CCO (Chief Compliance Officer) Content

On September 9, 2024, the SEC announced that it settled charges against nine registered investment advisers for violations of Advisers Act Rule 206(4)-1. All nine firms have agreed to pay a combined $1,240,000 in civil penalties, ranging from $60,000 to $325,000.

On September 19, 2024, the SEC instituted public administrative and cease-and-desist proceedings against an asset manager arising from "material misstatements concerning how it managed investments for clients.

In Securities and Exchange Commission v. Jarkesy, the Supreme Court held that when the SEC seeks civil penalties against a defendant for securities fraud, the Constitution's Seventh Amendment entitles the defendant to a jury trial.

ICI filed a comment letter on the notice of proposed rulemaking on Cyber Incident Reporting for Critical Infrastructure Act. Reporting Requirements from the Cybersecurity and Infrastructure Security Agency of the Department of Homeland Security.

On June 5th, 2024, a three-judge panel of the United States Fifth Circuit Court of Appeals issued a unanimous decision to vacate the SEC's Private Fund Adviser Rule in its entirety on the grounds that the Commission lacked statutory authority to adopt the rule.

On May 16, 2024, the SEC unanimously adopted amendments to Rule 248.30 in Regulation S-P (the "amendments"). Since its adoption in 2000, Regulation S-P has required the safeguarding of customer records and information and the disposal of consumer report information.

As part of the SEC's Conference on Emerging Trends in Asset Management, Chair Gensler delivered a keynote address titled, "Jack Bogle, Haystacks, and Putting the Interest of the Clients First." His remarks covered a number of subject areas, including the growth of investment products...

On March 18, 2024, the SEC announced that it settled separate charges against two investment advisers, Delphia (USA) Inc. and Global Predictions Inc., each for making false and misleading statements about their alleged use of artificial intelligence ("AI") to inform their investment...

On January 25, 2024, the CFTC's Divisions of Market Oversight, Clearing and Risk, Market Participants, and Data and the Office of Technology Innovation issued a request for comment ("RFC") to better inform them on the current and potential uses and risks of artificial intelligence (...