Regulatory Round-Up November 2025

November Regulatory Round-Up: Strengthen Your Compliance Foundation

As the year winds down and the pace picks up, it’s the perfect time to take a hard look at the backbone of your firm’s compliance program. This November, True West is shining a spotlight on one of the most essential requirements for registered investment advisers: the Annual Review under Rule 206(4)-7 of the Investment Advisers Act of 1940.

Your Annual Review isn’t just a box to check. It’s your firm’s opportunity to evaluate, adapt, and strengthen - ensuring your compliance program stays aligned with federal securities laws, protects your clients, and positions you for a smooth SEC examination.

This month’s Round-Up delivers actionable guidance, key updates, and tools designed to help you close out the year with confidence and clarity.

This Month’s Trail Markers

Deep Dive: Conducting a Strong Annual Review

A defensible Annual Review is more than a regulatory requirement - it’s your firm’s first line of defense. We’ll walk through how to:

• Conduct a comprehensive, evidence-backed review that stands up to scrutiny
• Identify and correct common pitfalls that trip up even seasoned firms
• Use technology and documentation tools to streamline your process and strengthen oversight

Look for our detailed guidance this month - your roadmap to a confident year-end review.

CCO Tool of the Month: Annual Review Template

To help you hit the ground running, True West’s November CCO Tool is a customizable Annual Review Template -designed to help firms tailor their framework while keeping regulatory expectations front and center.

Download it, adapt it, and make it your own.
Compliance made practical.

Regulatory Insight: SEC Shutdown Impact

The recent SEC shutdown has introduced new challenges across the advisory landscape - from delayed firm registrations to postponed examinations. True West is tracking these developments, providing insight and proactive guidance to help your firm stay prepared as soon as normal operations resume. 

Heads-Up: 2026 Annual Renewal Statements

A friendly reminder: 2026 Annual Renewal Statements will be published next week.
To avoid registration lapses, be sure to fund by December 8th.

Stay ahead of the clock -mark your calendars and coordinate early with your finance and compliance teams. 

At True West, we believe foresight, preparation, and the right tools make all the difference.

So, as November unfolds, take the reins - and ride confidently into year-end with a compliance program that’s ready for whatever lies ahead.