- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2023-08-28T13:44:00
Compliance teams at private funds should start analyzing the impact of new rules from the Securities and Exchange Commission (SEC) now, experts said, even though compliance dates are a year to 18 months away.
“Don’t wait until 18 months are up,” said Ken Joseph, managing director at Kroll who formerly worked as a senior officer in the SEC’s Division of Examinations. “The process should begin now, now that we have clarity on what the rules say.”
On Wednesday, the SEC passed a series of rules and amendments to the Investment Advisers Act that are “the most significant changes to the regulation of advisers to private funds since the Dodd-Frank Act in 2010,” according to industry group the Investment Adviser Association.
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A federal appeals court struck down the Securities and Exchange Commission’s private fund adviser rule, agreeing with industry advocates that the agency overstepped its authority.
The Securities and Exchange Commission approved new regulations for security-based swap execution facilities, part of the agency’s steady progress in implementing languishing rules from the Dodd-Frank Act.
The Securities and Exchange Commission continued its push to get across the finish line the remaining provisions of the Dodd-Frank Act with the adoption of a new rule for institutional investment managers to provide greater transparency regarding short sale data.
Any product that uses AI needs to be safety assessed for its entire lifespan under new rules that went into effect recently across the EU. Experts warned companies using AI to tailor products could be classed as “manufacturers” and face the same duty of care as developed.
When lawmakers slam the U.K.’s chief financial regulator as “incompetent,” it not only opens the doors for others to pile criticism on it, but it sparks a debate about how the organization can be improved–or removed.
The U.K. Financial Conduct Authority apologized to investors in peer-to-peer investment firm Collateral for not acting swiftly enough to prevent Collateral from defrauding its customers.
