Tag: Regulatory Insights
CCI product summary template overview
Lewis Davison from Confluence will take you through the key design principles and elements of our CCI product summary template.
Reg SP compliance countdown: key steps before June 3
Watch the March After the Alert with Doug Preveza.
The Reg S-P compliance deadline is right around the corner
The SEC's 2024 amendments to Regulation S-P take effect June 3 for smaller firms. If your incident response plan, written information security program, & vendor oversight aren't in place, this is now urgent and the time to act is now
Testing, testing – CCI and the Consumer Duty
Intro The introduction of the UK Consumer Composite Investments (CCI) framework via PS25/20 represents a step-change in the design and delivery of fund disclosures. Gone are the rigid, regulatory-prescribed formats of old, in favour of a more flexible approach enabling asset managers, insurers and other in-scope product manufacturers to better tailor information delivery to end […]
New $300 FINRA gift limit and clarifications to Rule 3220
FINRA’s amendments to Rule 3220 (Influencing or Rewarding Employees of Others) mark one of the most significant updates to the gifts and gratuities framework in decades. While the headline change—the increase in the annual gift limit from $100 to $300—has drawn attention, the more meaningful impact lies in FINRA’s clarification of expectations around valuation, aggregation, supervision, and […]
Regulatory fines and the rising burden of compliance: How investment managers can stay ahead
In today’s global investment landscape, compliance is no longer just a checkbox exercise — it’s a critical factor in protecting firms from financial and reputational risk. Regulators are increasingly vigilant, and the consequences of reporting failures can be severe. From the BaFin €600,000 fine in Germany for voting rights disclosure lapses to scrutiny from the SECand the FCA, investment […]
From settlement speeds to strategic supervision: Regulation in transition
Introduction November’s regulatory developments reflect a continued recalibration of global supervision—faster markets, evolving consumer protections, and continuing regulatory attention on operational resilience. Europe is preparing for a move to T+1 settlement, expected to enhance efficiency but likely to test readiness across post-trade processes. In the UK, the FCA is refining both its MiFID organizational rules and the […]
Regulation in motion: Preparing for disclosure, oversight, and data-led supervision
Explore our RegTech Reports. Your trusted source for essential insights into regulatory technology and industry updates. This curated collection of reports, blogs, and video series covers a wide range of topics, from upcoming regulatory changes to the latest technological advancements, helping you navigate the complexities of compliance with confidence.
Fall compliance cleanup: CE, S-ID, Reg S-P, and more
As we leave summer behind and enter into the latter part of the year, its important to keep an eye on continuing education requirements.
Fall focus: Business continuity plans
This month's report highlights the benefits of business continuity plans.
Surviving daunting regulatory exams: Key takeaways from compliance pros who’ve been there
Key takeaways Regulatory exams are faster, smarter, and still coming Coinciding with changes in regulatory priorities under new leadership, the SEC’s exam division remains active and committed to its risk-based approach, seeking to annually review approximately 10% of the 16,000 advisors servicing about $145 trillion in AUM. In addition, remote and hybrid exams are most […]
Key compliance reminders: DOL rollover rule & fee billing accuracy
For this month’s alert, there were two key pieces that we wanted to point out and expand on as we feel could offer some additional insights and helpful tips for your practice.
Five regulatory reporting market trends to watch: from complexity to efficiency
Key takeaways The regulatory landscape is complex and constantly evolving. Across financial services, firms are facing a wave of change: tighter deadlines, deeper disclosures, and shifting expectations from regulators and clients. Balancing deregulation in some jurisdictions while obligations expand in others, today’s compliance leaders are challenged to keep up and adjust faster than ever before. […]
AML rule delayed, not derailed: What advisers need to know now
Introduction In a move that surprised few but still raised eyebrows, the Financial Crimes Enforcement Network (FinCEN) has officially postponed the effective date of its long-anticipated Anti-Money Laundering (AML) rule for Registered Investment Advisers (RIAs) and Exempt Reporting Advisers (ERAs). Originally slated to take effect on January 1, 2026, the rule is now delayed until […]
Regulatory reform in focus: Preparing for the next wave of simplification
Explore our RegTech Reports. Your trusted source for essential insights into regulatory technology and industry updates. This curated collection of reports, blogs, and video series covers a wide range of topics, from upcoming regulatory changes to the latest technological advancements, helping you navigate the complexities of compliance with confidence.
