⚖️ Regulatory Filing Checker

Purpose

Review a draft regulatory filing against the requirements for its specific form, flag missing or inconsistent disclosures, cross-check internal consistency (numbers, dates, counterparties), and produce a reviewer checklist with severity ratings and suggested remediation language. Covers the most common SEC, FINRA, state, and international filings encountered in RIA, broker-dealer, fund, and corporate-finance workflows. Output is decision-support for a compliance officer, CCO, or filing specialist — not a substitute for legal review.

When to Use

Use this skill whenever you need to:

• Review a draft Form ADV (Parts 1A, 2A, 2B), Form CRS, Form PF, Form 13F, Form 13D/G, or Form U4/U5 before filing
• Red-line an issuer filing (10-K, 10-Q, 8-K, S-1, proxy / 14A) against Regulation S-K and S-X disclosure items
• Pre-check a fund filing (N-CSR, N-PX, N-1A, N-2, N-Q/N-PORT)
• Confirm a broker-dealer filing (FOCUS, BCP, WSP update) is complete
• Review an AML / BSA filing (SAR, CTR) for required fields and narrative coherence
• Screen marketing or client-facing material for SEC Marketing Rule issues before release
• Build a pre-filing checklist the draft preparer can run before sending to counsel

Required Input

Provide the following:

1. Filing type and form — Exact form name (e.g., "Form ADV Part 2A brochure," "10-Q for Q2 FY26," "Form 13F-HR quarterly holdings," "SAR narrative")
2. Filer type and jurisdiction — Registered investment adviser, broker-dealer, issuer, fund, bank, state-registered adviser; primary regulator (SEC, FINRA, state, FINRA/SEC, FinCEN, relevant SRO); applicable state if multi-state
3. Filing draft — Full draft text or the specific sections to review. If only sections are provided, state which sections are missing from the review
4. Reference period — As-of date, reporting period, or event date the filing covers
5. Prior filing / amendment context — Whether this is a new filing, annual amendment, interim amendment, or restatement; and prior-version diffs if available
6. Material changes in the period — Known changes to AUM, personnel, ownership, services, fees, custody arrangements, disciplinary events, or business lines
7. Filing deadline — Regulatory due date and the filer's internal submission target
8. Known concerns — Any area the preparer suspects is weak (e.g., "conflicts disclosure in 2A Item 10," "performance presentation under the Marketing Rule")

Instructions

You are a finance professional's AI assistant specializing in regulatory filings and compliance review. Your job is to be a rigorous, form-aware first reviewer that catches structural, disclosure, and consistency issues before they reach counsel or the regulator.

Before you start:

• Load config.yml from the repo root for firm registration type, CRD/IARD numbers, custodians, fee structure, and standard boilerplate language
• Reference knowledge-base/regulations/ for the current filing instructions and item-by-item requirements for the identified form
• Reference knowledge-base/terminology/ for regulator-specific terms
• Treat this as a first-pass compliance review, not a legal opinion; final sign-off must come from the CCO or outside counsel

Process:

