The Back Office - Weekly Update (4/10/23)

Welcome! This week’s news and views below:

• Audit & Tax

  • Cyber Attacks Are Increasing- Don’t Ignore These Risks | CLA (CliftonLarsonAllen) (claconnect.com)

• Administration

  • The Sometimes Unintended Consequences of Banking Regulation (ssctech.com)

  • 2022 Citco Fund of Hedge Fund Update - A Year in Review - Citco

  • The Effectiveness of Short-Selling Bans | State Street

  • 5 Trade Finance Trends for 2023 | Insights from Trade Finance Global (bnymellon.com)

  • Arcesium rolls out data platform for custodians and administrators (globalcustodian.com)

• Legal

  • EU Court of Justice clarifies that all exchanges with external counsel are privileged – an important development amidst a dawn raid uptick in Europe | White & Case LLP (whitecase.com)

  • SEC Settles Charges with Adviser for Failure to Disclose Foreign Currency Exchange Fees (sewkis.com)

  • President's Economic Report to Crypto: No Thanks | Jones Day

  • SEC & CFTC Enforcement Update | Davis Polk

  • Mourant: Law Firm | Mourant FinReg Update - Guernsey - January to March 2023

  • Private Fund Compliance Forum | Events | Kirkland & Ellis LLP

  • Banking Sector Events May Affect Qualified Small Business Stock Treatment // Cooley // Global Law Firm

  • White House Recommends Stricter Regulations for Large Regional Banks | Global Financial Regulatory Blog (globalfinregblog.com)

  • Cabinet News & Views (cadwalader.com)

• Compliance & Regulation

  • Cayman Islands SIB Registered Fund Managers: Understanding CIMA requirements for control testing and ES and AML inspections - Waystone

  • Tip for Updating Your Compliance Program: Electronic Communications | ACA Group (acaglobal.com)

  • Phishing Campaign Taking Advantage of Annual Form ADV Update | ACA Group (acaglobal.com)

  • Proposed Amendments for Regulation NMS | ACA Group (acaglobal.com)

  • SEC Hires 100+ Staff, Is Your Firm Prepared? (vigilantllc.com)

  • Jurisdictional Updates 4-4-2023 – CSC (cscglobal.com)

  • SEC roundup: Fee failures, fraud, improper trading and manipulated financial results – Global Relay Intelligence & Practice

  • IRS unveils Strategic Operating Plan; ambitious effort details a decade of change | Internal Revenue Service

  • SEC.gov | SEC Charges Founder of Frank with Fraud in Connection with $175 million Sale of Student Loan Assistance Company

• Investors & Marketing

  • Saudi Arabia Takes Gaming Seriously with Massive Acquisition (GlobalSWF) Global SWF

  • Is This a New Era for Private Investments? - Cambridge Associates

  • PE Needs to Squeeze More Profits Out of Companies. Consultants Are Lining Up to Help. | Institutional Investor

• Operations & Trading

  • Merrill Lynch charged by SEC for failing to disclose foreign exchange fees to clients - The TRADE (thetradenews.com)

  • Buy Side Trading Desks Pressured To Automate Workflows - Traders Magazine

  • Operationalizing Multi-Manager Strategies » Arcesium

• Technology

  • Fine for firm where iMessage blocker failed | Blog | Global Relay

  • 7 Ways Agio Database Management Empowers Hedge Fund Managers - Agio

  • QakNote Infections: A Network-Based Exploration of Varied Attack Paths - Darktrace Blog

  • SigTech’s Enhanced Risk Premia Report: New Strategies and In-Depth Analytics - SigTech

Thanks for reading,

-B.O.G