UK reference data for shareholder disclosures
Confluence Regs without borders series, with Aspasia Latsi - Regulatory Analyst at Confluence
Compliance reminders & vendor risk insights for July
Here’s a quick recap of what’s new and what need your attention this month. This month’s alert covers several key compliance areas.
Navigating the UK’s Short Selling and Position Limits Reforms in 2025
The UK’s financial landscape is evolving with significant regulatory changes in short selling and position limits set to take effect in 2025 and 2026. These reforms are part of HM Treasury’s broader strategy to modernize financial services post-Brexit, ensuring competitiveness and growth for UK markets. Here’s what asset managers need to know about the upcoming […]
FCA proposes key simplifications under CCI framework in latest consultation (CP25/9)
On 16 April 2025, the FCA published a subsequent consultation (to CP24/30) on certain specific provisions under the incoming CCI framework (CP 25/9), which runs through to 28 May 2025. Within the same update, the FCA indicates that it expects to publish the final rules via a policy statement in late 2025. As such, if we […]
AIFMD II, ECB & EDGAR updates: what you need to know
Explore our RegTech Reports. Your trusted source for essential insights into regulatory technology and industry updates. This curated collection of reports, blogs, and video series covers a wide range of topics, from upcoming regulatory changes to the latest technological advancements, helping you navigate the complexities of compliance with confidence.
Adapting to ECB’s new reporting standards: Are you ready?
Changes to investment fund statistical reporting adopted by the European Central Bank (ECB) are set to take effect in December 2025, and national central banks, such as the Central Bank of Ireland (CBI) and Banque Centrale du Luxembourg (BCL) have published their jurisdiction-specific reporting requirements.
Raising the bar: What the ECB’s reporting changes mean for investment funds
The financial industry is no stranger to regulatory evolution, but the European Central Bank’s (ECB) updated reporting requirements for investment funds mark a significant shift that will demand considerable adaptation from market participants. Set to take effect in December 2025, these changes will impact funds operating across the European Union and their administrators, introducing greater reporting frequency, […]
Form PF 101 requirements and deadlines
An overview of the SEC's latest private fund reporting requirements and deadlines.
Updates to Form PF: Sections 1 and 2
The US Securities & Exchange Commission (SEC) is making major changes to Sections 1 and 2 of Form PF, starting with Q1 2025 reporting. Are you ready?
The Importance of an Annual Updating Amendment for Investment Advisors
Investment advisors have a crucial responsibility: maintaining transparency and compliance with regulatory standards. One key aspect of fulfilling this responsibility is filing an annual updating amendment of Form ADV with the Securities and Exchange Commission (SEC) or the state regulator for state-registered firms. This filing must be made within 90 days of the advisor’s fiscal […]
SFDR in 2025: fixes, challenges, and what’s next
It doesn’t feel like five minutes have passed since the EU’s Sustainable Finance Disclosure Regulation (SFDR) first became applicable, particularly the product-level disclosures that took effect in January 2023. Expected changes to this framework should be finalized in 2025. Meanwhile, the UK’s ‘Sustainability Disclosure Requirements’ (SDR) framework has taken a different approach to disclosures. Despite […]
Shareholder disclosure and managed holdings
Key Global Insights from Aosphere’s Faye Sutherland
Navigating EU regulations: expectations for 2025 and beyond
Explore our RegTech Reports. Your trusted source for essential insights into regulatory technology and industry updates. This curated collection of reports, blogs, and video series covers a wide range of topics, from upcoming regulatory changes to the latest technological advancements, helping you navigate the complexities of compliance with confidence.
Investment firms and the Trump administration: what’s next?
Explore our RegTech Reports. Your trusted source for essential insights into regulatory technology and industry updates. This curated collection of reports, blogs, and video series covers a wide range of topics, from upcoming regulatory changes to the latest technological advancements, helping you navigate the complexities of compliance with confidence.
