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SEC Proposes to Amend Regulation S-P: Privacy of Consumer Financial Information and Safeguarding Customer Information

On March 15, 2023, the SEC issued a release (the “Release”) containing proposed amendments to Regulation S-P (the “Proposals”) that, if adopted, would require broker-dealers, registered investment companies (with business development companies, “registered funds”) and investment advisers to adopt written policies and procedures creating an incident response program to deal with unauthorized access to customer information, including procedures for notifying persons affected by the incident within 30 days. The Proposals would be in addition to the SEC’s other pending cybersecurity regulations.

SEC Adopts Streamlined Shareholder Reports for Mutual Funds and ETFs; Fee Information in Fund Advertisements

November 3, 2022
Time to Read: 1 minutes Practices: Asset Management

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On October 26, 2022, the SEC unanimously adopted a release (the “Release”) containing rule and form amendments to require open-end funds to transmit “concise and visually engaging annual and semi-annual reports to shareholders” that highlight key information deemed “particularly important for retail investors to assess and monitor their fund investments.” Other information, including financial statements, will no longer appear in funds’ shareholder reports but, instead, must be available online, delivered free of charge upon request and filed on a semi-annual basis on Form N-CSR.

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