Vigilant Compliance Newsletter

Published on Jun 30th, 2025 |

Monthly Newsletter

In June, there were important releases including SEC Releases and a Vigilant Shortlist Award Announcement.

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

Upcoming Filings:

07/07/25 – SEC Form 13G 10%
07/10/25 – SEC Form 13H Quarterly
07/15/25 – SEC Form PF Large Liquidity Fund Update
07/30/25 – AIFMD Annex IV
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 Shortlisted for Hedge Fund Compliance Award

Building off of our With Intelligence Hedge Fund Manager (“HFM”) Award win last year, Vigilant is thrilled to announce that we were recently shortlisted for the Best Advisory Firm – Compliance for the 2025 With Intelligence HFM US Service Awards.
The With Intelligence HFM US Service Awards is recognizing and rewarding Hedge Fund Service Providers who have demonstrated exceptional client service, innovative product development and strong and sustainable business growth over the past 12 months.
Click here to view the shortlisting.

SEC Releases:

The SEC held its 2025 Conference on Emerging Trends in Asset Management to explore how innovation, regulation, and shifting investor dynamics are reshaping the Investment Management industry.
The event brought together leading voices from Regulatory Bodies, Asset Management Firms, and Academia to discuss the industry’s evolution, current innovations, and the road ahead.
For Vigilant’s takeaways of the conference, click here.

An RIA was charged this month (June, 2025) for failing in their fiduciary duties. The Firm allegedly made false and misleading fee disclosures while also failing to disclose material conflicts of interest.
These charges serve as a reminder that while the SEC has seen significant changes in leadership, and large restructuring of the Division of Enforcement, Firms of all sized will still continue to face costly penalties for compliance failures.
Click here to learn more.

SEC Chair, Paul Atkins, provided a testimony to the United States Senate Appropriations Subcommittee on Financial Services and General Government earlier this month (June, 2025).
Atkins continues to provide encouraging commentary on how the SEC’s refocusing should provide greater transparency and better economic analysis of regulation.
View our takeaways from Atkins’ testimony here.

On June 12, 2025, the SEC Withdrew 14 Proposed Rules from the prior Administration.
The majority of the withdrawn Proposed Rules stem from between March 2022 and November 2023, with one earlier Proposed Amendment being in October 2020.
For more detail om the withdrawn rules, click here.

A Firm based in California was charged with making materially false and misleading statements in a press release the SEC described as fraudulent.
This recent enforcement serves as a reminder that compliance departments need to be sure that public facing information is accurate and in compliance with the Marketing Rule.
Learn more about the charges here.

The SEC obtained a final judgement against a New York RIA this month (June, 2025) for failing to comply with Commission requirements for the safekeeping of client assets and failing to disclose material risks and conflicts of interest.
Custody Rule violations have been on the SEC’s radar, as the SEC has indicated investor protection as one of their continued key priorities.
To read more, click here.

The SEC’s Office of Investor Advocate (OIAD) was designed to assist retail investors with resolving any significant problems that may occur with the SEC or any SROs.
On June 25^th, the OIAD released its objectives for Fiscal Year (FY) 2026. These objectives were the result of direct engagement with investors, investor research/testing, and legal research/analysis.
View our summary of the OIAD release here.

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