Mastering 13f-2 Reporting: Key Insights for Staying Ahead of the Curve
With the new 13f-2 reporting rules fast approaching, the latest webinar from Confluence and SEI Regulatory Services, Navigating 13f-2 Reporting: Expert Insight and Strategic Approaches, shed light on the critical aspects of compliance. With a compliance deadline of January 2, 2025 approaching fast, the session offered an in-depth look at regulatory expectations, practical steps for compliance, […]
Surviving Form PF: What to expect and how to prepare with confidence
Confluence recently hosted a webinar, Prioritizing Form PF – Before It’s Too Late, where experts from Confluence and international law firm Mayer Brown explained the changes required for all filers, and especially large hedge funds advisors who will need to conduct a holistic review of their Form PF preparation processes efficiently and accurately. The webinar was […]
Form PF and AML compliance: key considerations
Explore our RegTech Reports. Your trusted source for essential insights into regulatory technology and industry updates. This curated collection of reports, blogs, and video series covers a wide range of topics, from upcoming regulatory changes to the latest technological advancements, helping you navigate the complexities of compliance with confidence.
The big picture: a global perspective on U.S. disclosure regulations
Explore our RegTech Reports. Your trusted source for essential insights into regulatory technology and industry updates. This curated collection of reports, blogs, and video series covers a wide range of topics, from upcoming regulatory changes to the latest technological advancements, helping you navigate the complexities of compliance with confidence.
Form PF overhaul: Are you ready for the biggest changes yet?
The Securities and Exchange Commission’s (SEC) third set of Form PF amendments in the past 12 months-arguably the most substantial yet-is set to significantly impact all filers, with large hedge funds expected to bear the brunt of these changes. What will this mean for your firm’s compliance team, risk controls, and day-to-day operations? Does your […]
AIFMD II and SEC Names Rule: what you need to know
Explore our RegTech Reports. Your trusted source for essential insights into regulatory technology and industry updates. This curated collection of reports, blogs, and video series covers a wide range of topics, from upcoming regulatory changes to the latest technological advancements, helping you navigate the complexities of compliance with confidence.
Tech in transaction reporting: new ID rules and ESG changes
Explore our RegTech Reports. Your trusted source for essential insights into regulatory technology and industry updates. This curated collection of reports, blogs, and video series covers a wide range of topics, from upcoming regulatory changes to the latest technological advancements, helping you navigate the complexities of compliance with confidence.
U.S. Supreme Court curbs regulatory power
Explore our RegTech Reports. Your trusted source for essential insights into regulatory technology and industry updates. This curated collection of reports, blogs, and video series covers a wide range of topics, from upcoming regulatory changes to the latest technological advancements, helping you navigate the complexities of compliance with confidence.
UK election and SEC Marketing Rule: key takeaways
Explore our RegTech Reports. Your trusted source for essential insights into regulatory technology and industry updates. This curated collection of reports, blogs, and video series covers a wide range of topics, from upcoming regulatory changes to the latest technological advancements, helping you navigate the complexities of compliance with confidence.
Private fund adviser reforms and EU due diligence updates
Explore our RegTech Reports. Your trusted source for essential insights into regulatory technology and industry updates. This curated collection of reports, blogs, and video series covers a wide range of topics, from upcoming regulatory changes to the latest technological advancements, helping you navigate the complexities of compliance with confidence.
Decoding the SEC’s latest form PF amendments: What you need to know before the March 2025 deadline
The SEC’s latest changes to Form PF are here, and they’re shaking things up in a major way for US private fund advisors. Forget business as usual—these changes require a holistic review of existing reporting methodologies and processes. This represents a significant challenge for private fund advisors and their service providers, but it can also […]
EMIR reporting enhancements: transitioning to T+1
Explore our RegTech Reports. Your trusted source for essential insights into regulatory technology and industry updates. This curated collection of reports, blogs, and video series covers a wide range of topics, from upcoming regulatory changes to the latest technological advancements, helping you navigate the complexities of compliance with confidence.
