The Back Office - Weekly Update (3/19/23)

Welcome! This week’s news and views below:

• Audit & Tax

  • Bank treasury services recover from pandemic losses | EY – US | EY - US

  • Workforce optimization strategies in an economic downturn (kpmg.us)

  • How PE funds can build credibility and resilience in an uncertain market (rsmus.com)

  • Preparing for Success: Tips for Achieving First Year Audit Readiness of Portfolio Company - Private Equity Blog | CLA (CliftonLarsonAllen) (claconnect.com)

• Administration

  • Sobering Lessons from SVB: Manage Financial Risk Beyond Compliance (ssctech.com)

  • Blog: Why do institutions need Digital Banking? (apexgroup.com)

  • How can US fund managers access private capital from the Middle East into their existing funds? (ocorian.com)

• Legal

  • Update: Top Depositor Questions on the Silicon Valley Bank Receivership | White & Case LLP (whitecase.com)

  • Off-Channel Communications: Action Items for Advisers - Seward & Kissel LLP (sewkis.com)

  • Expanding into Global Private Fund Jurisdictions - Intertrust Group

  • On Heels of Recent Rule Amendments, DOJ and SEC Target Purported 10b5-1 Trading Plan Abuse | Insights | Holland & Knight (hklaw.com)

  • Director Duties After Silicon Valley Bank Failure | Jones Day

  • A new front in M&A litigation: Alleged violations of Delaware’s antitakeover law | Davis Polk

  • Mourant: Law Firm | Carrying on business in the Cayman Islands

  • An Introduction to the Unique Issues in Bank Holding Company Bankruptcies | Insights | Skadden, Arps, Slate, Meagher & Flom LLP

  • SVB and Signature Bank Resolution – CFTC-Related Implications - Cabinet News & Views (cadwalader.com)

  • SEC Proposes Enhancements to Regulation S-P and Takes Other Steps Related to Cybersecurity | Publications | Kirkland & Ellis LLP

  • New DOJ Focus on Executive Compensation in Resolving Criminal Investigations | Akin (akingump.com)

  • Gensler remarks on market stability – Cooley PubCo

  • S&C Publication: New California Privacy Requirements Effective in 2023 (sullcrom.com)

  • Federal Reserve Establishes Bank Term Funding Program to Stabilize Financial System | Global Financial Regulatory Blog (globalfinregblog.com)

  • Webcast 2023-03-22 (ATX/NY) Liability Management | RSVP Form (Blank/Generic) (lwcommunicate.com)

• Compliance & Regulation

  • Federal Reserve Board - Federal Reserve announces July launch for the FedNow Service

  • SEC.gov | SEC Reopens Comment Period for Proposed Cybersecurity Risk Management Rules and Amendments for Registered Investment Advisers and Funds

  • Report From FINRA Board of Governors Meeting – March 2023 | FINRA.org

  • CFTC Statement on Swaps Rules Implicated in Recent Bank Failures | CFTC

  • Three Key Updates on SEC Cybersecurity Regulations | ACA Group (acaglobal.com)

  • SEC Reopens Comment Period for Proposed Cybersecurity Rule (vigilantllc.com)

  • Looking Back and Moving Forward: A Data-Driven Approach with Flowspring (issgovernance.com)

  • Jurisdictional Updates 3-16-2023 – CSC (cscglobal.com)

  • SEC roundup: Fraud schemes, misleading non-GAAP disclosure, and compliance failures – Global Relay Intelligence & Practice

  • SEC seeks to enhance protection of customer information by updating Reg S-P – Global Relay Intelligence & Practice

• Investors & Marketing

  • Sovereign Investors Hit By Banking Stocks Turmoil (GlobalSWF) Global SWF

  • Has Our Broad Investment Outlook Changed Considering the Recent Bank Collapses? - Cambridge Associates

  • CFA Institute Makes ‘Biggest Single Package of Changes’ in Its History | Institutional Investor

  • Chicago Teachers’ Pension Considers Adding Private Credit Allocation; Considers PE Commitment Pacing (dakota.com)

• Operations & Trading

  • UBS agrees landmark takeover of Credit Suisse after intervention from Swiss authorities - The TRADE (thetradenews.com)

  • IMC Launches Trading Competition for Students - Traders Magazine

  • FLASH FRIDAY: Cybersecurity Moves to Front Burner - Traders Magazine

  • Private Equity Data: An Overview of Solutions (opimas.com)

  • Enterprise Platforms - The Case For and Against Running Your Own Platform - Alpha FMC

• Technology

  • US publishes National Cybersecurity Strategy | Blog | Global Relay

  • What the SEC’s Proposed Changes to Reg S-P Mean for Your Firm - Agio

  • The Significance of Compliance: How Compliance Breach Mitigation Can Prevent Compromise - Darktrace Blog

  • How to Conduct A Cybersecurity Risk and Threat Assessment for SEC Registered Firms | MTradecraft

  • Data and system proliferation: Why integrated surveillance is required (steel-eye.com)

Thanks for reading,

-B.O.G