Core Compliance Blog Spotlight

Failure to Supervise Third Parties: AXA Advisors, LLC Sanctioned by FINRA

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. Read More
Core Compliance Blog Spotlight

Social Sentiment Investing Tools: SEC Issues Investor Bulletin

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. Read More

DOL Seeking Delay of its Fiduciary Rule until July 2019

August 09, 2017

The Department of Labor (“DOL”) has submitted a proposal to the Office of Management and Budget (“OMB”) for a delay on implementing the remaining requirements of their fiduciary rule (“DOL Rule”) until July 1, 2019, which is currently scheduled to go into effect on January 1, 2018.    The delay...

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Nevada Creates Own Fiduciary Rule

July 19, 2017

Recently, Nevada Governor Brian Sandoval signed into law Senate Bill 383 that revised current regulations for financial planners. The changes expand the definition of financial planner in NRS 628A.010 to now include broker-dealers and investment advisers in Nevada, which in turn requires such...

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SEC Seeks Public Comment on Standards of Conduct for Investment Advisers and Broker-Dealers

June 16, 2017

In a recent public statement, Securities and Exchange Commission (“SEC”) Chairman Jay Clayton announced that the SEC is moving forward with its review of the standards of conduct mandates for investment advisers and broker-dealers and he welcomes the Department of Labor (“DOL”) Secretary...

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Time’s Up: The Fiduciary Rule Delay Comes to an End

May 24, 2017

Originally intended to go into effect on April 10, 2017, the DOL’s Conflicts of Interest final rule (referred to in the industry as the “Fiduciary Rule”) was delayed for 60 days while the department analyzed issues raised in President Trump’s February 3, 2017, memorandum. Despite the...

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SEC Issues Risk Alert on Cybersecurity in Light of “WannaCry” Ransomware Attack

May 18, 2017

On May 17, 2017, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) released a Risk Alert discussing the recent ransomware cyberattack and providing two important protection steps firms should take.  In addition, the Risk Alert outlined that OCIE had observed certain “security...

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High Profiled Risks Associated With Investment Advisory Firms

May 15, 2017

The SEC’s Office of Compliance Inspections and Examinations (“OCIE”) has been issuing written Risk Alerts since 2011 that outline areas the SEC believes carry high risks for broker-dealers and investment advisers.  The areas covered in these alerts have included:

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“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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