{"id":1339,"date":"2025-01-29T14:12:48","date_gmt":"2025-01-29T14:12:48","guid":{"rendered":"https:\/\/iqeq.com\/us\/insights\/key-takeaways-from-the-secs-national-seminar\/"},"modified":"2025-04-16T08:24:23","modified_gmt":"2025-04-16T08:24:23","slug":"key-takeaways-from-the-secs-national-seminar","status":"publish","type":"post","link":"https:\/\/iqeq.com\/us\/insights\/key-takeaways-from-the-secs-national-seminar\/","title":{"rendered":"Key takeaways from the SEC\u2019s National Seminar"},"content":{"rendered":"<section class=\"text-block standard-spacing  \">    <div class=\"container fade-in\">\n        <p><em>By Alex Leonard, Director, U.S.<\/em><\/p>\n<p><strong>On November 7, 2024, the U.S. Securities and Exchange Commission (SEC) held their National Seminar, part of the Compliance Outreach Program. <\/strong><\/p>\n<p>The Compliance Outreach Program\u2019s mission is to inform and improve compliance throughout firms&#8217; business operations. The program is designed to provide a forum to discuss compliance issues in a practical way, to share experiences and to learn about effective compliance practices. National Seminars cover various compliance-related issues and topics relevant for chief compliance officers (CCOs) and other senior officers of larger advisers.<\/p>\n<p>This seminar included panel discussions on information security and operational resiliency, registered investment companies, private fund advisers, the Marketing Rule, registered investment advisers, and a hot topics lightning round.<\/p>\n<p>Below, we summarize some key takeaways. Recordings of the panels are available <a href=\"https:\/\/www.sec.gov\/compliance\/complianceoutreach\/national-compliance-outreach-program-broker-dealers\/compliance-outreach-program-national-seminar-video-110724\">on the SEC\u2019s website<\/a>.<\/p>\n<h2>Select panel takeaways<\/h2>\n<h3>I.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Information security and operational resiliency<\/h3>\n<ul>\n<li>Review <a href=\"https:\/\/www.sec.gov\/files\/34-100155-fact-sheet.pdf\">new Regulation S-P requirements<\/a> for policy updates<\/li>\n<li>Regular employee training can reduce risk of human errors<\/li>\n<li>Level of oversight of third-party vendors depends on the service and data involved<\/li>\n<li>Firms should prepare for an ongoing focus on off-channel communications<\/li>\n<\/ul>\n<h3><a name=\"_Toc183001901\"><\/a>II.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Private fund adviser topics<\/h3>\n<ul>\n<li>Difficulties of complying with the enhanced 72-hour Form PF reporting<\/li>\n<li>Performance advertising creates the most issues given its various components<\/li>\n<li>Conflicts with managing funds investing across a company\u2019s capital structure<\/li>\n<li>Regarding disclosures: say what you do, do what you say<\/li>\n<\/ul>\n<h3><a name=\"_Toc183001902\"><\/a>III.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Marketing Rule<\/h3>\n<ul>\n<li>Advisers should be prepared to substantiate the claims made in marketing materials<\/li>\n<li>Determining if a metric is \u201cperformance\u201d can be challenging and subjective<\/li>\n<li>Advisers should consider limiting the materials made publicly available online<\/li>\n<li>Disclosures necessary to understand a statement must be clear and prominent<\/li>\n<\/ul>\n<h3><a name=\"_Toc183001903\"><\/a>IV.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Registered investment advisers<\/h3>\n<ul>\n<li>Duty of loyalty and a duty of care establish expectations and standards<\/li>\n<li>Process for identification, mitigation and disclosure of conflicts is instrumental<\/li>\n<li>Determination of \u201cmaterial\u201d facts necessary for disclosure can be difficult<\/li>\n<li>Thoroughly documented annual reviews are crucial for any compliance program<\/li>\n<\/ul>\n<h3>Conclusion<\/h3>\n<p>Today, while the SEC continues to examine traditional areas, they are also focused on compliance with newly effective rules, implementation of new technologies, cybersecurity issues, investments in crypto assets, and usage of artificial intelligence. Technologies that streamline operations and portfolio management, while they can increase efficiencies, also pose new challenges that advisers must vet and implement appropriate policies and procedures around.<\/p>\n<p>Advisers are reminded of the importance and value of the SEC\u2019s annual priorities, periodic risk alerts and outreach events such as this seminar. These create a roadmap for strengthening compliance and investor protection and seek to empower compliance professionals to lead discussions about enhancing compliance within their firms.<\/p>\n<h4><strong>At\u00a0IQ-EQ, our compliance consultants have the experience to handle all U.S. regulatory requirements of the SEC and will work closely with you to keep your firm compliant in the face of new and evolving rules.\u00a0<\/strong><a href=\"https:\/\/iqeq.com\/services\/compliance-consulting-u-s\/\"><strong>Find out more about our U.S. compliance consulting services<\/strong><\/a><strong>.<\/strong><\/h4>\n            <\/div>\n<\/section>","protected":false},"excerpt":{"rendered":"","protected":false},"author":6,"featured_media":1340,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[1],"tags":[],"expertise":[13,14],"service_category":[19],"class_list":["post-1339","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Key Takeaways From the SEC&#039;S National Seminar | IQ-EQ U.S.<\/title>\n<meta name=\"description\" content=\"On November 7, 2024, the U.S. SEC held their National Seminar, part of the Compliance Outreach Program. 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