Protect your RIA in this area, make it a priority in your budget now BEFORE a breach happens. On September 26, 2018, the SEC Division of Enforcement announced that it settled claims with an RIA that agreed to pay $1 million to settle charges related to its failures in cyber-security policies and procedures surrounding a…
And we are off to 2020, this past Tuesday the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) announced it’s exam priorities for 2020. They do so to improve transparency and to help firms evaluate and improve their compliance programs. Click here to go directly to the SEC’s website, or read a few of the…
Happy New Year! In this article, I’ll outline the 2019 regulatory hot buttons to help your RIA be “bulletproof” in 2020 (no guarantee you’ll be bulletproof, but we can strive for the highest standard): The SEC and OCIE (Office of Compliance Inspections and Examinations) publish risk alerts reminding investment advisory firms of compliance risks and…
In November 2019, the SEC released its Division of Enforcement 2019 annual report which highlights 862 enforcement actions pursued during this recent fiscal year. This report confirms continued focus on “retail investor protection” and no signs of change in the near future. In the SEC’s 2019 fiscal year, they filed 526 standalone enforcement actions, 210…
As the well-known saying goes… “it’s complicated” Last June, the SEC approved a set of rules relating to financial advice; with the goal of increasing transparency of retail investors’ relationships with both broker-dealers and investment advisors. The four-part package includes Regulation Best Interest or “Reg BI”, which sets a new standard of conduct for brokers;…
Do you think about “breaking away” from your current firm? Are you considering starting your own Registered Investment Advisor (RIA) or joining an existing RIA? There are so many aspects to consider if you are an adviser looking to make a move: First, evaluate where you are (wirehouse, bank, regional firm, RIA) vs. your future…
It’s almost Halloween, where did 2019 go? I’m still behind and have no costumes for my three boys, but I get things done by my deadline… always! Let’s talk Compliance for the new year of 2020! There is the usual calendar (which I will post), however, I have a quick read prep list for those…
Cheers on a Tuesday (Friday is right around the corner… says the positive optimist in me, lol) The SEC issued some pretty hefty fines in September, click here for detailed press releases on the SEC website. Enforcemnt fines due to: Disclosure failures regarding mutual fund share class selection practices (17 Investment Advisors), Unregistered ICO and…
To download the full report, click here to go to FINRA’s website. Being aware of these areas will help your firm stay in compliance and out of trouble with FINRA! Here’s an snippet of the problem areas; however, there are many more and a detailed explanation in the full FINRA report: Insufficient WSPs (Written Supervisory…
Cheers on a Wednesday evening from Sonja Rae ~ More info on Reg BI and Form CRS (coming June 2020), as if you haven’t heard enough! 🙂 Reference SEC details here. Reference the CHECKLIST here. (as Ice Cube says, “check yo self”…. lol, now I’m really showing my age, ignore that!) As we…