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NEWSLETTER: The beginning of the SEC’s new fiscal year brings with it the usual flurry of pre-Christmas activity from the regulator, alongside end of year reviews and planning for next year.
With a new round of examinations getting underway, we’re now starting to see the SEC conducting more of these in-person, alongside the new Marketing Rule requirements coming into force in just a few days’ time. While firms should now be at the point of putting the final touches in place to ensure compliance, it’s still not too late to get your program in check.
Another reminder of the need to ensure robust policies and procedures are in place comes in the form of a combined $1 billion fine across 16 firms for failures to maintain and preserve electronic communications records. With electronic communication and instant messaging often a default channel, it’s wise to review the strength of recordkeeping policies given the high-profile attention from the regulator.
Hot off the press, it’s worth paying close attention to the new rule proposals around the oversight of third-party vendors. Designed to ensure robust due diligence is in place for service providers, the 60-day comment period is a good opportunity to start documenting what you already have in place and any potential gaps.
Finally, as the UK parliament recently voted in favour of recognising crypto assets as regulated financial instruments, this draws strong parallels with the SEC’s own position that the assets are considered securities. As regulation in the space starts to become more commonplace and predictable, this will no doubt bring with it greater interest and activity across the sector.
Rebecca Thorpe
Chief Executive Officer
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