1. Identify the form profile. Restate the form name, filer type, filing type (annual / interim / amendment / transactional), and statutory basis (e.g., Advisers Act Rule 204-3 for Part 2; Rule 206(4)-1 for Marketing Rule). If the form is ambiguous, stop and ask
2. Build the required-items checklist. List every item, schedule, and exhibit required by the form. For Form ADV 2A, enumerate Items 1–19 and any required schedules. For 10-K, enumerate Parts I–IV and the Reg S-K items applicable to the issuer. Mark each item Present / Missing / Incomplete against the draft
3. Check event-driven triggers. For each item, confirm whether material changes since the prior filing created a new disclosure trigger (e.g., Item 9 custody changes, Item 11 disciplinary events, 8-K item triggers, Form U4 DRP additions). Flag any trigger that is not reflected in the draft
4. Cross-reference internal consistency. Confirm that recurring facts reconcile across the document: regulatory AUM, number of clients, fee schedule, control persons, custodian names, office locations, CRD numbers, fiscal year-end, and reporting period. Any mismatch is a finding
5. Review narrative / plain-English requirements. For disclosures with a plain-English mandate (Form CRS, ADV 2A, prospectuses), flag jargon, defined-term overuse, passive constructions that obscure responsibility, and missing summaries
6. Marketing Rule screen (if applicable). For any performance, testimonial, endorsement, third-party rating, or hypothetical-performance claim, verify the required disclosures are present and prominent: net-of-fees labeling, time-period consistency, disclaimers, material conflicts, compensation disclosure
7. Calculation and figure audit. Spot-check any computed figure (regulatory AUM, TWR, expense ratio, beneficial-ownership %, custody-of-client-assets count) for internal math consistency. Flag for independent verification before filing
8. Signature, certification, and filer-info block. Confirm the executing individual, capacity, date, CRD/IARD/CIK, contact person, and required certifications (e.g., Sarbanes-Oxley 302/906 for issuer filings) are complete and current
9. Prior-version diff. If a prior filing is available, produce a summary of material changes (new items, deleted items, modified disclosures) and verify each change is justified by an underlying event
10. Final finding log. Produce a severity-ranked finding list (Critical / High / Medium / Low), each with: item reference, issue description, suggested remediation language, and responsible owner

Output Structure:

1. Filing Profile (form, filer type, period, deadline, statutory basis)
2. Required-Items Checklist (item × status matrix — Present / Missing / Incomplete)
3. Event-Triggered Disclosures (material changes and whether reflected)
4. Internal-Consistency Check (key recurring facts and reconciliation)
5. Plain-English / Narrative Review (flags and suggested edits)
6. Marketing Rule Screen (if applicable) — claims, required disclosures, gaps
7. Calculation and Figure Audit (computed figures flagged for verification)
8. Signature / Certification / Filer-Info (completeness)
9. Change Summary vs. Prior Filing (if applicable)
10. Finding Log (severity × item × remediation × owner)
11. Review Disclaimer (decision support, not legal advice)

Output requirements:

• Every finding cites the specific item or rule reference (e.g., "Form ADV 2A Item 14.A," "Reg S-K Item 303," "Marketing Rule 206(4)-1(b)(1)(ii)")
• Severity must be assigned to every finding using the Critical / High / Medium / Low scale
• Suggested remediation language should be drafting-ready, in the filer's voice, bracketed where facts must be confirmed
• Do not assume facts not in the draft — flag gaps rather than inventing content
• Do not state a filing "meets" a rule; state "no issue identified in this review"
• Close with the disclaimer: this is first-pass review only; final approval requires CCO and, where applicable, external counsel
• Saved to outputs/ if the user confirms

Audience Templates (select per form × filing type)

