Published on Mar 31st, 2023 |

Vigilant Monthly Newsletter | March 2023

Monthly Newsletter

In March, we saw SEC Releases and Proposed Rules, as well as important insights from Vigilant.

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

New Rules, Regulations, and Guidance

New Rules, Regulations, and Guidance

Upcoming Filings:

  • 04/07/23 – Form N-MFP
  • 04/10/23 – Form 13G Monthly
  • 04/10/23 – Form 13H Quarterly
  • 04/15/23 – Form PF Liquidity Fund Quarterly
  • 04/28/23 – AIFMD Annex IV MIFIDPRU: Application for use of the Group Capital Test
  • 04/30/23 – Form ADV Part 2A
  • 04/30/23 – Form PF Annual
  • 04/30/23 – Private Fund Financial Statements Delivery
  • 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 Insights:

SEC Increase On Recordkeeping For Exams | Brian Dillon’s Insights

  • Vigilant’s Director, Brian Dillonwas quoted in a Board IQ article regarding recent examination document production requests from the SEC related to the use of text messages and other electronic communication.
  • To learn more about the areas he covered and our conclusion, click here.

15 Compliance Considerations Amid Banking Crisis

  • RIAs should take a moment to use the banking crisis as a tool to evaluate their compliance program and develop a risk-based and practical approach to help lessen the impact on their investors and clients where possible.
  • To view Vigilant’s 15 Compliance Considerations, click here to learn more.

Repeat Violations by Advisors’ Parents | Fred Teufel Reacts

  • Vigilant’s Director and Industry Veteran, Fred Teufel, was quoted in BoardIQ on repeat violations by Advisors’ Parents companies, which is causing concern at the Fund Director Level.
  • To learn more about the areas he covered, his synopsis on RICs Compliance Programs, and his frame of reference and in-depth analysis, click here.

Vigilant Announcements:

Vigilant Shortlisted as Best Advisory/Consultancy Firm for 2023

  • Vigilant is thrilled to announce that we have been shortlisted as the Best Advisory/Consultancy Firm (Private Fund Industry) in Regulatory Compliance for 2023 by The Drawdown.
  • To learn more about the award we were shortlisted for, click here.

SEC Releases:
SEC Releases Risk Alert for Newly Registered Advisers

  • The SEC released a Risk Alert on March 27th, related to Newly-Registered Advisers, focusing on what areas are frequently investigated during Examinations and what Compliance Problems are frequently discovered.
  • To learn more about the key problems for Firms during Examinations and how Vigilant can help, click here.

SEC Proposes Amendments to Regulation S-P

  • On March 15th, the SEC proposed new changes to Regulation S-P. Their goal is to enhance the protection of customer information.
  • To learn more about the proposed changes and our conclusion, click here.

SEC Reopens Comment Period for Proposed Cybersecurity Rule

  • On March 15th, the SEC chose to reopen the comment period on the Proposed Cyber Rule for cybersecurity risk management and disclosure requirements on Registered Investment Advisers (“RIAs”) and Registered Investment Companies (“RICs).
  • To view important items to be aware of, click here.

News and Alerts:

Firms may Struggle to meet SEC Compliance Deadlines

  • As the SEC pushes to finalize over twenty rules and amendments in 2023, Firms with limited resources may struggle to meet the compliance deadlines if they are scheduled too close together.
  • To learn more about the concerns expressed at the Investment Adviser Association (“IAA”) Compliance Conference and our conclusion, click here.

Prepare for More On-Site SEC Exams in 2023

  • The Deputy Director of the SEC Division of Examinations has verbalized the intention to significantly increase the number of On-Site Examinations for the year of 2023.
  • To learn more about recent updates from the SEC on Exams and how to prepare for an SEC Exam, click here.

JPMorgan Bans Employees from Use of Certain AI Technology

  • As compliance headaches continue to arise over the use of third-party communications software, JPMorgan joined other companies in banning the use of third-party AI technology.
  • To learn more about what is happening and our conclusion, click here.

SEC Continues to Investigate Recordkeeping Practices

  • It was announced that multiple Firms (Blackrock, Blackstone, Stifel, Citadel, Point72, Wells Fargo, SG Americas Securities) over the past weeks are under investigation by the SEC related to recordkeeping practices of employee communications, more specifically off channel communications.
  • The SEC charged over $6.1 billion in settlements in 2022. Of that amount, at least a billion dollars consisted of penalties for recordkeeping failures. The SEC is focusing on the practices of Private Equity Firms, and Money Managers. 
  • To learn more about what is being investigated 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!

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