Core Compliance Blog Spotlight

Orion’s Eric Clarke Examines Issues Facing RIAs in Financial Planning’s Lightning Round

Eric Clarke, chief executive officer for Orion Advisor Solutions (Orion), was interviewed for Financial Planning’s Lightning Round. In the interview, Clarke describes the greatest threat to independent advisors as changes in the regulatory landscape. Read More
Core Compliance Blog Spotlight

SEC Publishes Frequently Asked Questions on Form CRS

As the first filing deadline for the Securities and Exchange Commission’s (“SEC”) new Form CRS is approaching on June 30, 2020, the SEC Division of Investment Management and Division of Trading and Markets have published a frequently asked questions document in response to inquiries they have... Read More

SEC Shines Light on Agency and Trading Cross Transactions

October 16, 2019

The most recent Risk Alert distributed by the Securities and Exchange Commission ("SEC") focused on many compliance issues that have been identified relating to principal trading and cross agency transactions. The SEC’s Office of Compliance Inspections and Examinations (“OCIE”) provided the...

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Broker-Dealers Fined $4.65 Mil for Inadequate EBS Reporting Processes

October 15, 2019

On September 16, 2019, the Securities and Exchange Commission announced it had levied fines against two broker-dealers for providing incomplete and inaccurate securities trading information known as “blue sheet data.” The SEC often submits data requests as part of its ongoing efforts to spot...

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Cryptocurrency Fraud Runs Rampant

September 17, 2019

Crypto criminals are having a big year, according to the Silicon Valley-based cybersecurity firm CipherTrace.

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How to Deter the Possibility of Insider Trading by Your Employees

September 10, 2019

On August 12, 2019, the Securities and Exchange Commission (SEC) announced it had filed civil proceedings against Bill Tsai, a junior analyst at RBC Capital Markets, for alleged insider trading.

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It’s a Good Time to Review Fee Disclosure for Accuracy & Transparency

September 05, 2019

When it comes to the all-important topic of management and other fees or expenses, investment advisors are charged with the fiduciary responsibility of making certain they disclose all related information comprehensively and transparently.

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

August 21, 2019

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...

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

August 14, 2019

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...

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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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