Climate disclosure rule: implications of a Trump victory for the SEC agenda
Explore our RegTech Reports. Your trusted source for essential insights into regulatory technology and industry updates. This curated collection of reports, blogs, and video series covers a wide range of topics, from upcoming regulatory changes to the latest technological advancements, helping you navigate the complexities of compliance with confidence.
AIFMD II and SEC reforms: what to expect in 2024
Explore our RegTech Reports. Your trusted source for essential insights into regulatory technology and industry updates. This curated collection of reports, blogs, and video series covers a wide range of topics, from upcoming regulatory changes to the latest technological advancements, helping you navigate the complexities of compliance with confidence.
ESG requirements and EU reporting: navigating the changes
Explore our RegTech Reports. Your trusted source for essential insights into regulatory technology and industry updates. This curated collection of reports, blogs, and video series covers a wide range of topics, from upcoming regulatory changes to the latest technological advancements, helping you navigate the complexities of compliance with confidence.
Navigating new SEC rules, ESG deadlines, and AI developments
Explore our RegTech Reports. Your trusted source for essential insights into regulatory technology and industry updates. This curated collection of reports, blogs, and video series covers a wide range of topics, from upcoming regulatory changes to the latest technological advancements, helping you navigate the complexities of compliance with confidence.
Navigating PRIIPs & UCITS challenges: Preparing for the annual refresh
With the Packaged Retail and Insurance-based Investment Products (PRIIPs) Key Information Document (KID) transition complete and the industry looking forward, Confluence’s Shane Flatman and Stephane Turpin took the time to reflect on the move from UCITS KIID to PRIIPs KID overall in a recent webinar. And now that we’re in the fourth quarter of the year, now is the time to start the process of refreshing your PRIIPs KIDs and UCITS KIIDs. Here, we discuss the key areas and challenges the industry worked through as part of the transition and the crucial areas KID producers should focus on to ensure they are ready for the annual refresh.
The new SEC short selling rule will keep us occupied for quite some time
Much ink has lately been spilled over the new Short Sale reporting rule in the U.S. New Rule 13f-2 was adopted by the Securities and Exchange Commission (‘SEC’) to shed more light upon Short-Selling in the wake of GameStop saga. It is no wonder that those concerned have raised pertinent questions in this regard.
ESG reporting and SEC amendments: key changes you should know
Explore our RegTech Reports. Your trusted source for essential insights into regulatory technology and industry updates. This curated collection of reports, blogs, and video series covers a wide range of topics, from upcoming regulatory changes to the latest technological advancements, helping you navigate the complexities of compliance with confidence.
How are investors impacted by the modernization of the beneficial ownership reporting in the US?
The modernization of the Beneficial Ownership reporting has been a long-discussed topic by the Securities and Exchange Commission (“SEC”) in the U.S. It therefore comes as no surprise that the adoption of amendments to Regulation 13D-G a few days ago is big news, as a large number of investors will have to comply with the […]
SEC Marketing Rule: Simplifying & automating composites and GIPS® reports
This series focuses on the key insights from our recent webinar, Composites Best Practices: Staying ahead of the composites compliance and regulatory curve. Our panel featured composites and Global Investment Performance Standards (GIPS®) industry experts, plus esteemed panelists from Guardian Performance Solutions LLC and Madison Investment Services.
SEC Marketing Rule: Best practices for simplifying and automating composites and GIPS® reports
Navigating the intricate landscape of investment management demands a delicate balance between regulatory compliance, operational efficiency and delivering accurate and meaningful data. As firms grapple with managing numerous composites, meeting tight deadlines, and adhering to evolving industry standards, the need for simplification and automation becomes increasingly evident. Here, we explore how firms can harness the […]
SEC Marketing Rule: Do you switch to model fees?
Under the GIPS® Standards, investment advisers can include non-fee-paying accounts in composites without having to apply a model fee, so long as the composite’s GIPS Report includes appropriate disclosure. However, the SEC now expects advisers to apply a model fee to these non-fee-paying accounts, to provide more accurate and transparent information to potential clients that’s more […]
Behind the Curtain – SEC’s Risk-Based Approach to Examinations
The SEC Division of Examinations (“EXAMS”) issued a Risk Alert describing EXAMS’ risk-based approach for selecting registered investment advisers to examine and determining the scope of examinations. The Risk Alert included an example of a typical initial request for documents and information, as well as examples of additional information that EXAMS may request during the examination process. The Alert identified three (3) components used to assess an adviser’s risks and scoping examinations.
