- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-05-12T18:20:00
The Division of Examinations at the Securities and Exchange Commission (SEC) on Thursday issued a risk alert to aid registered investment advisers and investment companies in their transition efforts away from the London Interbank Offered Rate (LIBOR).
U.S. dollar LIBOR panels end June 30, and many firms are still confronting significant direct exposure to LIBOR-linked contracts, the SEC observed. New contracts referencing LIBOR haven’t been available since the end of 2021, when the U.K. Financial Conduct Authority put the nail in the coffin of the benchmark interest rate.
The decision to move away from LIBOR was made following discoveries of manipulation of the rate. The United States has since moved forward with the Secured Overnight Financing Rate (SOFR) as a replacement.
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How the Securities and Exchange Commission determines which investment advisers to inspect and what areas those examinations typically cover were among subjects addressed in a new risk alert released by agency staff.
The protection of customer personal data by branch offices of broker-dealers and investment advisers should be just as robust—and as well-coordinated—as protocols used by the firm’s home office, according to the Securities and Exchange Commission.
Staff at the Securities and Exchange Commission issued a bulletin addressing standards of conduct for broker-dealers and investment advisers in addressing their care obligations under Regulation Best Interest and the Investment Advisers Act.
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A lack of risk visibility is causing companies to reject customers–and potentially lose money–over fears they might be in danger of violating rules around anti-money laundering and sanctions regulations.
The Treasury Department’s Financial Crimes Enforcement Network updated an alert first issued in February warning financial institutions of Israeli extremists fomenting violence in the West Bank.
