This periodic newsletter brings you recent activity by the US Securities and Exchange Commission and Commodity Futures Trading Commission as well as compliance calendar reminders. It is not intended to be an exhaustive list, but is rather designed to assist you in setting compliance priorities for 2017.

SEC Reminds Advisers, Funds and Brokers to Stay Diligent with their Cybersecurity

In view of the WannaCry ransomware attack, the SEC published a National Exam Risk Alert which reminded market participants to keep their policies and practices current.

View the SEC's alert

Updated Private Fund Statistics Available

Since October 2015 the SEC has released quarterly statistics on the private funds it regulates. The latest version includes information about the use of financial and economic leverage by hedge funds.

Read the newest report

SEC Proposes Amendments Under the Investment Advisers Act of 1940

The SEC has proposed amendments under the FAST Act to the definition of a venture capital fund and the private fund adviser exemptions to registration as an investment adviser.

Read the proposed changes

New SEC Chairman Sworn

On 2 May 2017 the US Senate confirmed, Jay Clayton as the 32nd Chairman of the SEC. Mr. Clayton was sworn into his position just two days later. Mr. Clayton has authored publications on securities law issues and advised both public and private companies including large firms during the 2008-2009 financial crisis.

Read the SEC's statement

New SEC Chairman Emphasizes SEC Role in Capital Formation

In one of Chairman Jay Clayton's first opportunities for public remarks, he has emphasized that facilitating capital formation is one of the key tenets of the SEC's mission. Chairman Clayton further remarks that one of his priorities is for the SEC to focus on facilitating capital raising opportunities.

Read Chairman Clayton's remarks

CFTC Launches LabCFTC as Major FinTech Initiative

The CFTC recently announced the creation of LabCFTC in order to promote FinTech innovation in the derivatives community. CFTC Acting Chairman Giancarlo stated that the goals of LabCFTC are twofold: (1) to provide greater regulatory certainty to encourage FinTech innovation; and (2) to identify emerging technologies that can assist the CFTC in carrying out its mission. The Founding Director of LabCFTC is Jeff Bandman, who previously led the CFTC’s Division of Clearing and Risk.

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NFA Orders London based Commodity Pool Operator and Commodity Trading Advisor to pay USD 1 million fine

The fine was the result of a business conduct committee decision which found that the CPO and CTA had caused its commodity pools to make prohibited loans to entities affiliated with a principal of the CPO and CTA.

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  • 30 May 2017 Form PF for Large Hedge Fund Advisers

Form PF must be filed by Large hedge fund advisers within 60 days of each quarter end on the IARD system.


Large Commodity Pool Operator Form CPO-PQR (31 March quarter-end report) required to be filed with the NFA for Commodity Pool Operators.

  • NFA Form CPO-PQR

Small and Mid-Sized Commodity Pool Operators are required to file NFA Form CPO-PQR.

  • 10 July 2017 Form 13H

Form 13H (large trader) quarterly filing is due for Q2 2017 for advisers that already have a Form 13H filing obligation and have changes to any of the information reported.

  • 15 July 2017 Form PF for Large Liquidity Fund Advisers

Large liquidity fund advisers must file Form PF with the SEC on the IARD system within 15 days of each fiscal quarter end.

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