SEC Press Release Roundup: Recent Actions and Key Initiatives

Recent Enforcement Actions

Equiniti Trust Co Charged with Client Fund Protection Failures

The Securities and Exchange Commission (SEC) has charged transfer agent Equiniti Trust Co. with failing to protect client funds from cyber intrusions.

The SEC alleges that Equiniti failed to implement adequate cybersecurity measures, allowing hackers to breach its systems and steal client funds.

The SEC's charges highlight the importance of firms taking robust cybersecurity measures to protect client assets from cyber threats.

26 Broker-Dealers and Investment Advisers Charged

The SEC has also announced charges against 26 broker-dealers, investment advisers, and dually-registered entities for various violations.

These violations include failing to disclose conflicts of interest, providing false or misleading information to clients, and engaging in unauthorized trading.

The SEC's enforcement actions demonstrate its commitment to protecting investors and ensuring the integrity of the financial markets.

Key Initiatives for 2024

Cybersecurity Remains a Priority

The SEC has identified cybersecurity as a key priority for 2024.

The SEC is actively engaged in rulemaking to address new cybersecurity risks and enhance the resilience of the financial system to cyber threats.

Firms should expect continued SEC focus on cybersecurity in the coming year.

Proposed Rule Changes to Address Misleading Fund Claims

The SEC has proposed a pair of rule changes aimed at preventing unfounded claims by funds.

These changes would require funds to provide more information about their investment strategies and risk profiles.

The SEC's goal is to ensure investors have access to accurate and transparent information when making investment decisions.