The SEC’s Office of Information and Regulatory Affairs recently released the Spring 2023 Unified Agenda of Regulatory and Deregulatory Actions (the Agenda). The word salad of a title hints at the fact the SEC is considering a...more
6/27/2023
/ Analytics ,
Artificial Intelligence ,
Broker-Dealer ,
Cybersecurity ,
Investment Companies ,
Machine Learning ,
Outsourcing ,
Private Funds ,
Registration Requirement ,
Regulatory Agenda ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act of 1934 ,
Technology
Yes, (somehow) it is that time of year again. FINRA recently released its 2023 Report on its Examination and Risk Monitoring Program (the “Report”). As is typical (and this blog has well-covered), it contains a mix of old and...more
2/2/2023
/ Arbitration ,
Broker-Dealer ,
Consolidated Audit Trail ,
Cryptocurrency ,
Enforcement ,
Financial Crimes ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Investors ,
Mobile Apps ,
Regulation Best Interest ,
Regulation BI ,
Risk Management ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC) ,
Standard of Care
In recent years there has been a spate of legislation and rules passed to protect senior investors. Similarly, observers of FINRA’s and the SEC’s annual priorities will, of course, have noticed both bodies’ inclusion of elder...more
5/9/2022
/ Broker-Dealer ,
Elder Abuse ,
Elder Issues ,
Exploitation ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Investment Adviser ,
Investors ,
New Legislation ,
New Regulations ,
Securities and Exchange Commission (SEC) ,
Senior Safe Act
F. Scott Fitzgerald said “There are only the pursued, the pursuing, the busy, and the tired.” FINRA may be all of these in 2022, as FINRA CEO Robert Cook announced FINRA’s laundry list of priorities during a SIFMA Q&A last...more
Ben Franklin once said “by failing to prepare, you prepare to fail.” Based on the SEC’s latest risk alert concerning broker-dealers’ anti-money laundering (AML) compliance (or lack thereof), some firms would be well served to...more
On January 8, 2021, without admitting or denying the findings, VALIC Financial Advisors, Inc., (VALIC) entered into a settlement with FINRA Enforcement, through an Acceptance, Waiver and Consent (AWC) where the factual...more
All things come to those who wait … even Regulation Best Interest (colloquially known as Reg BI). In what now feels like a lifetime since the Securities and Exchange Commission (SEC) adopted it (believe it or not, it was only...more
Following the passage of last year’s federal Senior Safe Act, several states moved to beef up protections for senior investors by permitting brokers to act without liability.
• Rhode Island’s Senior Savings Protection Act...more
As the countdown to the June 30, 2020, date for compliance with Reg BI inches forward, FINRA and the SEC are providing a potpourri of support and information to help firms ensure compliance.
FINRA EFFORTS: FINRA’s...more
12/19/2019
/ Best Interest Standard ,
Broker-Dealer ,
Conflicts of Interest ,
Financial Industry Regulatory Authority (FINRA) ,
Form CRS ,
Investment Adviser ,
Investment Firms ,
Investment Management ,
Regulation Best Interest ,
Retail Investors ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Standard of Conduct ,
Stress Tests
The issue of “best interest” continues to be a hot topic in the states and trade groups, though one state has fallen out of the running…at least for now.
The State of Massachusetts has two pending initiatives. The first is...more
On the heels of the SEC’s recent approval of the “Reg BI Package,” on June 26, 2019 the U.S. House of Representatives passed a bill that would prevent enforcement of Reg BI. Specifically, Rep. Maxine Waters included a last...more