Published on Nov 3rd, 2023 |

Vigilant Compliance Newsletter | October 2023

Monthly Newsletter

In October, we saw Vigilant Insights and Announcements, SEC Insights and Releases and SEC Charges.

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

New Rules, Regulations, and Guidance

New Rules, Regulations, and Guidance

Upcoming Filings:

  • 11/07/23 – Form N-MFP
  • 11/10/23 – Form 13G Monthly
  • 11/14/23 – Form CTA-PR
  • 11/14/23 – Form 13G Quarterly
  • 11/21/23 – AIFMD Annex IV – Fund of Funds
  • 11/29/23 – Form PF Hedge Fund Quarterly
  • 11/29/23 – Form CPO-PQR
  • To stay up to date with the SEC Filing Deadlines in 2023, click HERE to view Vigilant’s Filing calendar.

Events & Public Appearances by Officials:



Vigilant Announcements:
Vigilant Awarded as Best Regulatory Advisory & Compliance Firm

  • Vigilant was awarded for the second year in a row as the 2023 Best Regulatory Advisory & Compliance Firm by Hedgeweek in conjunction with Bloomberg.
  • To view the key statistics behind the award win and learn more about the award overall, click here.

Vigilant Shortlisted as Best Regulatory & Compliance Adviser

  • Vigilant was recently shortlisted as the Best Regulatory & Compliance Adviser for the Institutional Asset Manager Awards 2023.
  • To learn more about the award, click here.

Vigilant Insights:

ETF Class | Salvatore Faia (President & CEO) Insights

  • Vigilant’s President & CEO, Salvatore Faia, JD, CPA, CFE, provided his insights provided his insights on BoardIQ towards the ETF class.
  • To view Salvatore’s insights and our conclusion, click here.
  • Vigilant Director, Thayne Gould, was quoted in a article discussing his reaction towards the recent SEC Marketing Rule charges.
  • To view Thayne’s insights and our key takeaways, click here.
  • Vigilant Director, Fred Teufel, CPA, MBA, CGMA, provided his insights on Ignites towards the potential for a major overhaul of resources for the AI Proposal.
  • To view Fred’s insights, click here.
  • In a recent InvestmentNews article, Vigilant Managing Director, Bernadette Murphy, MSL, gave insight into how the SEC conducts its sweeps related to the Marketing Rule.
  • To view Bernadette’s insights and our key takeaways, click here.
  • Vigilant Director, Fred Teufel, CPA, MBA, CGMA, was quoted in an Ignites article recently discussing a request made to the SEC by a $44 million interval fund to extend its deadline for quarterly and annual shareholder reports.
  • To view Fred’s insights, click here.
  • Vigilant Director, Will Clark, MBA, CIPM, provided useful insights on Financial Advisor IQ towards the regulatory differences in regard to maintaining records of communications between Registered Investment Advisers (“RIAs”) and Broker Dealers.
  • To view Will’s insights and our key takeaways, click here.

SEC Releases:

  • On October 25th, SEC Chair, Gary Gensler, spoke at the 2023 Securities Enforcement Forum. At the Forum, Gensler spoke about different topics as the SEC’s fiscal year has ended.
  • To view his key takeaways and our conclusion, click here.
  • SEC Commissioner, Mark Uyeda, spoke at the National Society of Compliance Professionals (“NSCP”) Conference recently about various topics.
  • To view his key takeaways and our conclusion, click here.
  • On Monday, October 16th, the SEC Division of Examinations released their examination priorities for 2024.
  • We covered the key changes from 2023, key takeaways, and put together our conclusion that can be found here.
  • On October 10th, the SEC adopted rule amendments related to beneficial ownership reporting requirements.
  • We covered the compliance deadlines, biggest changes from the original ruletakeaways from SEC comments and put together our conclusion that can be found here.

SEC Charges:

Duty of Care and Disclosure Violations | $1.3 Million SEC Charge

  • On October 10th, the SEC charged an RIA for breaching its fiduciary duties. The Firm failed to properly disclosure conflicts of interests through its use of a partnered clearing Firm, violating their duty to seek best execution in the process.
  • To learn more about what happened and our conclusionclick here.
  • An investment adviser was charged in September by the SEC for accepting compensation for brokerage services for its advisory clients.
  • To learn more about what happened and our conclusionclick here.
  • The SEC announced multiple charges on Friday, September 29th, for violations of recordkeeping requirements.
  • To view the failures discovered by the SEC and our conclusionclick here.

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

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