Core Compliance Blog Spotlight

Despite Potential Delays and Changes, Firms Should Begin implementation of REG BI Compliance

The Securities and Exchange Commission (SEC) issued its final decision on its three-part reform package last month, featuring the Regulation Best Interest (REG BI). The regulation will require broker-dealers to increase their disclosures and act in their client’s best interest when giving financial... Read More
Core Compliance Blog Spotlight

CFP Moves Forward with Revised Code of Ethics, Extends Enforcement Date to June 2020

The Certified Financial Planners (CFP) Board of Standards, Inc. released its revised Code of Ethics and Standards of Conduct last year. The most significant change under the new standards is that now all CFP professionals, including broker dealers, must adhere to the fiduciary duty when delivering... Read More

KPMG Agrees to $50 million penalty for SEC Charges

August 07, 2019

KPMG agreed to pay a $50 million penalty and review its ethics and integrity controls as a settlement with the Securities and Exchange Commission (SEC) for charges that the firm altered past audit work papers after illegally obtaining information from the Public Company Accounting Oversight...

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SEC Approves Four-Part Rules Package

July 23, 2019

On June 5, 2019, the Securities and Exchange Commission (SEC) approved a four-part investment advice reform package containing new rules that govern conduct, forms, and interpretations for investment advisers and broker-dealers.

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Improper Billing Practices Draw SEC Fraud Charges

July 19, 2019

 “An adviser that fails to adhere to the terms of these agreements and disclosures, or otherwise engages in inappropriate fee billing and expense practices, may violate the Investment Advisers Act of 1940, and the rules promulgated thereunder, including the antifraud provisions.”

This stern...

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The Town of Oyster Bay Settles SEC Fraud Charges

July 17, 2019

In early June, the town of Oyster Bay New York settled 2017 charges issued by the Securities and Exchange Commission (SEC) that it committed fraud related to Municipal Bond Securities it sold investors while failing to disclose the nature and potential impact of side deals with a local food...

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OCIE Identifies Compliance Shortcomings Regarding Privacy Notices and Safeguard Policies (Regulation S-P)

June 18, 2019

Through their examination process, the Office of Compliance Inspections and Examinations (OCIE) has uncovered a number of compliance concerns pertaining to Regulation S-P, the Securities and Exchange Commission (SEC) regulation that defines requirements for privacy notices and safeguard policies...

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Failure to Supervise Third Parties: AXA Advisors, LLC Sanctioned by FINRA

June 13, 2019

In early May, the Financial Industry Regulatory Authority (FINRA) announced fines levied against AXA Advisors, LLC (AXA), a company that sells and services group annuity contracts for employer-sponsored 401(k) retirement plans through an affiliated life insurance company.

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Social Sentiment Investing Tools: SEC Issues Investor Bulletin

June 11, 2019

Apart from the traditional sources of information investors use to gather information about their own investment decisions, such as analyst estimates, news stories, and other indicators of market volatility, investors lately have been utilizing social sentiment tools.

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Proposed Amendments to the Safeguards and Privacy Rules: FTC Seeks Comment

May 20, 2019

The Federal Trade Commission (FTC) has voted to propose alterations to two rules governing the protection of privacy and security of customer information in possession of financial institutions, the Safeguards Rule and the Privacy Rule under the Gramm-Leach-Bliley Act, specifically.

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