Vigilant Monthly Newsletter | August 2023
Vigilant Monthly Newsletter | August 2023
In August, we saw many Insights directly from the Vigilant Team, SEC New Rules and Releases, SEC Charges, Vigilant Insights and Announcements, and News and Alerts throughout the Industry.
Below is a brief overview of what took place in the month of August, and what is approaching for September.
New Rules, Regulations, and Guidance
Upcoming Filings:
- 09/07/23 – Form N-MFP
- 09/11/23 – Form 13G Monthly
- 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:
- 09/06/23 – Open Meeting
- 09/07/23 – Closed Meeting
- 09/19/23 – Securities Enforcement Forum Central 2023
- To see upcoming 2023 SEC Meetings and Public Appearances click HERE!
Materials
Vigilant Announcements:
Vigilant Shortlisted as Best ETF Regulatory/Compliance Adviser
- Vigilant was shortlisted for our fourth award in the past two months as the Best ETF Regulatory/Compliance Adviser for the ETF Express US ETF Awards.
- To vote for Vigilant and learn more about ETF Express, click here.
- Vigilant celebrated 19 successful years in business on Tuesday, August 15th, 2023. Vigilant was founded by Salvatore Faia, JD, CPA, CFE, on August 15th, 2004.
- To learn more about Vigilant and our core offerings, click here.
Vigilant Insights:
- We gathered direct reporting from our Directors, Managing Directors and the Executive Team at Vigilant Compliance (over 400+ years of experience at this level) for their insights into how 2023 is going and what Firms can/should expect going forward.
- To view the 18 Compliance Trends and our conclusion, click here.
- There can be many risks and inefficiencies resulting from “do it yourself” compliance or hiring the wrong compliance partner.
- When Firms make the decision to hire a compliance partner, it is important that they avoid easy mistakes that can be very costly.
- To view 3 Mistakes to Avoid and our conclusion, click here.
- On Monday, August 21st, the SEC released its first enforcement action related to the new Marketing Rule.
- Vigilant’s Chief Operating Officer, Chuck Martin, MBA, emphasized that proper disclosures are essential when Firms advertise hypothetical performance, especially with the retail public.
- To view Chuck’s Insights, important takeaways, and our conclusion, click here.
- In a recent article by Ignites, Vigilant’s Managing Director, Bernadette Murphy, MSL, provided useful insights for Firms concerned about compliance implications related to cybersecurity.
- To view Bernadette’s Insights and our conclusion, click here.
- In a recent article published by Financial Advisor IQ surrounding the new proposed rule related to conflicts of interest and predictive data analytics, Vigilant’s Director, Fred Teufel, CPA, MBA, CGMA, weighed in on the industry discussion.
- To view Fred’s Insights, click here.
- Our Senior Vice President, Salvatore Faia II, Esq., and Vice President of Sales and Business Development, CJ Schaible, MBA, were quoted in Ignites and Financial Advisor IQ articles about the recent SEC Recordkeeping Charges.
- To view the observations from Salvatore and CJ, click here.
Regulatory Impact on Smaller Firms | Bernadette Murphy Insights
- Vigilant Managing Director, Bernadette Murphy, MSL, was recently quoted in InvestmentNews discussing the impact of SEC regulations on Registered Investment Advisers (“RIAs”).
- To view Bernadette’s Insights and our conclusion, click here.
- Vigilant Director, Michael Hogan, IACCP, MSJ, provided his insights on The Information regarding AI and Employee Monitoring.
- To view Michael’s Insights and our conclusion, click here.
- Artificial Intelligence (“AI”) has become a major topic of discussion within the compliance industry.
- To view the Potential Risks of AI Use, First Steps to Consider and our conclusion, click here.
SEC Releases:
- As recently predicted, the SEC announced on August 23rd its adoption of new rules for Private Funds and Private Fund Advisers.
- To view the New Rules for Registered Fund Advisers, New Rules for All Private Fund Advisers, New Rules for All RIAs, Compliance Dates, and our conclusion , click here.
- Due to the new rules and amendments adopted on August 23rd, the SEC has reopened a 60-day comment period for the public to comment on the previously proposed Safeguarding Rule from February 2023.
- To view the Key Reminders of the Safeguarding Rule, Concerns Raised throughout the Industry, and our conclusion , click here.
- On Tuesday, August 8th, the SEC announced that there have been 11 Wall Street Firms charged with widespread recordkeeping failures totaling combined penalties of $289 Million.
- To view the Key Issues Discovered by the SEC, Takeaways from the SEC’s Division of Enforcement, and our conclusion, click here.
News and Alerts:
- BNP Paribas, along with its broker-dealer, has agreed to an undisclosed fine with regulators related to employee off-channel communications.
- It could be estimated that the cost to the company may reach over $100 million. The resolution still needs to be approved by both the CFTC and SEC.
- To learn more about what is happening, how to help protect your Firm, and our conclusion, click here.
- The SEC recently adopted a new rule related to Cybersecurity disclosure.
- To view the Effective Dates and our conclusion, click here.
The Vigilant Team is always happy to schedule a time to chat, feel free to contact us with any questions!
