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CORE Regulatory Forum

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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Recent Publications

  • CORE Regulatory Forum – Q2 2023 Update – The amendments to Form PF were finalized in May 2023. A new rule adopted in June 2023 designed to prevent fraud in connection with security-based swap transactions also prevents undue influence over chief compliance officers (CCOs). Sweeping new private fund rules were adopted shortly after quarter-end in August 2023, and the volume and significance of rulemaking continues unabated. SEC exams also continue at a heavy pace with examiners returning to on-site exams in some instances while continuing to conduct most exams remotely.
  • CORE Regulatory Forum – Q1 2023 Update – The first quarter of 2023 brought a wave on notable bank failures triggered by a continued rising interest rate environment, cryptocurrency turmoil and other market developments. The SEC cited the banking crisis as evidence of the need for additional private fund reporting as it finalized the first of several Form PF amendments. The Q1 Regulatory Update highlighted final rules shortening settlement dates, proposed amendments to the IA custody rule, and 2023 Exam Program priorities, among other developments.
  • CORE Regulatory Forum – Q4 2022 Update – The final quarter of 2022 marked the compliance date for the amended Marketing Rule as discussed along with other hot topics in the SEC Exam Program outreach program. Final rules were adopted related to Rule 10b5-1 Insider Trading Plans and Proxy Voting Say-on-Pay and a new proposal regarding oversight of outsourced service providers was issued. The Q4 Regulatory Update highlights these as well as exam and enforcement developments.
  • CORE Regulatory Forum – Q3 2022 Update – As the SEC ended its fiscal year, many rule proposals remained unfinished, and a number were re-opened for comment as the Commission responded to challenges from industry participants and Congress regarding the pace and nature of rulemaking. The Q3 Regulatory Update highlighted a new Form PF proposal for hedge funds and private funds, an SEC risk alert on exam plans with respect to the new Marketing Rule and other key regulatory developments.
  • CORE Regulatory Forum – Q2 2022 Update – The SEC welcomed two new Commissioners in the second quarter of 2022 and continued a hurried pace of rulemaking. The Exam Division welcomed a new permanent Director. The Q2 Regulatory Update summarized comments on pending rulemaking and highlighted a noteworthy SEC risk alert regarding investment adviser’s handling of material non-public information, among other regulatory developments.
  • CORE Regulatory Forum – Q1 2022 Update – The SEC kicked off an aggressive rulemaking agenda with more than a dozen new rulemaking proposals during the first quarter of the year, many of which will directly impact private fund managers and investment advisers. The Q1 Regulatory Update highlights rulemaking initiatives as well as exam program priorities, recent enforcement cases and other regulatory developments.
  • CORE Regulatory Forum – Q4 2021 Update – The SEC has expanded its focus on private funds, noting significant growth in hedge funds and private equity funds, with AUM for such funds exceeding $11 trillion. The CORE Regulatory Forum Q4 Quarterly Update highlighted SEC comments on principles impacting private fund rulemaking and guidance that would follow in Q1 2022. The update also summarizes recent rulemaking initiatives and several interesting enforcement cases and other regulatory developments.
  • CORE Regulatory Forum – Q3 2021 Update – Chair Gensler appointed a new policy team and Director of Enforcement and has highlighted key trends affecting the SEC’s resources, including private funds, IPOs and SPACs, digital assets, fintech and data analytics. The CORE Regulatory Forum Q3 Quarterly Update highlights expected rulemaking in these areas and other key regulatory developments.
  • CORE Regulatory Forum – Q2 2021 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 2021 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.

Webinars

  • Recent SEC Private Fund Updates (Coming Soon)
  • SEC Private Fund Focus Webinar Q3 2021 – Kimberly Garber, Taylor Wilson and Igor Rozenblit discuss the SEC’s current focus on private funds, recent examination and enforcement priorities, expected rulemaking and other regulatory developments impacting private fund managers. Click here for materials.
  • 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. Click here for materials.

Other Resources

  • Form PF Proposed Amendments – In January 2022, the Securities and Exchange Commission considered proposals to amend Form PF, the reporting form for private funds designed to provide the SEC and Financial Stability Oversight Counsel (FSOC) with important, confidential information about the operations and strategies of private funds and enhance their ability to monitor systemic risk, bolster regulatory oversight of private funds and enhance investor protection.
  • 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.
CORE-CCO Services, LLC
Ⓒ 2021 - All Rights Are Reserved
CORE-CCO Services, LLC
Ⓒ 2021 - All Rights Are Reserved