Regulatory Eye - U.S. - December
Welcome to Regulatory Eye, IQ-EQ’s regulatory and compliance newsletter, providing updates on the latest international regulatory developments.
In this U.S. edition, we cover key takeaways from the SEC's 2025 exam priorities, the latest update to CFTC Regulation 4.7, various SEC enforcement cases, new AML/CFT program requirements for SEC advisers, and a landmark FinCEN rule. We also discuss the importance of annual compliance reviews.
If you have any queries or would like to discuss any of these topics further, please click below to contact our U.S. Regulatory Compliance team:
Key takeaways from the SEC’s 2025 exam priorities
On October 21, the SEC Division of Examinations (EXAMS) issued its priorities for 2025. Here, we summarize some key takeaways.
CFTC Regulation 4.7 update: What you need to know
The Commodity Futures Trading Commission (CFTC) recently approved the first major update to Regulation 4.7 in more than three decades. The amendment to Regulation 4.7 is a long-anticipated milestone that increases the financial thresholds for QEP eligibility and codifies reporting allowances for funds of funds (FOFs). In this article, we’ll recap the Regulation 4.7 updates and what they mean for CPOs and CTAs.
SEC to investors: make your filings
In two sets of cases, the U.S. Securities and Exchange Commission (SEC) charged multiple institutions and individuals for failure to file Forms 13F and 13H, Schedules 13D or G and Forms 3, 4 and 5. The meta-takeaway? If you invest in publicly traded securities, monitor the applicable thresholds and submit your filings on time. This article summarizes the cases and key takeaways.
FinCEN adopts AML program requirements for SEC RIAs and ERAs
After two decades of delays, deliberations, and revisions, in August 2024 FinCEN adopted a landmark rule requiring investment advisers to AML/CFT programs. Here, we delve into who is affected by the new rule and its requirements.
What SEC Advisers need to know about SARs, CTRs and recordkeeping and travel rules
Effective January 1, 2026, most U.S. SEC Registered Investment Advisers (RIAs) and SEC Exempt Reporting Advisers (ERAs, or ‘Covered Advisers’) will be deemed “financial institutions” under the Bank Secrecy Act (BSA). As such, Covered Advisers will become subject to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) rule (the final rule) requiring investment advisers to establish anti-money laundering and countering the financing of terrorism (AML/CFT) programs. In connection with this requirement, Covered Advisers will be subject to certain filing and recordkeeping obligations, which are summarized here.
SEC enforcement case highlights affiliated adviser and broker conflicts
On September 3, 2024, the U.S. SEC instituted proceedings against International Assets Investment Management, LLC. In this article, we summarize the case and highlight takeaways for advisers.
The importance of annual compliance reviews: a best practice in an evolving regulatory landscape
Written annual compliance reviews have long been a cornerstone of a robust regulatory compliance program, particularly for firms operating within the financial services industry. Despite recent legal developments affecting the regulatory requirements for private fund advisers, the practice of conducting annual compliance reviews in some form, remains a regulatory requirement. In this article, we explore best practices for firms aiming to uphold high standards of compliance.
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