Our fifth annual Global Regulatory Outlook (GRO) report aims to assist the global financial services industry with navigating the key regulatory and financial services developments in 2017.
Cybersecurity is a major area of focus for survey respondents. Rather than issue guidance, the SEC should issue specific requirements regarding cybersecurity. Registered investment advisers are uncertain as to how to implement certain aspects of their cybersecurity programs.
"The SEC's lack of specificity gives it the flexibility to evaluate each registered investment adviser's adherence to the guidelines independently….It seems that there is to be, for now, no definitive or official list of requirements that registered investment advisers can simply check off to claim compliance," as Adam Menkes, Director at Credit Suisse, explains.