Takeaways from the SEC’s new private fund adviser rules – build and plan for successful implementation
The private fund regulatory landscape just got more complex with the August 23 SEC adoption of these long-awaited private fund rules, which were first proposed 18 months ago in the face of industry pushback. These rules align with the agenda by SEC Chairman Gary Gensler, who has been steadfast in his commitment to enacting a […]
SEC Marketing Rule: How does it affect composites?
The SEC Marketing Rule presents many opportunities for firms to streamline performance and composite reporting. However, firms face the challenges of managing many composites, tight deadlines to produce information, and manual or spreadsheet-driven processes across multiple facets and regions of the business. How can firms use composites when advertising related, hypothetical and representative account performance? […]
Top compliance concern: An SEC exam on the marketing rule — forewarned is fair play?
Elevated Fears and Stress abound for registered SEC Adviser firms as they evaluate their firm’s readiness for an inevitable SEC examination for compliance with the new Marketing Rule. The SEC’s Division of Examination (“EXAMS”) staff is currently examining SEC Registered Investment Adviser firms for compliance with the Marketing Rule with breakneck focus. Registered SEC Investment […]
Navigating the next market downturn at TSAM London
Now that the TSAM – the Summit for Asset Management in London – is over, it is time to look back and delve into the subject of market downturns, as discussed during the regulatory roundtable “Navigating the next market downturn,” which was part of the Confluence-sponsored Regulatory & Compliance stream.Given that the two-day conference brought […]
As pressures mount, SEC finalizing its rule for companies’ climate-related disclosures
Global scientific consensus and domestic political interests compete for its attention The SEC’s forthcoming Final Rule, requiring climate-related disclosures by US companies, is placed here in the context of recent global climate developments. This provides some perspective on the pressures faced by the SEC, as it finalizes its much talked-about 490-page proposal. We conclude with some important action items for investment firms, who will rely on these disclosures for their sustainability investment analyses and compliance functions.
HEADS UP: SEC Division of Examinations
identifies gaps and signals need for main office policies and procedures to be applied at branch office locations
SEC revises Form PF rules
The SEC adopted changes to Form PF impacting large hedge fund advisers and all PE advisers.
Incident reporting on the SEC’s radar as regulator seeks to mandate a federal breach notification standard
A steady increase in the threat that data breaches pose to individual investors has spurred the Securities and Exchange Commission to revisit the issue of safeguarding customer information. On March 15th, 2023, the SEC published proposed changes for Regulation S-P. The proposal is designed to provide registered investment advisers’ clientele with sufficient notice of any data […]
Making the RightAdjustments: Managing LiquidityRisk for SEC Rule 22e-4Compliance
Introduction One of the many lessons learned from recent financial crises is that under unpredictable circumstances, the liquidity of traded financial instruments can nearly vanish. As we saw in those instances, this lack of liquidity coupled with the highly interconnected nature of modern derivatives, can lead to massive fund redemptions, which naturally increases the pressure […]
Making the right adjustments: managing liquidity risk for SEC Rule 22e-4 compliance
Introduction One of the many lessons learned from recent financial crises is that under unpredictable circumstances, the liquidity of traded financial instruments can nearly vanish. As we saw in those instances, this lack of liquidity coupled with the highly interconnected nature of modern derivatives, can lead to massive fund redemptions, which naturally increases the pressure […]
Liquidity risk spotlight: Increased regulatory scrutiny is our biggest threat
Inflation and interest rate spikes, the likes of which we haven’t seen in a generation, can cause serious market dislocations and liquidity crunches. Regulators around the world have taken notice. The increasing pressure of regulatory requirements around liquidity risk demands a more precise and holistic view of fund liquidity. The recently introduced Liquidity Stress Test […]
ESG: As COP27 highlights climate urgency, notions of “sustainability” fracture
COP27, the UN’s annual climate change conference held this year in Egypt from 6 to 18 November with about 100 heads of state in attendance, can be seen as a microcosm of the challenges and debates that have plagued the concept of “ESG” or “sustainability” since those terms came into vogue several years ago. The COP27 […]
