Digest October 27th

Vanguard Hit with $19.5M Penalty Over Advisor Pay Disclosures

The SEC found Vanguard misled clients about advisor compensation—claiming no incentives when in fact bonuses tied to retention and performance existed. The settlement requires Vanguard to correct disclosures and reflects increased regulatory sensitivity to transparency in advisor compensation.
Barrons

FinCEN Pushes Back AML Rule for Investment Advisers to 2028

The IA AML Rule, originally scheduled for 2026, has been delayed to January 1, 2028. The delay allows more time for tailored rule development and reduces near-term compliance pressure on advisory firms.
Treasury.gov

SEC Chair Moves to Eliminate Mandatory Quarterly Reporting

SEC Chair Atkins has signaled support for scrapping mandatory quarterly earnings reports, citing a “lighter touch” regulation philosophy. If adopted, the change could shift expectations around corporate disclosures and market volatility dynamics.
US SEC Chair Atkins vows to fast-track scrapping quarterly corporate reports