Core Compliance Blog Spotlight

Preparing for the U.S. Department of Labor’s Proposed Clarification on ERISA Proxy Voting

On August 31, 2020, the U.S. Department of Labor (DOL) released a proposal under the Employee Retirement Income Security Act of 1974 (ERISA) to amend fiduciary duties regarding proxy voting and shareholder rights. Read More
Core Compliance Blog Spotlight

What CCOs and Compliance Departments Need to Know About the SEC’s New Definition of ‘Accredited Investor’

Not long ago, the ability to invest in private offerings in the U.S. was limited to those whose annualized income and net worth afforded a country-club lifestyle. The requirements were an average income of $200,000 for the last two years ($300,000 for joint income) and/or a net worth of $1 million,... Read More

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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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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