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

Do You Have What It Takes to be a Whistleblower?

February 18, 2020

Every now and then, the Securities and Exchange Commission (SEC) encounters a case that serves as a textbook example of everything that can go awry when a firm deems fraud more important that fiduciary responsibility.

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Here are the Areas of Focus for SEC Compliance in 2020

February 13, 2020

Senior retail investors and cybersecurity. About the only thing they have in common is their presence on the list of examination priorities this year for the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE).

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Here’s a Way to Showcase Your Fiduciary Responsibilities

February 10, 2020

A focus on the retail investor and cyber-related misconduct resulted in a record total of $4.3 billion in disgorgements and penalties ordered by the Securities Exchange Commission in 2019. Among the Commission’s 862 enforcement actions were a $100 million fine against Facebook for misuse of user...

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

January 21, 2020

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 occur in the regulatory landscape.

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SEC Publishes Frequently Asked Questions on Form CRS

January 14, 2020

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...

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Charles Schwab Corp. to Purchase TD Ameritrade for $26 billion

January 07, 2020

Charles Schwab Corp. announced it has agreed to purchase TD Ameritrade Holding Corp. for $26 billion in an all-stock transaction, combining two of the largest custody service providers to independent financial advisers.

After the merger, the combined firm will have assets in excess of $5...

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SEC Charges 18 in Elaborate $31 Million Stock Manipulation Scheme

December 10, 2019

On October 16, 2019, The Securities and Exchange Commission filed an emergency action and obtained an asset freeze against 18 traders in a multiyear scheme to manipulate more than 3,900 U.S.-listed securities that resulted in more than $31 million in illicit profits.

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Summary of Requirements for the SEC’s New Form CRS

December 05, 2019

Compliance officers at investment advisory firms which serve retail clients will soon be impacted by the newly required relationship summary in Form ADV Part 3 (Form CRS).

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Why the SEC’s Scrutiny of Digital Assets Creates Opportunity for Financial Advisers

December 03, 2019

On October 11, 2019, the Securities and Exchange Commission announced it had filed an emergency action against two offshore entities for conducting an alleged unregistered and ongoing digital token offering in the U.S. and overseas that has raised more than $1.7 billion in investor funds.

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SEC Proposes Amendments to OTC Securities Quotations

November 15, 2019

Over the past several years, The Securities and Exchange Commission (“SEC”) has brought hundreds of enforcement actions over violations of federal securities involving over-the-counter (OTC) securities, resulting in tens of millions in harm to retail investors. In an effort to increase retail...

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