Regulatory Update

March 2023

This month, we share practical tips for filing your ADV annual amendment and actionable advice and analysis of the SEC's 2023 Exam Priorities, the proposed changes to the Custody Rule, and a federal district court's ruling about the DOL's interpretation of "regular basis." This issue also contains a few state updates about their implementation of the Marketing Rule. For broker-dealers, we unpack the recent amendments to electronic record keeping rules and for CPOs, CTAs, and IBs, we provide details about recent NFA Notices to members about common deficiencies and the implications of the recent ION cyber-attack.


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In this newsletter, we reflect on the latest regulatory updates and developments of note.

Articles Include:

  • News for All Firms
    • The SEC Speaks and the Industry Listens

    • PTE 2020-02: Federal Court Strikes Down DOL's Interpretation of "Regular Basis"
    • The SEC Shortens Settlement Cycle to T+1
  • News for Investment Advisers
    • Sharpen Your Pencils - Form ADV Amendments are Due Soon!
    • Massive Changes to the Custody Rule Proposed by the SEC
    • States Continue to Consider Adoption of the SEC's Marketing Rule
  • News for Broker-Dealers
    • Amendments to Rule 17a-4 Electronic Recordkeeping Requirement
  • News for CPOs/CTAs
    • The NFA Shares Educational Resources, Common Deficiencies, & Other Important Regulatory Information

    • Recent ION Cyber-attack Directly Impacts Derivatives Market
  •  Lessons Learned
    • Failure to Follow the Rules Can Be Costly