The CORE Regulatory Forum is a virtual meeting place for the exchange of timely information on a variety of compliance and industry topics. SEC actions, compliance industry best practices, and Institutional LP concerns and interests are a few of the topics addressed. This Forum includes webinars, podcasts, electronic print material and other resources to allow compliance professionals and other interested parties to stay current on a variety of private fund topics.
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- CORE Regulatory Forum – Q3 Update (coming in August 2021)
- CORE Regulatory Forum – Q2 Update – Gary Gensler was confirmed as SEC Chairman and assumed his duties in April 2021 and the pace of activity at the SEC resumed with extensive focus on environmental, social and governance (ESG) issues, as well as regulatory oversight of digital assets, and follow-up from recent market events involving social media. The CORE Regulatory Forum Q2 Quarterly Update highlights these and other developments at the SEC, including exam and enforcement developments, as well as other regulatory developments impacting private funds and institutional managers.
- CORE Regulatory Forum – Q1 Update – As we reflect on 2020 and look ahead to 2021, it is clear that a lot has changed and much is expected to change at the Securities and Exchange Commission (SEC) and in the regulatory environment in general. In this inaugural issue of the CORE Regulatory Forum Quarterly Update, we discuss expected changes at the SEC as well as recent SEC rulemaking, exam developments, enforcement developments, and guidance, along with other regulatory developments.
- Q3 Webinar (coming in August 2021)
- Q2 Webinar (pending release)
- SEC Developments Webinar Q1 2021 – Kimberly Garber and Kit Addleman, SEC and industry veterans, discuss recent SEC developments impacting advisers and funds, including a preview of the regulatory environment under the incoming Biden Administration.
- Minerals & Royalties Podcast “Investor Due Diligence for Mineral Funds” – Kimberly Garber discusses the different types of registration requirements and exemptions that should be considered when raising/operating a private minerals fund. She also walks through the various factors that trigger different kinds of State and SEC level oversight.
- SEC Examination ESG Risk Alert – In April 2021, the SEC Exam Division issued a risk alert discussing their review of environmental, social and governance (ESG) investing, underscoring the SEC’s heightened sensitivity around ESG-related investment products, born from a rapid growth in demand for ESG financial services and shifts in capital towards ESG investing.
- SEC 2021 Examination Priorities – The SEC Division of Examinations published its 2021 Examination Priorities in March 2021 and provided highlights from its 2020 fiscal year. SEC Exam staff focused in 2020 on the impact of the COVID pandemic on investment adviser operations, investment activities and the financial markets in general. Exam staff worked remotely for most of 2020 and continue to work remotely and have heavily utilized technology and data to oversee registrant operations as part of their mission to (1) improve compliance; (2) prevent fraud; (3) monitor risk; and (4) inform policy. The recently established Event and Emerging Risks Examination Team (EERT) was designed to proactively engage with the industry and address emerging threats and market events when critical matters arise (such as in the recent Gamestop/Reddit market developments).
- SEC Digital Asset Risk Alert – In February 2021, the SEC Exam Division issued a risk alert outlining examination observations regarding digital asset securities that may assist firms in developing and enhancing their compliance practices.
- SEC IA Marketing Rule Update – The SEC updated Rule 206(4)-1, the advertising rule, in December 2020, the first time in over forty years. The amended rule was effective May 4, 2021 with an 18-month transition period.
- SEC Examination Compliance Rule Risk Alert – In November 2020, the SEC Exam program issued a risk alert outlining compliance issues noted by OCIE staff related to Rule 206(4)-7 (“the Compliance Rule”) of the Investment Advisers Act of 1940 (“Advisers Act”).
- SEC Outreach Programs – The SEC held two outreach programs in November 2020, the first a national program highlighting findings from OCIE’s Risk Alert on Adviser Compliance Programs and including updates from the Division of Investment Management and Enforcement Division. In addition the Fort Worth Regional Office provided additional insights on exam priorities and processes.