing review missteps and guidance for improvement here.

As regulatory expectations grow in complexity, many SEC Registered Investment Advisers (RIAs), SEC Registered Investment Companies (RICs), and FINRA Registered Broker-Dealers are turning to Outsourced Compliance Providers to support their internal operations.
This Vigilant Insights release highlights some of the most common misconceptions surrounding Outsourced Compliance, and provides clarity on what Firms should realistically expect from a reputable compliance partner.
Click here to read more.

SEC Releases:

RIA Charged for Custody Rule Violations

The SEC charged an RIA on August 1^st, 2025, for failing to comply with the independent verification requirements for Firms maintaining custody over client Funds and securities.
This settled charge reveals the importance of ensuring your compliance program is completing the tasks that are required of it. Under the Advisers Act, failing to implement an enumerated set of requirements designed to prevent loss, misuse, or misappropriation of client Funds and securities is considered a violation.
Click here to learn more about the charges.

On August 15, 2025, the SEC’s Division of Investment Management issued Accounting & Disclosure Information (“ADI”) 2025‑16, focusing on Registered Closed‑End Funds that invest in Private Funds (“CE‑FOPFs”).
This guidance refreshes long‑standing commentary and reflects evolving market practices and investor expectations across over two decades of existence since the first CE‑FOPF registration in 2002.
For further details, click here.

The SEC has charged a $2.4 Billion AUM New York RIA over one (1) million dollars in civil penalties due to over $500,000 in excess management fees.
This charge is another example of the SEC’s current examination focus on actual investor harm.
For more information about the charges, click here.

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