ESG Strategy: Think regulation, data, and budget
This blog was original published at Markets Media on October 7, 2022. Sustainable investing disclosures in the U.S. are currently governed by general fraud prohibitions in advertising and not by formally defined rules, apart from interpretive guidance issued by the SEC in 2010 about certain material impacts caused by climate change. In the absence of ESG regulations, investment managers […]
Navigating the SEC marketing rule: Keyways to compliance
The SEC’s new Marketing Rule that came into effect last year expanded the definition of advertising. It allows for marketing via new channels and enhances existing disclosure requirements. It will have significant compliance impacts on advertising and cash solicitations for investment advisers registered with the SEC. Replacing both the old advertising and solicitation rules, the […]
Charting a path to SFDR deadlines: Optimizing ESG and EET data collection, quality and reliability
The Sustainable Finance Disclosure Regulation (SFDR) is rapidly progressing towards the January 1, 2023 deadline, and the industry is in the process of managing and solving a variety of challenges. Here, we provide a brief timeline of the work that remains, discuss the challenges of the European ESG Template (EET) and ESG data, and the best ways […]
Charting a path to PRIIPS KID deadlines: Four months left to make significant data, calculation and filing changes
Conversations with investment firms, management companies, fund administrators and industry attorneys have ramped up this summer as the industry prepares for the European Union’s (EU) new Packaged Retail and Insurance-based Investment Products (PRIIPs) reporting requirements by January 1, 2023. Firms will need to adjust to new formats, content and calculations for preparing their Key Information Documents (KIDs) […]
Are you ready to comply with the new SEC marketing rule?
Time is running out With the upcoming deadline of the 4th November, 2022, the new SEC Marketing Rule requires firms to create composites around similarly managed portfolios for performance reference, even if they are not GIPS® (Global Investment Performance Standards) Standards compliant. This means that firms must establish policies, procedures and controls, ensuring that all […]
ESG regulations take hold in Europe with other regions set to follow
The EU’s comprehensive sustainable finance action plan aims to mandate that companies integrate sustainability risks into their investment management and disclosure processes, including their impact on the market environment. Its goals are to: Companies are regulated under the Non-Financial Reporting Directive (NFRD) and soon the Corporate Sustainability Reporting Directive (CSRD), while financial products will be […]
Five PRIIPs reporting challenges asset managers need to know
Time is running out to comply with the European Union’s (EU) new Packaged Retail and Insurance-based Investment Products (PRIIPs) reporting requirements, and adjust to new formats and content for preparing key investor documents (KIDs) by January 1, 2023. On top of this, the regulation will extend to all Undertakings for Collective Investment in Transferrable Securities (UCITS) products that have an exemption in […]
Key considerations when replacing UCITS KIIDs with PRIIPs KIDs
With the ever-changing regulations and the strain they place on internal resources, it is increasingly important that firms have a streamlined and holistic approach to their data, calculations, and processes to meet the evolving regulatory requirements. In a few short months, asset management firms, insurance companies, and other financial institutions will need to comply with […]
SEC Rule 22e-4: Meeting compliance standards and managing liquidity risk
As we’ve learned from recent financial crises, unpredictable circumstances can cause the liquidity of traded financial instruments to nearly disappear. That lack of liquidity, coupled with the highly interconnected nature of modern derivatives, can lead to massive fund redemptions, naturally increasing the pressure to sell into thin markets, causing a rapidly spiraling cycle of collapsing […]
Navigating ESG’s complex regulatory landscape
Amid growing demand from socially conscious investors, asset managers have worked tirelessly over the past decade to create ESG investment vehicles. While the pandemic heightened mainstream interest in ESG, the trend is projected to continue its acceleration as it has become widely recognized as a key value driver. With these developments, regulators the world over have naturally taken notice, […]