SEC's new 2023 priorities reveal increased focus on crypto Cryptocurrencies
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“Examinations of registrants will focus on the offer, sale, recommendation of, or advice regarding trading in crypto or crypto-related assets and include whether the firm met and followed their respective standards of care when making recommendations, referrals, or providing investment advice; and routinely reviewed, updated, and enhanced their compliance, disclosure, and risk management practices,” they wrote.
Other key SEC priorities for 2023 include enforcing the new Derivatives Rule and Fair Valuation Rule for investment companies and RIAs, looking at whether RIAs are managing conflicts of interest and acting in the best interest of working families and retail investors, ensuring ESG-related advisory services and fund offerings are operating according to their disclosures, and reviewing the information security and operational resiliency capacities of broker-dealers and RIAs.
Investment advisers cannot legally maintain custody of client funds or securities if they do not meet specific requirements, including that advisers hold assets with a firm deemed to be a ‘qualified custodian.’ The SEC’s Division of Corporation Finance wants companies to evaluate their disclosures to give investors “specific, tailored disclosure about market events and conditions, the company’s situation in relation to [them], and the potential impact on investors.” The DCF added that companies with ongoing reporting obligations should verify whether their existing disclosures need to be updated.
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