ACA Releases November Regulatory Update

The ACA Group released a report detailing November 2022 regulatory updates. The report covers the SEC’s crackdown on use of unmonitored messaging apps, the approaching annual renewal cycle for registered investment advisers, and the SEC’s latest rule proposal addressing due diligence on service providers, among other topics. Specifically, the report highlights a recent settlement in a proxy voting case where the adviser instructed its third-party voting agent to vote in favor of management proposals and against shareholder proposals. The SEC felt this breached the adviser’s fiduciary duty, since “it did not take ‘any steps’ to determine whether their votes were in its clients’ best interests or to implement proxy voting policies and procedures.” The report also contains references to additional programs and reports, as well as a checklist of upcoming regulatory deadlines.

Click here to read the ACA Group’s November 2022 regulatory report.