Latest Risk Management Update

May 2017 RMU Graphic

Compliance Protocols for Dealing with Current Cybercrimes

According to a Data Breach Investigations Report published by Verizon in 2016,[1] there has been a definite upward trend in the number of people clicking on “phishing” emails since 2014.  Phishing is a type of social engineering used by hackers to trick people into introducing a virus into their computer or revealing confidential information. To …

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Latest Risk Management Update

2017 Solutions for Compliance Professionals

At the beginning of every year, the Securities and Exchange Commission’s (“SEC’s”) Office of Compliance Inspections and Examinations (“OCIE”) identifies its examination priorities for the coming year. These priorities, which are based on perceived heightened risks to investors and the U.S. capital markets, address a wide variety of issues impacting financial firms throughout the U.S. …

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Why Investment Advisers Should Perform Annual Risk Assessments

Risks applicable to investment advisers continue to be a high priority focus for the Securities and Exchange Commission (“SEC”).  To that end, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) is tasked with the responsibility of, among other things, monitoring risk applicable to its registrants.  In the release of the SEC’s 2017 examination priorities,1 OCIE’s …

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Investment Advisers – What You May Not Know Could Affect Your Registration

There are many facets surrounding the registration of investment advisory firms (“IA Firm”) and investment adviser representatives (“IAR”) and the process can be erroneous if not performed correctly. Since registration is one of our core service offerings, we get asked a lot of questions from prospects and clients on this subject. Therefore, this Risk Management …

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Creating a Robust Compliance Program

The Compliance Program The objective of the compliance program is to prevent, detect and correct violations of securities laws.  To this end, investment advisers registered under Section 203 of the Investment Advisers Act of 1940 (the “Advisers Act”) are required to have a compliance program.  Rule 206(4)-7 of the Advisers Act1, commonly referred to as …

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Are You a Level Fee Fiduciary?

The Department of Labor’s (“DOL’s”) Conflicts of Interest rule (“the DOL Rule”),[1] and its broad applications, will inevitably impact a wide range of retirement investors and most financial services firms that deal directly with investors.  As the DOL Rule will materially go into effect April 10, 2017, it is important for financial firms to determine how …

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Compliance Year-End Preparation Checklist

The end of 2016 is fast approaching and the financial services industry has been hit this year with some very important and complicated new regulations, such as the Department of Labor’s Conflicts of Interest Rule (“DOL Rule”) and the Securities and Exchange Commission’s (“SEC”) amendments to Form ADV.  While both of these new rules have …

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SEC Releases Amendments to Form ADV and Other Investment Adviser Act Rules

In a press release dated August 25, 2016,1 the Securities and Exchange Commission (“SEC”) announced their issuance of a final rule, which amends Form ADV (Uniform Application for Investment Adviser Registration), along with five other rules under the Investment Advisers Act of 1940, as amended (“Advisers Act”).2 Specifically, in addition to the required changes to …

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Pitfalls of Performance Advertising by Investment Advisers

In this age of technology, advertising and marketing by investment advisers can be very economical and the venues numerous.  Advisers utilize websites, social media, blogs and blast messages as their main distribution channels and all of these mediums have far reaching capabilities. While the SEC has issued a multitude of guidance in the way of …

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The DOL Conflicts of Interest Rule and How it May Affect You (Part 2)

Who is an ERISA Fiduciary? In the April 2016, Core Compliance & Legal Services, Inc. (“CCLS”) published a Risk Management Update (“RMU”) titled, “The DOL Conflicts of Interest Rule and How it May Affect You (Part 1).”1  That RMU provides guidance on determining fiduciary status under the new Department of Labor Conflicts of Interest rule …

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