Published on Nov 8th, 2022 |

Vigilant Monthly Newsletter - October 2022

Vigilant Monthly Newsletter

In October, we saw important SEC releases, a proposed rule, an adopted rule, and charges, as well as important insights and announcements from Vigilant.

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

New Rules, Regulations, and Guidelines

New Rules, Regulations, and Guidance

Upcoming Filings:

  • 11/04/22 – Compliance Date for SEC’s New Marketing Rule
  • 11/10/22 – Schedule 13G Monthly
  • 11/14/22 – Form 13F Quarterly
  • 11/14/22 – Form CTA-PR
  • 11/15/22 – AIFMD Annex IV – Fund of Funds
  • 11/29/22 – Form PF Hedge Fund Quarterly
  • 11/29/22 – CPO-PQR
  • To stay up to date with the SEC Filing Deadlines in 2022, click HERE to view Vigilant’s Filing calendar.

Events & Public Appearances by Officials:

Materials

Materials

Vigilant Insights:

SEC’s Examination Approach on Rule 18f-4 | Chuck Martin Reacts

  • Chuck Martin provided his thoughts on BoardIQ that focuses on the SEC’s examination of Fund Compliance with the new Derivatives Rule (18f-4), a mere 11 days after the compliance deadline.
  • To view his observations and our final conclusion, click here!

7 Steps to Maintain Compliance with the Marketing Rule

  • With the new Marketing Rule now effective as of November 4th, we provided 7 Steps to Maintain Compliance with the Marketing Rule that can be found by clicking here!

7 Tips To Build A Successful Compliance Program

  • For those looking for Compliance Program Improvement, we provided 7 Tips that can be found by clicking here!

SEC’s Proposed Rule on Outsourcing | Chuck Martin Reacts

  • Vigilant’s Chief Operating Officer, Chuck Martin, was quoted in Ignites where he provided his insights and initial reaction toward the Proposed Rule.
  • To view his insights and thoughts, click here!

Vigilant Announcements:

Vigilant Selected as Best Regulatory Advisory & Compliance Firm

  • Vigilant was selected as the Best Regulatory Advisory & Compliance Firm by Hedgeweek in conjunction with Bloomberg.
  • To view the entire announcement and the award winning statement by our President & CEO, Salvatore Faia, click here!

SEC Releases:

SEC Proposes Rule for Outsourcing by Investment Advisers

  • On October 27, 2022, the Securities and Exchange Commission (“SEC”) proposed Rule 206(4)-11 under the Investment Advisers Act of 1940 (“Advisers Act”) which would require SEC registered investment advisers to conduct due diligence prior to engaging service providers that perform certain services or functions (“covered function”).
  • To view our summary of three core components of the Proposed Rule and our final conclusion, click here!

New SEC Rule Amends Modern Preservation of Electronic Records

  • On October 12th, the SEC voted to amend the electronic recordkeeping, prompt production of records, and third-party recordkeeping service requirements for security-based swap dealers, broker-dealers, and major security-based swap participants.
  • To view what has changed and our final conclusion, click here!

Malfunction On Commenting For 11 Rulemaking Releases

  • computer error may have prevented commenting on 11 Commission releases, so the SEC is reopening a 14-day period (starting from October 7th, 2022) for additional comments on the affected releases.
  • To view what releases were affected and our final conclusion, click here!

SEC Charges:

First SEC Fine Under The Municipal Advisor Registration Rule

  • For the first time under the municipal advisor registration rule, the SEC fined a Registered Broker Dealer for a violation of the Rule with $100,000.00 in penalties and $5,456.73 in interest.
  • To view what went wrong, and our final conclusion, click here!

Breaches of Fiduciary Duty and Compliance Failures | SEC Charge

  • An Investment Adviser was charged by the SEC with a $200,000 civil penalty and required to pay clients $575,589 in restitution for “breaches of fiduciary duty and compliance failures”.
  • To view the findings and issues discovered by the SEC and our final 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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