On July 28, 2020, the SEC announced a pair of settled administrative actions against Houston-based VALIC Financial Advisors (VFA). In the first action, the SEC charged VFA with failing to disclose that its parent company paid a for-profit entity owned by a
OCIE Risk Alert—Cybersecurity: Safeguarding Client Accounts against Credential Compromise
OCIE’s most recent Risk Alert, published Sept. 15, 2020, address another cybersecurity issue, this time highlighting the dangers of “credential stuffing.” Credential stuffing is a method of cyberattack that uses compromised client login credentials and can lead to loss of customer assets
OCIE Risk Alert—Cybersecurity: Ransomware Alert
On July 10, 2020, the Office of Compliance Inspections and Examinations (OCIE) released a Risk Alert highlighting the dangers of ransomware to SEC-registered entities, including investment advisers. The Risk Alert is a response to a marked uptick in both the prevalence and
LIBOR Transition Preparedness
OCIE issued an examination initiative on June 18, 2020, regarding firms’ readiness to transition away from the London Interbank Offered Rate (LIBOR). LIBOR, widely used in the United States and elsewhere as a benchmark rate for various commercial and financial contracts, including
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