ACA Publishes December 2022 Regulatory Update

ACA published the December 2022 Regulatory Update which covers the SEC’s Division of Enforcement’s 2022 annual report, FINRA’s recent sweep of crypto-related communications, recently adopted mutual fund rules, and addresses compliance concerns for real estate fund managers when interest rates rise. On mutual funds, the report breaks down recent changes to proxy voting disclosures required by registered funds and institutional investment managers, as well as amending the disclosure in annual and semi-annual shareholder reports issued by open-end funds and ETFs. The report notes “funds will now be required to use a ‘layered approach’ for these reports,” which includes tailoring reports to include information in a concise manner, using graphics when appropriate, use a structured data format, and providing more in-depth information online or by delivery free of charge, as well as semiannually on Form N-CSR. The report also highlights a “record year” for SEC enforcement actions in 2022 and a breakdown of those actions.

Click here to read ACA’s December 2022 Regulatory Update.