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Securities Regulation

McIntyre & Lemon: > Client Alerts  > Securities Regulation

SEC Proposes Cybersecurity Rules for Broker-Dealers

Last week, the SEC proposed a package of proposals focused on cybersecurity risks [Securities Exchange Act Release No. 97142 (March 15, 2023)]. Among the proposals were a proposed new rule (Rule 10) and new form (Form SCIR) focused on cybersecurity matters for securities market participants, including broker-dealers. Proposed Rule 10 extends to all broker-dealers but imposes additional cybersecurity risk measures on firms that the SEC perceives to be so interconnected and/or large that they pose greater cybersecurity risks and threats to the system should they experience a significant cybersecurity incident....

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McIntyre & Lemon Comments on the SEC’s Proposed Outsourcing Rule

M&L submitted a comment letter responding to a proposed outsourcing rule aimed at certain operational aspects of the asset management sector. The letter requested that the SEC reconsider the necessity of the proposed outsourcing rule in light of the broad fiduciary duty and regulations that already apply to all aspects of an advisory business, including an adviser’s use of service vendors. The letter advocated for published guidelines or highlighting outsourcing as an examination priority as a more cost-effective and less-burdensome alternative to rulemaking. Absent withdrawing the proposed rule (or simply not acting on it), we requested that the rule expressly exclude institutional advisers in consideration of their negotiated and heavily vetted vendor arrangements and client relationships. As the least optimal option should the SEC adopt the rule, the letter recommended modifications to rule text to narrow the meaning of an outsourced arrangement subject to the rule....

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SEC Proposes Significant Equity-Market Reforms – December 16, 2022

On Wednesday, the SEC published for comment over 1600 pages of new rule proposals focused on significant reforms to the nation’s equity securities markets, marking the most significant regulatory reforms of the equity markets since Regulation NMS was proposed in March 2004. These proposals are currently out for comment until most likely the end of the first quarter of 2023 or March 31, 2023, depending on the publication date of these initiatives in the Federal Register....

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SEC Proposes Due Diligence and Monitoring Rule for Investment Advisers Comment Period Ends December 27, 2022

The Securities and Exchange Commission (“SEC” or “Commission”) proposed new rulemaking, Rule 206(4)-11 under the Investment Advisers Act of 1940 (“Act”), to require investment advisers to perform a diligence review of and periodically monitor certain outsourced services and service vendors.1 Proposed Rule 206(4)-11 prescribes four basic regulatory obligations in respect of outsourced arrangements: (1) vendor diligence, (2) vendor monitoring, (3) books and records documentation, and (4) disclosure. ...

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