Core Compliance Blog Spotlight

The SEC Waves a Cautionary Yellow Flag for Investment Advisers Associated with Wrap Fee Programs

The continued growth of investor assets participating in wrap fee programs has prompted regulators to maintain a sharp focus of the programs as part of an ongoing assessment of market-wide risks and matters of importance to retail investors saving for retirement. Read More
Core Compliance Blog Spotlight

SEC Enforcement Actions Send a Stark Message: The Transition Period for Form CRS Has Ended

If firms needed a resounding wake-up call regarding the importance of delivering newly required client relationship summaries (Form CRS) to retail investors in a timely manner, the U.S. Securities and Exchange Commission (SEC) has provided one. Read More

The SEC’s $97 Million Fine of a TIAA Subsidiary Offers Valuable Reminders About Rollover Accounts

August 19, 2021

Failure to disclose conflicts of interest. Making misleading statements. Creating positive incentives and negative pressures for its sales force. Failure to adopt and implement written policies and procedures.

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SEC Ponders the Possibility for More Change in Guidance and Rules Related to Proxy Voting Advice

August 19, 2021

U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler has directed the Commission to consider whether it should revisit 2019 guidance and 2020 rule amendments regarding proxy voting advice[1].

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Temperature Rising on the SEC to Address Climate Change Disclosure

July 14, 2021

A growing interest in funds focused on Environmental, Social, and Governance (ESG) assets has prompted the U.S. Securities and Exchange Commission (SEC) to see that investors are better informed regarding ESG-related risks. There just happens to be a difference in opinion among SEC commissioners...

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A COVID Vaccination Isn’t the Only Way to Help Seniors and Provide Immunity for Employees

July 13, 2021

If Willie Sutton were alive today, he might be targeting seniors instead of robbing banks.

Why? Because that’s where the money is.

An ongoing and rapid increase in the size of the nation’s 65-and-over population and the disproportionate wealth among older generations have combined to create a...

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SEC Chair Gensler Foreshadows an Iron-Fisted Approach to Investor Protection at FINRA Annual Conference

June 16, 2021

The 1,700 market participants who heard new U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler’s remarks at the remote annual meeting of the Financial Industry Regulatory Authority (FINRA) on May 20, 2021, came away with a clear vision for the regulators’ top priority this year.

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Don’t Become Conflicted by a Potential Fiduciary Conflict of Interest

June 11, 2021

When it comes to the preparation and submission of required annual documents to the U.S. Securities and Exchange Commission (SEC), few regulatory filings demand the level of meticulous care that investment advisory firms must use in completing Form ADV. It takes years to build a sterling...

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SEC Accuses Race Car Aficionado of Bilking Investors out of $38 Million to Fund Lavish Lifestyle

May 13, 2021

Recent action brought by the U.S. Securities and Exchange Commission (SEC) against Miami-based hedge fund manager Andrew T. Franzone offers another cautionary tale about the need for investors to perform a high level of due diligence when dealing with private placement memorandums (PPMs) and the...

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Ongoing Areas of Focus for State Securities Regulators

May 06, 2021

In its recently issued annual report on state-registered investment advisers, the North American Securities Administrators Association (NASAA) was straightforward about the steps it believes advisers should be taking to create a culture of compliance in today’s rapidly changing regulatory...

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