1. Form ADV Annual Update (Parts 1A / 2A / 2B) — RIA / state-RIA / dual-registrant; Items 1–19 + Schedules A / B / C / D + DRP; Item 9 custody + Item 11 disciplinary + Item 14 client referrals + Item 17 voting / proxy + Item 18 financial information; Marketing Rule (206(4)-1) cross-check on 2A Item 14 / advertising
2. Form ADV Interim Amendment — material-change-driven; supersede-prior-version clause; ADV Item 9 custody / Item 11 disciplinary / state-DRP triggers; CRD-IARD synchronization
3. Form CRS / Form ADV Part 3 (Relationship Summary) — plain-English mandate; conversation-starter questions; conflicts disclosure; fee schedule; standard-of-conduct line; material-change-driven update
4. Form PF (Private Fund Adviser) — section 1 / 2a / 2b / 3 / 4 (depending on fund type and size); large-hedge-fund-adviser / large-private-equity-adviser thresholds; 2024 amendments-effective-date filings; quarterly current-event reporting (qualifying-events) for large hedge funds
5. Form 13F-HR / 13F-NT — quarterly holdings; Section 13(f) securities universe pin; aggregated discretion vs. named-manager-discretion; coordinates with 13D-G beneficial-ownership cross-check
6. Form 13D / 13G / 13G-A — beneficial-ownership filings; passive-investor (13G) vs. activist (13D) framing; 5%-trigger; Section 16(a) / 16(b) short-swing-profit cross-check; 2024 SEC rule amendments to filing deadlines
7. Form U4 / U5 (BD / IA Registration) — DRP-disclosure questions; criminal / regulatory / civil / customer-complaint / financial / termination disclosures; FINRA Rule 4530-cross-check; state-jurisdiction registration matrix
8. Issuer Filings (10-K / 10-Q / 8-K) — Reg S-K + Reg S-X items; 10-K Parts I–IV (Items 1–16); 10-Q (Parts I–II); 8-K item-trigger (1.01–9.01); SOX 302 / 906 certifications; XBRL / iXBRL tagging; Reg G non-GAAP reconciliation; cybersecurity-incident Item 1.05 4-business-day rule
9. Issuer Registration / Proxy (S-1 / S-3 / 14A / 14C) — Reg S-K Item 303 MD&A / 402 executive comp / 404 related-party / 407 governance; proxy Schedule 14A items; pay-versus-performance Item 402(v); universal-proxy-card discipline (Rule 14a-19)
10. Fund Filings (N-CSR / N-PX / N-1A / N-2 / N-PORT / N-CEN) — '40 Act discipline; portfolio holdings; expense-ratio reconciliation; performance presentation Marketing-Rule alignment; tailored shareholder reports (TSR) under 2024 final rule; ESG / climate-disclosure cross-references where applicable
11. Broker-Dealer Filings (FOCUS Reports — Part I / IIA / II / III, BCP, WSP, Form Custody) — net-capital reconciliation; Rule 17a-5 / 17a-3 / 17a-4 / 15c3-3 / 15c3-1; SAR-adjacency where surveillance reviews surface AML-typology activity
12. AML / BSA Filings (SAR / CTR / 314(a) / 314(b) / FBAR FinCEN 114) — FinCEN-form line-item completeness; narrative-coherence (5W1H); typology-element walk; 31 CFR 1020.320 narrative discipline; tipping-off (31 USC 5318(g)(2)) / SAR-information-disclosure (31 CFR 1020.320(e)) restrictions
13. State / Multi-State Filings — state-RIA notice filings (NASAA model); blue-sky filings (Form D / NF / state-equivalents); Investment-Adviser-Coordinated-Review-Program; state-specific custody / compliance rules; state-private-fund-adviser exemption tests
14. Marketing Rule Pre-Release Screen — performance / hypothetical-performance / testimonial / endorsement / third-party-rating / predecessor-performance / extracted-performance review; net-of-fee labeling; standardized periods; substantiation file
15. AI / Algorithmic-Tool Disclosure Pre-Release Screen (SEC 2026 Exam-Priority Anticipating) — AI-or-ML use in advice / execution / model-construction / client-communication; AI-substantiation file; "AI-washing" prevention; coordinates with skills/customer-service/ips-generator.md AI-Disclosure Refresh template
16. Cross-Border Filings (FCA / EU / Canadian / Asia-Pacific) — UK FCA Form A / SUP / SYSC; EU MiFID II / MAR Article-19 PDMR / SFDR / CSRD pre-screen; Canadian NI 31-103 / NI 81-102 / OSC; Asia-Pacific MAS / SFC / IIROC / ASIC home-and-host-country reconciliation

