So far 2022 has been one of the busiest regulatory years we have seen!
Here we leave you with three takeaways for traditional finance and blockchain compliance programs:
- Follow Gensler & other top regulators on Twitter
- Basics are important. Have an independent review of your program
- Understand operational risks & build resiliency. Use technology for duty of loyalty (conflicts), transparency (performance & costs/expenses), and care (conduct standards, ESG)
- A must-see is the debate on blockchain and DeFi regulatory approach. Click here to watch it!
- The FTX Breach article is an important reminder about the duty to users/customers
2022 SEC Wrap Up
Here is an inventory to help you recap SEC priorities for the testing of your compliance program.
1. Marketing & Biz Dev
- Risk Alert: Examination Focused on the New Investment Adviser – Marketing Rules
SEC Statements on Cybersecurity
- Cybersecurity Risk Management Proposal – Commissioner Crenshaw
- Cybersecurity Risk Management – Commissioner Lee
- Cybersecurity Risk Management – Commissioner Peirce
- Cybersecurity Reforms – Commissioner Gensler
4. Standard of Conduct
- Advisory Fraud – Statement on Jury’s Verdict in Trial of Ambassador Advisors, LLC
- Advisory Fraud / Breach of Fiduciary Duties – Statement on Decision in Jury Trial of Dean McDermott
5. ESG Investing Practices
6. Information & Operational Resilience
- Informational Security & Operational Resiliency: Investment Adviser MNPI Compliance Issues
- Fixed Income / Munis: Municipal Advisor Examinations