At the beginning of 2021, the Securities and Exchange Commission (“SEC”) released its exam priorities report for the year.[1] In the release, the SEC stated the following: “The Division will continue to review the compliance programs of RIAs, including whether … Read More
For the last several years, the Securities and Exchange Commission (“SEC”) has continually provided guidance and direction with regards to advisers’ fiduciary duty in making recommendations for wrap fee programs. From exam priorities[1] to an investor bulletin[2], the writing has … Read More
Investment professionals registered with one or more states have two basic regulatory challenges: managing differences in securities regulations from one jurisdiction to another and affording the resources needed to remain in compliance with the required regulations. Both challenges can be … Read More
On December 22, 2020, the Securities and Exchange Commission (“SEC”) released the final rule that will govern investment adviser advertisements and payments to solicitors.[1] Deemed by the securities industry as the “New Marketing Rule”, its main purpose is to modernize … Read More
Using technology has become a very integral part of today’s business services, especially in the financial industry. Due to the changes in both state and federal securities regulations over the last few years, the need for financial firms to have … Read More
The Employee Retirement Income Security Act of 1974, as amended (“ERISA”), contains provisions that restrict fiduciaries to retirement plans from engaging in certain activities. These prohibited activities include, among other things, self-dealing, implementing principal transactions,[1] and receiving compensation from third … Read More
Often, when broker-dealers and investment advisory firms are sanctioned by the regulators, the question on everyone’s mind is: where was compliance? While most firms are required to have a designated Chief Compliance Officer (“CCO”), few have more than one compliance … Read More
The North American Securities Administrators Association (“NASAA”) recently adopted a new model rule on Investment Adviser Representative (“IAR”) requirements for Continuing Education (“CE”). The new model rule states any IAR registered under Section 404 of the 2002 Act (or 201 … Read More
As the new year begins, there is a great opportunity to enhance your firm’s compliance program and start the year off on a positive note. In this Risk Management Update, we will discuss several recommendations and best practices to consider … Read More
As the year is ending, we know that there are several items that you will be focused on completing. An important item that should be on your list, is confirming that adequate compliance training has been provided to your personnel. … Read More