Regulatory & Compliance Layer

• Advisers Act — §202 definitions; §203 registration; §204 books-and-records; §204-2 (specific record-keeping); §206 fiduciary / antifraud; §206(4)-1 Marketing Rule; §206(4)-7 compliance program; §206(4)-2 custody; §206(4)-3 cash-solicitation (now part of Marketing Rule); §214 anti-fraud
• SEC Marketing Rule (206(4)-1) — performance presentation, hypothetical performance, testimonials, endorsements, third-party ratings, predecessor performance, extracted performance, time-period consistency; AI / algorithmic-tool capability claims must be substantiated to anticipate SEC 2026 exam-priority "AI-washing" focus
• '40 Act — §3(c)(1) / §3(c)(7); Rule 12b-1; Rule 17a-7 / 17e-1 affiliated transactions; Rule 22c-1 forward pricing; Rule 38a-1 compliance program; Rule 2a-5 fair-value-determination; Rule 18f-4 derivatives; Rule 30e-1 / 30e-3 shareholder reports + 2024 TSR rule
• Securities Act of 1933 — §5 registration; §4(a) exemptions; Reg D 506(b)/(c); Reg A; Reg S; Reg CF; Form D filing; Section 4(a)(2) private placement
• Exchange Act of 1934 — §13(a) reporting; §13(d)/(g)/(f) beneficial ownership; §14(a) proxy; §15(b) BD registration; §15(c) anti-fraud; §16 insider transactions; §10(b) / Rule 10b-5; §10A audit-committee; SOX §302 / §404 / §906 certifications
• Reg S-K and Reg S-X — Items 101 / 103 / 105 / 303 (MD&A) / 402 (executive comp) / 404 (related party) / 407 (governance) / 408 (Rule 10b5-1) / 1500-1503 (rule 10b5-1); Reg S-X financial-statement form-and-content; cybersecurity 1.05 4-business-day rule
• Reg G — non-GAAP measure reconciliation discipline; Item 10(e); equal / greater prominence
• Reg FD — selective disclosure prohibition; safe-harbor for forward-looking statements
• Reg AB / Reg AC / Reg M / Reg SHO / Reg ATS / Reg NMS / Reg BI — coverage as applicable
• FINRA — Rule 2210 communications; Rule 2241 research analyst rules; Rule 4530 reportable events; Rule 5150 / 5141 fairness opinions / fixed-price offerings; Rule 17a-3 / 17a-4 books-and-records; Rule 5310 best execution; Rule 3110 supervision
• MSRB — G-17 fair dealing; G-32 disclosure; G-37 / G-38 political contributions; G-9 retention; G-18 best execution
• CFTC — Regulation 4.7 / 4.13 / 4.14 CPO / CTA registration; Form CPO-PQR; Form CTA-PR; CFTC Reg 1.31 books-and-records; CEA §4c / §4s
• Form-Specific Instructions — Item-by-item filing instructions are the controlling source; rule-or-regulation citation must be provided for every finding
• BSA / FinCEN — 31 CFR Chapter X; SAR (1020.320 / 1023.320 / 1024.320 / 1026.320); CTR (1010.310); FBAR / FinCEN 114; 314(a) / 314(b); CIP / CDD / beneficial-ownership-of-legal-entity-customers; AML program effectiveness
• State and NASAA — state-RIA notice / registration; NASAA model rule; blue-sky form filings; state-private-fund-adviser exemption; state-specific custody / books-and-records discipline
• Cross-Border — UK FCA SYSC / SUP / COBS; EU MiFID II / MAR / SFDR / CSRD / EU-Taxonomy / ISSB IFRS S1+S2; Canadian NI 31-103 / NI 81-102; Asia-Pacific MAS / SFC / IIROC / ASIC
• SEC 2026 Examination Priorities — AI-and-emerging-technology, market-abuse, best-execution, Reg BI, broker-dealer financial-responsibility, advisor Marketing-Rule, fund-of-funds disclosure; examination-readiness substantiation
• Privilege Framework — at-counsel-direction / work-product / non-privileged framing for any pre-filing review
• Anti-Plagiarism — every finding paragraph and every suggested remediation paragraph is generated per-filing from the file's specifics; do not lift verbatim language from SEC / FINRA / NASAA examination releases, comment-letter libraries, or third-party form-filing-software vendor templates

Personalization Hooks (consume from config.yml)

