Vigilant Compliance Newsletter | September 2024
Monthly Newsletter
In September, we saw heavy volume in both Vigilant Insights and SEC Releases, as well as a few Vigilant Announcements too.
Below is a brief overview of what took place in the month of September, and what is approaching for October.
New Rules, Regulations and Guidance
Upcoming Filings:
- 10/07/24 – Form N-MFP
- 10/10/24 – Form 13G Monthly
- 10/10/24 – Form 13H Quarterly
- 10/15/24 – Form PF Liquidity Fund Quarterly
- 10/31/24 – AIFMD Annex IV
- To stay up to date with the SEC Filing Deadlines in 2024, click HERE to view Vigilant’s Filing calendar.
Events & Public Appearances by Officials:
- 10/08/24 – Your TSP Account – What to Think About When Nearing Retirement or Considering Leaving the Government
- 10/09/24 – Fireside Chat at the NYU Law Institute for Corporate Governance & Finance
- 10/21/24 – SIFMA Annual Meeting
- 10/22/24 – Bloomberg Global Regulatory Forum
- To see upcoming 2024 SEC Meetings and Public Appearances click HERE!
Materials
Vigilant Insights:
Weathering the Storm: Successful Compliance in A Regulatory Whirlwind
- Vigilant covered the key areas the SEC has focused on in 2024 and the importance of having a dedicated compliance partner in this aggressive regulatory landscape.
- To our insights and conclusion, click here.
SEC Recordkeeping Enforcements | Bernadette Murphy Insights
- The SEC’s recent charges related to recordkeeping (26 Firms Charged Over $390 Million) clearly indicated that the SEC has no intention of relenting.
- Vigilant Managing Director, Bernadette Murphy, MSL, provided her insights and takeaways in a Financial Advisor IQ article relating to this recent enforcement.
- To view her insights and our conclusion, click here.
SEC Swing Pricing Proposal Shelved | Fred Teufel Insights
- During a recent SEC Meeting, it was announced that they will not be adopting the proposed amendments relating to the Swing Pricing Proposal at this time.
- Vigilant Director, Fred Teufel, CPA, MBA, CGMA, provided his insights on this announcement and his overall thoughts regarding the Swing Pricing Proposed Rule on Ignites.
- To view his insights and our conclusion, click here.
SEC Disclosure Amendments (N-PORT and N-CEN) | Liam Clarke Insights
- The SEC made changes to certain disclosure requirements recently involving N-PORT and N-CEN filings. The changes were adopted on August 28th, 2024.
- In an Ignites article about the possible burden of these requirements, Vigilant Director, Liam Clarke, CPA, MA, discussed the impact of this.
- To view his insights and our conclusion, click here.
$3.4 Million in Fines for Form 13F Failures | Michael Hogan Insights
- Recently, multiple Firms were fined a combined $3.4 million in penalties for failing to file Form 13F in a timely manner.
- This involved 11 Institutional Investment Managers, many of which took years to file once they crossed the $100 million threshold, and others took over a decade.
- Vigilant Director, Michael Hogan, MSJ, IACCP, was quoted in a recent FundFire article discussing the implications of this recent enforcement.
- To view his insights and our conclusion, click here.
SEC Releases:
- In the month of September, there was a high frequency of Recordkeeping violations and that trend continued again on September 17th, with the announcement of twelve (12) Municipal Advisors being charged $1.3 Million in total for Recordkeeping failures.
To view what the violations were, click here.
3 SEC Charges | Marketing Rule, Recordkeeping, and Custody Rule
- On September 3rd, 2024, the SEC announced three (3) separate charges that focused on the Marketing Rule, Recordkeeping and the Custody Rule.
- To learn more about what happened, click here.
- On September 9th, 2024, the SEC announced charges against nine (9) Firms for Marketing Rule violations. The settlements amounted to $1,240,000 in combined penalties.
- To learn more about what was discovered by the SEC, click here.
- The SEC announced on September 20th, 2024, that a New York RIA with $723 Million in AUM was charged $150,000 for compliance program failures.
- To view the failures identified by the SEC, click here.
- The SEC recently announced charges against a Broker Dealer for violations pertaining to Regulation Best Interest (“Reg BI”).
- Due to alleged failures to comply with the regulation, the Firm was charged $325,000 in penalties.
- To view our conclusion and what happened, click here.
Vigilant Announcements:
Vigilant Wins 2024 Hedge Fund Compliance Award!
- Vigilant was selected as the 2024 Best Advisory Firm – Regulation and Compliance by With Intelligence for their 2024 HFM (Hedge Fund Manager) US Service Awards.
- To learn more about the Award, click here.
Vigilant Shortlisted for ETF Compliance and Distributor Awards
- Vigilant was shortlisted for the Best ETF Distributor and Best ETF Regulatory/Compliance Adviser awards by ETF Express for their 2024 US ETF Awards.
- To learn more about the Award, click here.
The Vigilant Team is always happy to schedule a time to chat, feel free to contact us with any questions!
