Regulatory and Legislative

SEC Proposes Requirements to Mitigate Cybersecurity Threats

The Securities and Exchange Commission (SEC) has released a proposed rule “Cybersecurity Risk Management for Investment Advisers, Registered Investment Companies, and Business Development Companies”. According to the press release, the proposed rule would require advisers and investment companies to implement written cybersecurity policies and procedures designed to 1) address cybersecurity risks that could harm advisory clients and fund investors, and 2) publicly disclose significant risks and incidents. The proposed rule would also implement new recordkeeping requirements for advisers and funds to improve the availability of cybersecurity-related information and to help facilitate the SEC’s enforcement capabilities.

The SEC will accept public comments for the longer of 1) 60 days following the release of the proposed rule on the SEC’s website, or 2) 30 days following the publication of the proposed rule in the Federal Register.

Regulatory and Legislative

IRS Provides 2024 Electronic Filing Relief for Form 5330

IRS Provides 2024 Electronic Filing Relief for Form 5330

The IRS notes in a new post that electronic filing of Form 5330, Return of Excise Taxes Related to Employee Benefit Plans, will not be required for the remainder of the 2024 taxable year—confirming that taxpayers may continue to file by paper.