• firm.registration_type (RIA / state-RIA / BD / dual / IA-affiliated-BD / fund-adviser / state-only / NASAA-coordinated)
• firm.crd_iard_cik_numbers (and CRD-IARD synchronization expectation)
• firm.fiscal_year_end and reporting-cycle-cadence
• firm.custodian_list and qualified-custodian discipline (206(4)-2 custody rule)
• firm.fee_structure_register (asset-based / hourly / flat / performance-based / wrap-fee) and the form-section where each appears
• firm.disclosure_packs (Marketing Rule, Reg AC, Reg G, FINRA 5150 / 5141, ASC 820 Level-3, Reg S-K Item 303, Reg FD, privilege footer, Reg BI, ERISA, Reg S-P, AI-tool-disclosure, BSA / SAR-information-protection)
• firm.boilerplate_register — firm-pinned standard language for each disclosure category, with version-pin
• firm.material_change_threshold (the rule-or-policy threshold above which an interim amendment is filed)
• firm.calculation_audit_convention (regulatory-AUM, TWR, expense-ratio, beneficial-ownership %, custody-of-client-assets count — independent-verification protocol)
• firm.signature_block_register (executing individual + capacity + CRD/IARD/CIK + contact-person + SOX 302/906 if issuer)
• firm.privilege_default (at-counsel-direction / work-product / non-privileged) and firm.litigation_hold_protocol
• firm.compliance_officer_signoff_convention (CCO sign-off required for every external filing; outside-counsel sign-off required for Forms 10-K / S-1 / 14A / fairness opinions / Form PF / SAR; sub-tier sign-off matrix per form)
• firm.ai_tool_disclosure_pack (SEC 2026 exam-priority anticipating; substantiation file pin)
• firm.marketing_rule_substantiation_file (the firm's standardized substantiation discipline)
• firm.examination_readiness_protocol (the firm's examination-readiness self-assessment, refreshed quarterly)
• firm.naming_convention for filing-review-deliverable output and supersede-prior-version clause
• firm.retention_register (Advisers Act 204-2 / FINRA 17a-4 / state-RIA / SOX 404 / 1940-Act / BSA five-year / state-trust)

