On Jan. 30, 2023, the Securities and Exchange Commission’s Division of Examinations (Division) released a Risk Alert, “Observations from Broker-Dealer Examinations Related to Regulation Best Interest,” in which the Division...more
I. Overview -
Broker-dealers, like most companies, rely on third-party vendors for a wide variety of functions. This common practice of outsourcing does not relieve a broker-dealer of its regulatory compliance and...more
Many companies that transitioned to a work-from-home environment in early 2020 may have reasonably anticipated a return to the normalcy of in-office operations by the end of the year. Yet as 2021 commences, remote work has...more
Financial advisors have long used the Certified Financial Planner designation as an indicator to potential clients that they meet high standards of professionalism and ethics within their field. The Certified Financial...more
The U.S. Securities and Exchange Commission (SEC) stated that it will not delay the June 30, 2020, compliance deadline for Regulation Best Interest (Reg BI) and Form CRS. (See McGuireWoods’ April 9 and April 6 alerts.) The...more
As reported in prior McGuireWoods alerts (see April 15, April 6, March 26 and March 17 updates), financial services regulators have been issuing guidance and relief to assist the industry as financial services firms and...more
FINRA’s examination program has undergone its most significant reorganization in decades. As stated in a press release, Oct. 1, 2018, FINRA’s goal for the reorganization was to “consolidate its Examination and Risk Monitoring...more
On June 5, 2019, the SEC adopted Regulation Best Interest (“Reg BI”), which requires broker-dealers and associated persons to make recommendations regarding securities transactions (or investments involving securities) that...more
On April 16, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) issued a Risk Alert highlighting Regulation S-P compliance deficiencies and issues it found in recent examinations of broker-dealers and...more
4/25/2019
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Securities and Exchange Commission (SEC)
While the securities industry focused on parsing the Securities and Exchange Commission’s recently proposed best-interest standard and speculating about the ultimate fate of the Department of Labor’s vacated fiduciary rule,...more