Reg BI remains priority for 2023 exams | Rare Techy


Three areas of focus are environmental, social and governance focused investment; private funds; Norms of conduct, better relayed.

Regarding ESG, the agency will “verify that advisers and funds clearly and accurately disclose their ESG investment approaches, and adopt and implement policies, procedures and practices to prevent violations of federal securities laws related to ESG disclosures.”

The size, complexity and growth of the private funds market remains a “key” area of ​​focus, Best said. “35% of all RIAs manage private funds’ assets – that’s a 70% increase in assets managed by private funds’ advisors over the past five years.” In this area, the Division will review advisors’ fiduciary duty and assess risks – including compliance programs, fees and costs, custody and conflicts.

New Marketing Rule Compliance

Regarding the SEC’s new marketing rule, which has a Nov. 4 compliance date, investment management division head William Birdthistle said at the seminar that he would “highly encourage strict compliance with the rule.”


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