Keeping on top of SEC regulations

Over the past couple of years, the SEC has become more proactive in its examinations of registered investment advisers (“RIAs”); it has publicly announced that it is focussed on reviewing new RIAs or those it has not previously examined. Further, as a result of COVID the SEC has moved to carrying out remote examinations (rather than on-site), increasing the likelihood of UK firms being selected for examinations. Therefore, it is important that firms remain on top of SEC rules and regulations, at all times.

How we can support you

Once SEC registration is achieved, firms should ensure that they have appropriate compliance programmes in place and that their practices comply with these programmes. We can assist firms by embedding programmes that are appropriate for their firm type. The SEC is also keen to ensure that information contained in its ADV (i.e. registration) form remains accurate and up-to date and we assist with this obligation by helping firms with their ‘annual’ and ’other than annual’ updating amendments. 

In addition, there are various developments and changes to SEC rules. The SEC periodically issues what it calls ‘no action’ letters to explain real-life examples of investigations the regulator has conducted on firms and whether enforcement action was taken, which should be used by other firms as guides for ‘good’ or ‘poor’ practice. We help firms stay on top of this by regularly providing them with updates on reg developments and how they affect firms, as well as commercial advice on practical application of the rules.

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A full breakdown of our ongoing SEC support offering

Exempt Reporting Adviser

We will:

- Provide an appropriate compliance infrastructure to satisfy a firm’s SEC regulatory compliance obligations, including provision of a compliance manual;

- Annually review and update the above;

- Provide a compliance monitoring programme that is appropriate to the size, scope and complexity of the business;

- Review marketing material to ensure it meets regulatory requirements;

- Assist with SEC ‘annual’ and ‘other-than-annual’ updates, including update of the Form ADV 1;

- Assist with completion of annual report summarising compliance program;

- Inform of relevant changes in SEC regulation and assist in updating any relevant policies and procedures to enable the client to comply with any new requirements; and

- Provide ad-hoc regulatory advice as and when required.

Registered Investment Adviser

We will:

- Provide an appropriate compliance infrastructure to satisfy a firm’s SEC regulatory compliance obligations, including provision of a compliance manual and code of ethics policy;

- Annually review and update the above;

- Provide a compliance monitoring programme that is appropriate to the size, scope and complexity of the business;

- Review marketing material to ensure it meets regulatory requirements;

- Assist with SEC ‘annual’ and ‘other-than-annual’ updates, including update of the Form ADV 1, Form ADV 2A, Form ADV 2B and, where applicable, Form CRS;

- Assist with completion of annual report summarising compliance program;

- Inform of relevant changes in SEC regulation and assist in updating any relevant policies and procedures to enable the client to comply with any new requirements; and

- Provide ad-hoc regulatory advice as and when required.

CONTACT US TO LEARN MORE ABOUT OUR OFFERINGS

Why choose Cosegic?

Our 360 degree perspective of regulatory affairs

01

Our 360 degree perspective of regulatory affairs

Our wide range of financial sector experts come together on a regular basis to discuss their interactions with the FCA and the regulatory trends that they are seeing, providing us with a more informed understanding of the FCA than our competitors.

Direct, proportionate advice

02

Direct, proportionate advice

Our unique perspective means we really do have our fingers on the pulse of regulation, which helps us to ensure that the advice we offer is practical, helpful and directly proportionate to our clients’ needs.

Our understanding of the role of compliance in firms

03

Our understanding of the role of compliance in firms

We have watched the evolution of compliance over the past twenty years and understand that compliance must now become a core part of how financial services carry out their businesses in order for them to be successful.

Compliance confidence for visionary growth

04

Compliance confidence for visionary growth

In recognising this, our services have been built in a way that can help you navigate regulation ensuring you will keep your vision and objectives intact. Our breadth of experience allows us to balance your business objectives with your compliance requirements.

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