SEC

The Securities and Exchange Commission (SEC) has approved amendments to the rule governing the registration of internet investment advisers. Under the revised rule, internet advisers must maintain an operational interactive website through which they offer digital advisory services to multiple clients continuously. The amendments also eliminate the current de minimis exception, requiring internet advisers to exclusively provide advice through their interactive website.

The SEC has charged Nanban Ventures LLC and its three founders with fraud, obtaining a temporary restraining order to halt their alleged fraud which raised nearly $130 million from Indian American investors since April 2021.

The SEC is hosting various outreach events during World Investor Week in order to emphasize conducting research on investments, gathering emergency funds, and recognizing fraud for investors of all ages.

The SEC has appointed Stephanie Allen, who previously worked with SEC Chair Gary Gensler at the CFTC, as the new Director of Media Relations and Speechwriting, effective October 1, 2023.

The SEC has adopted rule amendments updating Regulation 13D-G to require participants to provide more timely beneficial ownership information to investors, which will become effective 90 days after publication in the Federal Register.

The Division of Examinations uses a risk-based approach to protect investors and facilitate capital formation through increasing transparency into their examination program and identifying potential areas of heightened risk.

The SEC has adopted new Rule 10c-1a to increase the transparency and efficiency of the securities lending market by requiring certain persons to report information about securities loans and require RNSAs to make publicly available certain information.