SEC Enforcement and Examination Trends for Registered Investment Advisers

Brian Davis, NYC office managing partner, and Dimitri Mastrocola, partner, welcomed Lowenstein Sandler LLP partners Scott H. Moss and Eileen Overbaugh for a vibrant discussion of current trends and expected developments in SEC enforcement actions and examination priorities.

Discussion points included:

• Cybersecurity & Vendor Review
• Business Continuity Plans
• Branch Office Supervision
• Conflicts of Interest
• Misuse of Material, Non-Public Information
• ESG – Environmental, Social, Governance

Discussion points included recent guidance and actions on insider trading, supervision of branch offices, cross trades and principal transactions, ESG, and numerous other topics currently under review by the Division of Examinations (custody, short selling, vendor review, marketing, digital assets, valuation, investment and expense allocation, privacy and data security, and conflict of interest disclosure). Scott and Eileen also discussed recommended updates to Form ADV disclosures and offering and organizational documents.