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

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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Flouting Compliance: Ascension Asset Management, LLC and Grenville M. Gooder, Jr.

May 16, 2019

On March 7, 2019 the Securities and Exchange Commission (SEC) filed a cease-and-desist order against Ascension Asset Management and its sole proprietor, Grenville M. Gooder, Jr. for numerous violations related to:

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Non-DVP Custodial Practices and Digital Assets: Your Input Requested

May 15, 2019

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Formation and Sale of “Blank Check” Companies: SEC Brings Fraud Charges

April 23, 2019

In late February charges of fraud by the SEC against broker-dealer Spartan Securities Group, Ltd. and transfer agent Island Capital Management, LLC are the latest in a series of SEC enforcement actions against parties engaged in the formation and trading of “blank check” companies.

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Improper Disclosure: BB&T to Return $5+ Million to Retail Investors and Pay Penalty

April 19, 2019

BB&T Securities, a brokerage subsidiary of BB&T Corp., has settled with the Securities and Exchange Commission (SEC) over charges that a firm it had acquired misled clients and overcharged them for advisory services.

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Non-Public Form N-PORT: Changes to Filing Date

April 17, 2019

Keeping up with the latest changes to filing requirements is a critical element of compliance at any firm.

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