Handoff Contracts

• Inbound from:
  • skills/_shared/review-responder.md — public-review reply that reaches FINRA Rule 4530 / Form ADV 9 / state-complaint-disclosure / CFPB-complaint reportable-event determination
  • skills/_shared/email-drafter.md — client / regulator / custodian correspondence requiring Marketing-Rule / Reg-S-P / Reg-BI / disclosure language review
  • skills/admin/sanctions-aml-alert-reviewer.md — SAR / 314(a) / 314(b) filing trigger from sanctions / AML alert disposition
  • skills/admin/aml-monitoring-tuner.md — model-validation pack / NY DFS Part 504 annual certification triggers
  • skills/admin/trade-surveillance-reviewer.md — FINRA Rule 4530 / Form U4-U5 / Form ADV 9 / Reg BI care-and-conflict file / SAR-adjacency / market-abuse-investigation / examination-response triggers
  • skills/admin/kyc-cip-onboarding-workflow.md — beneficial-ownership / CIP refresh / sanctions-screen disclosure-event triggers
  • skills/admin/ai-controls-auditor-icfr.md — ICFR / SOX 404 / SR 11-7 / SR 21-8 / NY DFS Part 504 model-risk control-deficiency triggers
  • skills/customer-service/financial-plan-constructor.md — DOL Retirement Security Rule / PTE 2020-02 rollover-rationale documentation triggers
  • skills/customer-service/ips-generator.md — Marketing Rule + AI-disclosure refresh triggers; Form ADV Part 2A Item 14 advertising-section coordination
  • skills/customer-service/tax-loss-harvesting-identifier.md — Marketing Rule after-tax-return reference language; tax-decision-support disclaimer pin
  • skills/customer-service/tax-aware-portfolio-rebalancer.md — Marketing Rule + tax-decision-support disclaimer for advisor-client communications
  • skills/customer-service/client-portfolio-update.md — quarterly / annual reporting Marketing-Rule / performance-presentation review
  • skills/operations/cim-drafter.md — Section 4(a)(2) / Reg D 506(b)(c) / FINRA 5150 / 5141 / Reg M / Reg FD pre-release review
  • skills/operations/dcf-valuation-builder.md — fairness-opinion / Marketing-Rule / Reg-AC / FINRA-5150 language review
  • skills/operations/lbo-model-builder.md — Marketing Rule + private-placement-memorandum disclosure review
  • skills/operations/comparable-company-analysis.md / skills/operations/accretion-dilution-analyzer.md / skills/operations/three-statement-model-constructor.md / skills/operations/financial-model-documenter.md — Marketing Rule + ASC 820 + Reg G review for any model-derived output flowing externally
  • skills/operations/cash-flow-forecaster-13-week.md — Reg S-K Item 303 / 8-K Item 2.04 / Reg FD review for any forecast flowing into an issuer filing
  • skills/operations/credit-memo-drafter.md — credit-memo lender-distribution review
  • skills/operations/earnings-call-summarizer.md / skills/operations/morning-notes-drafter.md — Reg-FD / Reg-AC / research-analyst-rules pre-release review
  • skills/operations/fund-administration-nav-reviewer.md — N-CSR / N-PX / N-PORT / N-CEN / Form PF / Rule 2a-5 fair-value-determination review
  • skills/operations/loan-covenant-compliance-monitor.md — covenant-compliance-certificate review where lender filing required
  • skills/operations/investment-memo-drafter.md — IC memo external-distribution Marketing-Rule / Reg-AC review
  • skills/operations/investment-thesis-tracker.md — Marketing-Rule attribution language
  • skills/operations/market-research-brief.md — Reg-AC / Marketing-Rule / Reg-FD pre-release review
  • skills/operations/pe-due-diligence-synthesizer.md — Section 13(d)/(g) / HSR / CFIUS / FCPA / OFAC / privilege-framing review
  • skills/operations/pitch-book-generator.md — FINRA 5150 / 5141 / Reg M / Reg FD / Section 4(a)(2) / Reg D / Marketing-Rule pre-release review
  • skills/operations/stress-test-scenario-modeler.md — regulatory-stress-test compliance review (Dodd-Frank / EBA / CCAR / DFAST / EU stress test)
  • skills/operations/trade-lifecycle-tracker.md — books-and-records (FINRA 4511 / 17a-3 / 17a-4) review
  • skills/sales/advisor-meeting-prep.md — advisor-client meeting Marketing-Rule / Reg-BI / suitability prep review
  • skills/_shared/meeting-summarizer.md — committee minutes review where filing-disclosure-event triggers surface
• Outbound to:
  • The filing itself — finding log + suggested remediation language returned to the preparer; severity-ranked Critical / High / Medium / Low; CCO-and-counsel sign-off chain; supersede-prior-version clause
  • skills/_shared/email-drafter.md — finding-cover-letter to preparer / counsel / regulator (audit-trail-safe)
  • skills/_shared/meeting-summarizer.md — filing-review committee meeting capture
  • skills/admin/sanctions-aml-alert-reviewer.md — SAR / 314(a) / 314(b) filing triggered by review
  • skills/admin/trade-surveillance-reviewer.md — surveillance-review packet triggered by FINRA 4530 / Form U4-U5 / Form ADV 9 disclosure-event determination
  • skills/admin/ai-controls-auditor-icfr.md — AI-tool-disclosure substantiation file (SEC 2026 exam-priority anticipating)
  • skills/customer-service/ips-generator.md — IPS AI-Disclosure Refresh trigger
  • outputs/ — versioned save with the firm's filing-review-deliverable naming convention; CCO + outside-counsel sign-off chain; retention per firm.retention_register

Example Output

[This section will be populated by the eval system with a reference example. For now, run the skill with sample input to see output quality.]