Comments on an SEC proposal to amend regulations on consumer financial privacy and information safeguards ("Reg S-P") are due by June 5, 2023.
News & Insights
SEC Director of the Division of Investment Management William Birdthistle described three trends in the asset management industry that require the SEC's "far-reaching vigilance and prompt concentration."
The SEC proposed amendments to regulations on consumer financial privacy and information safeguards that would, among other things, require firms to implement written incident response plans and provide data breach notifications to customers.
The SEC Division of Examinations outlined its annual priorities for 2023. The new report includes a heightened focus on RIA regulation, private investment fund RIAs, ESG-focused investing, Regulation Best Interest for broker-dealers and the fiduciary standard for advisers.
In its biennial report on examinations of state-registered investment advisers, the North American Securities Administrators Association highlighted that most investment advisers lack policies and procedures regarding the financial exploitation of seniors or other vulnerable investors.