As many of you know, on September 11, 2020, the UK ICO sent the SEC a letter to permit UK firms to transfer personal data to the SEC, removing the moratorium on UK firms being able to register as investment advisers. This letter and the end of the moratorium was announced at our September London SEC Conference. I was pleased to have formed and been a member of the working group that initiated efforts, briefed the ICO, helped negotiated the letter and liaised with the ICO and the SEC.
Our efforts are now focused on Jersey, Switzerland and other countries.
Contrary to what you may have seen posted on the SEC’s website, the ICO issued the letter to the SEC last September 11 and UK applicants in the pipeline for registration received it and the following: “[T]he firm’s application for registration remained in postponed status until such time as the staff could get clarity on how, as a matter of law, the firm could provide its books and records to SEC staff for inspection after the firm becomes registered and also comply with the EU General Data Protection Regulation (“EU GDPR”). We no longer have such concerns in light of the attached correspondence from the UK’s ICO, referencing both the EU GDPR and UK GDPR, which we understand applies after the post-Brexit transition period ends. If, at any point, the firm believes it is unable to comply with its obligations to provide its books and records to SEC staff for inspection, the firm should withdraw its registration.”
Here is a link to the letter: ICO SEC Letter September 11, 2020.
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We work with many non-U.S. firms on their Advisers Act registration, compliance programs, annual reviews, gap analyses, examinations and on-going matters. We would be pleased to assist you – for more information please contact us at firstname.lastname@example.org.
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