The administration announced Thursday that it replaced the unit responsible for many of the SEC’s crypto registration suits with a new fraud-focused unit that will take a broader review of “cyber and emerging technologies.”
The Cyber and Emerging Technologies Unit will prioritize fraud cases that leverage novel tech including crypto, artificial intelligence, machine learning and
The exam is finally over! If your advisory firm has been undergoing an SEC examination, you’ve probably been waiting a long time to utter those words. Well, time to get back to business, right? Not so fast. As our series on SEC examinations has detailed, this is a long process. And if your firm received
An onsite examination from the SEC can often feel like a surprise visit from your in-laws. You wish you had more time to clean up before they arrived, you know they’re judging you the whole time they’re there, and you can’t wait for the moment you get to say goodbye.
And, after what seems like
In our last episode Don’t Panic, Josh walked through how to respond to an initial examination letter, including a handy checklist of items that roboadvisors should always have in good order. But what if your existing practices don’t cover all the examination letter requests? Do not fret. No examiner is expecting perfection. More important
You open your inbox, ready to start your day, and what’s the first thing that greets you? A notice that you’re being examined from the SEC’s Division of Examinations (EXAMS), along with an initial request list for information. Time to panic? Of course not. Being examined by the SEC, and other regulatory authorities, is an
So you’ve built your robo-adviser, registered it, hired and licensed personnel, implemented a compliance program, conducted a successful marketing campaign, and (finally) gotten to do what you’ve really wanted to do the whole time – advise clients and manage portfolios. Startup woes seem a thing of the past, and your operation is running smoothly.
Then,
You probably don’t need to be convinced that information security is critically important. But just in case you do, you should know that the U.S. Securities and Exchange Commission (SEC) continues to emphasize the importance it places on information security. In our last two posts, Marc and Craig began our discussion of the SEC’s Division
As Marc mentioned last time, the SEC’s Division of Examinations’ (EXAMS) has made it a priority in 2021 to review the steps that firms take to ensure information security and operational resiliency. For robo-advisers, given that they conduct so much of their operations online, these steps are of paramount importance.
In its report, EXAMS
We continue our discussion of the SEC’s Division of Examinations’ (EXAMS) 2021 Priorities (see here) with an overview of information security and operational resiliency. The daily drumbeat of cyber-intrusion incidents is certain to keep cybersecurity at the top of EXAMS’ focus.
In light of the pandemic forcing a shift to remote work,
Robo-advisory firms often build client portfolios with exchange-traded funds (ETFs) and mutual funds. This makes practical sense – these instruments allow advisers to efficiently meet a wide range of client investment objectives. Nevertheless, as mentioned in our last post, the SEC’s Division of Exams (EXAMS) has made it a priority this year to focus