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Your professionally curated research and reference resource fully integrating treatise and how-to guidance with underlying laws, rules, interpretations, and hundreds of sample documents.

OCIE is now the SEC’s Division of Examinations

DID YOU KNOW? On December 17, 2020, the SEC unanimously supported the decision to rename OCIE the “Division of Examinations.”

Adviser Regulatory & Compliance News

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Fine Article on Cybersecurity and Data Privacy

March 5, 2021

Cybersecurity is an everpresent issue for our industry. Our friends at Eversheds recently published an article, "Key lessons from 2020 to help navigate the future of cybersecurity and data privacy," looking back at the SolarWinds hack and other 2020 developments. It's a generalized article but lessons can be drawn for our RIA, adviser, broker-dealer and fund members. The article can be accessed by clicking the headline to this blurb.

SEC Announced Enforcement Task Force Focused on Climate and ESG Issues

March 5, 2021

Following quickly on publication of its 2021 Examination Priorities, the SEC announced on March 4, 2021 the formation of a specialized task force focused on climate and ESG issues. As noted in its press release, "The task force will ... analyze disclosure and compliance issues relating to investment advisers’ and funds’ ESG strategies." As a practical matter, this suggests the RIAs and advisers need to pay attention to their documentation and disclosures regarding ESG investments and strategies. The press release may be accessed by clicking the headline to this blurb.

Division of Examinations’ 2021 Exam Priorities

March 4, 2021

On March 3, 2021, the SEC's Division of Examinations (formerly known as OCIE) released its 2021 report and exam priorities. The lengthy report reviews results and observations from 2020's work and Covid-related issues as well as laying out the 2021 priorities. A summary of the priorities is included in the attached article. The Report can be accessed by clicking the link at the end of the article.

State Privacy Regulations Spreading

March 3, 2021

On March 2, 2021, Virginia adopted a comprehensive new law regulating consumer data privacy. The law becomes effective on Jan. 1, 2023 and is the second such state law (California being the other). It appears other states may join VA and CA with European style privacy laws. Most RIAs appear not to be covered but nonetheless need to pay attention to this developing trend. Briefly, VA's law covers entities that (1) Annually control or process personal data of at least 100,000 Virginia residents, or (2) Control or process personal data of at least 25,000 Virginia residents and derive over 50% of gross revenue from the sale of personal data. If your company falls within those parameters, then you need to prepare to comply with GDPR type regulation if you have not done so already. Please click the headline to this blurb to be connected to an excellent Ropes & Gray legal alert on the subject.

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