In this issue: Public Policy Updates
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February 16, 2024 Facebook Facebook

Important Issues Impacting ADISA Members

FINANCIAL INDUSTRY AND REGULATION

 

Treasury Wants to Require Advisors to Curb Money Laundering: The Wall Street Journal reports that investment advisers will soon need to start detecting and reporting suspected money laundering to the government under a newly proposed rule as the U.S. again attempts to rein in potential illicit finance flowing through the private funds sector. The Treasury Department’s rule would apply to investment advisers who register with the Securities and Exchange Commission and those who are exempted from registration but still required to report to the SEC. 

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SEC Chair Gensler Promises ‘War’ on AI Fraud: Pensions & Investments reports that SEC Chair Gary Gensler said Tuesday that financial firms using so-called artificial intelligence could face the agency's wrath if they don't put proper safeguards in place to combat fraud against investors.

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Regulator Bracing for Climate Rule Legal Challenges: The Wall Street Journal reports that SEC Chair Gary Gensler is bracing for lawsuits over its climate rule. Gensler said the SEC is working to craft a rule that holds up to judicial scrutiny even though the final version of climate regulations, first proposed nearly two years ago, has not been issued.

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Gensler Says SEC Agenda Unchanged Despite Election: Financial Advisor reports that SEC Chair Gary Gensler says he won’t rush the regulator’s sweeping agenda to get ahead of looming elections and possible political changes. Although the agency has finalized almost three dozen rules during the Biden administration, about 20 remain and many of those are opposed by conservative Republicans.

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SEC Enhances Reporting Requirements for Hedge Fund Investors: Bloomberg reports that the SEC, in conjunction with the Commodity Futures Trading Commission, made amendments last week to Form PF to monitor and evaluate systemic risk. The enhancements encompass investment exposures, borrowing and counterparty exposure, market factor effects, currency exposure, turnover, country and industry exposure, central clearing counterparty reporting, risk metrics, investment performance by strategy, portfolio liquidity, and financing and investor liquidity.

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Firms Fined $81 Million by SEC for Record-Keeping Issues: The DI Wire reports that 16 financial firms have agreed to pay more than $81 million in civil penalties to settle SEC charges of record-keeping failures, the regulator said last week. The settlements with broker-dealers and investment advisers are the latest in a multi-year SEC initiative to investigate how registered financial firms handle employees' work-related communications on personal devices and apps, such as WhatsApp.

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Alt Fund Managers Have Compliance Recruitment Problem: InvestmentNews reports that alternative fund managers are struggling to recruit compliance professionals for increasingly complex challenges. An international survey of investment managers with private equity, venture capital and real estate funds by Ocorian has found that 77% say it is hard to recruit the right people for legal and compliance departments and 69% believe the situation is only going to worsen.

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Conservatives Battle SEC Gag Rule: Politico reports that a long-running battle over the SEC’s policy of muzzling defendants in enforcement cases is gaining new momentum in the courts, thanks to a broad attack by conservative activists on the so-called administrative state that includes dozens of recent challenges to SEC rules and those of other agencies.

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POLICY AND LEGISLATION

 

House Rejects Change to State-Local Tax Deduction: Roll Call reports that the House rejected a rule 195-225 that would have provided for floor consideration of a bill to double the cap on state and local tax deductions for married couples earning up to $500,000, killing the proposal for now.

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ESG Employment Boom is Fading: The Wall Street Journal reports that U.S. companies are hiring fewer people for roles related to environmental, social and corporate-governance issues as finance executives assess costs and seek faster returns on investments. Companies are facing investor pushback and political pressure targeted at ESG efforts.

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