On March 9, 2022, the Securities and Exchange Commission (“SEC”) proposed its second cybersecurity rule this quarter to enhance industry disclosure of cyber incidents. The proposed rule.
The SEC proposed extensive new regulation of private fund advisers under the Adviser's Act. Also, in testimony before the U.S. Senate Committee on Agriculture, Nutrition and Forestry, CFTC Chair Rostin Behnam reviewed the agency's regulatory oversight of digital assets.
<p><span>I want to begin by offering my thanks to the staff of the Divisions of Investment Management, Examinations, and Economic and Risk Analysis, Nancy Sumption, and the Offices of the Chief Accountant, Information Technology, and General Counsel. Although I am unable to support today’s proposal, I appreciate all of the work and effort staff put into producing it, and I am grateful for the time they took to discuss my concerns and respond to my questions.</span></p>
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On April 1, 2021, the Texas State Securities Board (TSSB) announced the entry of a Consent Order against an SEC registered investment adviser named Independent Financial Group, LLC (“Independent”). The TSSB’s action may represent a large shift in investment adviser regulation and enforcement considerations for SEC-registered investment advisers.
(Emphasis on “may.”)
The Investment Advisers Act of 1940 is commonly understood to significantly limit states’ application of their securities laws as to SEC registered investment advisers.
Specifically, Section 203A(b) of the Investment Advisers Act states that “No law of any State or political subdivision thereof requiring the registration, licensing, or qualification as an investment adviser…shall apply to any person” that is registered with the SEC. However, Section 203A(b) goes on to confirm that the preemption discussed in the subsection will not prohib
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