Vigilant Compliance Newsletter

Published on Mar 31st, 2025 |

Monthly Newsletter

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

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

Upcoming Filings:

04/07/25 – SEC Form 13G 10%
04/10/25 – SEC Form 13H Quarterly
04/15/25 – SEC Form PF Large Liquidity Fund Update
04/30/25 – AIFMD Annex IV
04/30/25 – Financial Audit Statements Delivery
04/30/25 – SEC Form PF Annual Update
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 Private Fund Compliance Award

Vigilant was recently shortlisted as the Best Compliance and Regulatory Adviser (Private Fund Industry) in Regulatory Compliance by The Drawdown for their 2025 Awards.
The Drawdown Awards celebrate excellence and innovation within Private Fund operations.
Click here to view the shortlisting.

Vigilant Insights:

During the Investment Adviser Association (IAA) Conference, some SEC Staff hinted that they are hopeful Marketing Rule guidance will be released shortly.
Two new FAQs are expected to be released, offering relief on some of the more complex aspects of the Rule surrounding yield and extracted performance.
Vigilant Director, Will Clark, CIPM, MBA, who has over 15 years of experience with Investment Performance attended the Conference and provided his thoughts on FundFire regarding the buzz around the anticipated Marketing Rule guidance.
To learn more, click here.

The SEC updated its Marketing Rule FAQ on Wednesday, March 19th, 2025, with Vigilant providing the key takeaways for industry professionals.
The SEC has provided a better explanation of their requirements for certain aspects of advertised performance.
Vigilant Director, Will Clark, CIPM, MBA, was quoted in FundFire providing his insights and thoughts surrounding this updated guidance.
Click here to view Will’s insights and more.

SEC Releases:

Acting Chair Mark Uyeda Recent Speeches | Key Takeaways

As of March 5th, 2025, Acting SEC Chair, Mark Uyeda, has discussed his view of the SEC’s role moving forward during many talks this past month.
As the industry pays close attention to the new administration’s goals for our regulatory environment, there are some key takeaways from the Acting SEC Chair, Mark Uyeda, that can hint at the administration’s goals.
To learn more, click here.

On Friday, March 14th, the SEC announced that the Names Rule is receiving a six (6) month extension to the compliance dates.
For those that may have missed it, Vigilant participated in a Names Rule Webinar alongside K&L Gates and Senior Special Counsel, Division of Investment Management, Amanda Wagner, who was one of the members from the SEC that worked on the adoption of the Names Rule.
You can view the Updated Compliance Dates and Webinar here.

On March 19th, 2025, the SEC released updated FAQs surrounding the SEC Marketing Rule.
In this article, Vigilant provides key takeaways from the FAQ release.
View the takeaways by clicking here.

SEC Charges Two (2) Officers and the Adviser for Misuse of Assets

The SEC announced charges in early March, 2025, against an RIA, and two of its Officers, for misuse of Fund and Company Assets.
Compliance programs must be reasonably designed to detect this behavior, and Officers who fail in their supervisory role can face SEC scrutiny when charges are filed.
To learn more about the charges, click here.

On Thursday, March 27th, 2025, the SEC hosted a Roundtable that specifically focused on Artificial Intelligence (“AI”) in the financial industry.
As the financial industry continues to integrate and experiment with generative AI, both its potential and its risks are becoming increasingly evident.
From the rise of AI-driven fraud targeting investors to the on-going efforts to safeguard against cyber threats, our key takeaways highlight how Firms are navigating these complexities.
View Vigilant’s takeaways from the AI Roundtable here.

FINRA Releases:

FINRA Announces Proposed Rule 3290

On March 12, 2025, FINRA, in its Notice 25-04, announced its intention to launch a broad review of its regulatory requirements and identify ways to modernize its rules.
On March 14, 2025, FINRA took a first step in that process, releasing Notice 25-05, a request for comment on proposed rule changes related to Rule 3270 Outside Business Activities (OBAs), and Rule 3280, Private Securities Transactions (PSTs). FINRA proposes combining the two rules to “streamline and reduce unnecessary burdens regarding existing requirements”. The Proposed Rule would be 3290.
Click here to learn more.

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