Core Compliance Blog Spotlight

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

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. Read More
Core Compliance Blog Spotlight

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

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

“SEC Expectations for Managing Retirement Accounts” Webinar Q&A

May 01, 2017

In April, Craig Watanabe, Sr. Compliance Consultant at Core Compliance & Legal Services, Inc. (“CCLS”), hosted an informative webinar, “SEC Expectations for Managing Retirement Accounts.” During the presentation, he discussed important considerations for the now delayed DOL Conflicts of Interest...

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Applicability Date of Fiduciary Rule Delayed

April 17, 2017

On April 4, 2017, the Department of Labor (“DOL") issued a news release announcing that they are extending the applicability date of their Conflicts of Interest Rule (commonly referred to as the "Fiduciary Rule”) for 60 days.  The release also extends the applicability dates of related exemptions,...

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DOL Issues Bulletin in Wake of Proposed Rule Delay

March 23, 2017

Following the proposed rule to delay the Department of Labor’s Conflicts of Interest Rule (the “DOL Rule), John Canary, the DOL’s Director of Regulations and Interpretations, issued a Field Assistance Bulletin announcing a temporary enforcement policy. This memorandum, which was sent to the...

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No-Action Letter on Custody Pertaining to Standing Letters of Authorization

March 10, 2017

As a result of widespread confusion and uncertainty among investment advisers and other members of the financial industry, the Investment Adviser Association (IAA) sent a letter to the SEC’s Division of Investment Management requesting clarification and no-action relief pertaining to written...

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Preparing for SEC Exams: Top Five Identified Deficiencies by the OCIE

March 02, 2017

In February 2017, the Securities and Exchange Commission (“SEC”) published a Risk Alert highlighting the top five most common compliance topics identified in deficiency letters issued to SEC registered investment advisers (“RIA”).

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SEC Fined 10 Firms for Violating Pay-to-Play Rule

February 16, 2017

In June 2010, the SEC adopted the Rule 206(4)-5 of the Investment Advisers Act of 1940, which addressed “pay-to-play” practices surrounding political contributions.  Pay to play is a term used in the financial industry that generally refers to investment advisers making campaign contributions to...

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SEC Examination Priorities for 2017

January 26, 2017

Examination Priorities

Each year the SEC Office of Compliance Inspections and Examinations publishes their SEC examination priorities letter to inform the industry of their current focus areas.  The 2017 letter was released on January 12, 2017, and is available on the SEC’s website.  The letter...

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California Attorney Defrauds EB-5 Investors

January 25, 2017

On December 27, 2016, the Securities & Exchange Commission (“SEC”) charged Emilio Francisco with defrauding investors seeking to participate in the EB-5 immigrant investor program. The EB-5 program, which is administered by the U.S. Citizenship and Immigration Service (“USCIS”), allows foreign...

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FINRA Announced Its 2017 Exam Priorities

January 13, 2017

According to Robert W. Cook, since becoming the president and CEO of FINRA in August 2017, he has “been engaged in an ongoing ‘listening tour’ meeting with member firms, regulators and investor groups, among others.”  In the cover letter he issued announcing the release of FINRA’s 2017 Regulatory...

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End of Year is Almost Here – Are You Prepared?

December 19, 2016

2016 is speeding to a close, so to assist advisory firms in preparing for year-end compliance requirements, along with certain upcoming regulations, CCLS recently published a Risk Management Update (“RMU”) that contains a year-end compliance checklist.  While it’s not all inclusive, the checklist...

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