FINRA recently hosted a conference call with its smaller members covering Regulation Best Interest and Form CRS compliance. FINRA’s resounding message was that there is “no one-size-fits all” approach to Reg. BI...more
10/13/2022
/ Broker-Dealer ,
Compliance ,
Conflicts of Interest ,
Disclosure Requirements ,
Financial Industry Regulatory Authority (FINRA) ,
Form CRS ,
Investment Adviser ,
Investment Management ,
Regulation Best Interest ,
Regulation BI ,
Securities and Exchange Commission (SEC)
SEC staff recently served up a juicy staff bulletin covering the standards of conduct for broker-dealer and investment adviser conflicts of interest. The staff bulletin includes 13 Q&As categorized into five different...more
U.S. Securities and Exchange Commission staff recently published a bulletin reiterating the standards of conduct applicable to broker-dealers and investment advisers when making account recommendations to retail investors....more
4/15/2022
/ Broker-Dealer ,
Conflicts of Interest ,
Fiduciary Duty ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
IRA Rollovers ,
Regulation Best Interest ,
Retail Investors ,
Retirement Plan ,
Securities and Exchange Commission (SEC) ,
Standard of Conduct
This is the first in a series of alerts discussing topics covered by FINRA in its 2022 Examination and Risk Monitoring Program Report (the “Report”). Here we take a look at Regulation Best Interest (“Reg. BI”) and Form CRS,...more
2/25/2022
/ Broker-Dealer ,
Conflicts of Interest ,
Disclosure Requirements ,
Filing Requirements ,
Financial Industry Regulatory Authority (FINRA) ,
Form CRS ,
Investment Adviser ,
Policies and Procedures ,
Regulation Best Interest ,
Retail Investors ,
Securities and Exchange Commission (SEC) ,
Training
The compliance date of June 30, 2020, is looming for U.S. broker-dealers subject to Regulation Best Interest (Reg. BI) and broker-dealers and investment advisers required to prepare and provide relationship summaries pursuant...more
5/19/2020
/ Broker-Dealer ,
Conflicts of Interest ,
Disclosure Requirements ,
Filing Deadlines ,
Form CRS ,
Investment Adviser ,
Popular ,
Regulation Best Interest ,
Retail Investors ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC) ,
Standard of Conduct
On Jan. 5, 2016, the Financial Industry Regulatory Authority (“FINRA”) issued its annual Regulatory and Examination Priorities Letter (“2016 Examination Letter” or “Letter”), along with a press release from FINRA chairman and...more
Regulatory Developments:
FINRA Requests Comment on Rules Relating to Financial Exploitation of Vulnerable Adults -
On Oct. 15 FINRA published Regulatory Notice 15-37, requesting comment on proposed amendments to...more
10/22/2015
/ Amended Regulation ,
BE-180 ,
Benchmarks ,
Comment Period ,
Conflicts of Interest ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Disclosure Requirements ,
Diversity ,
Elder Issues ,
Enforcement Actions ,
Exploitation ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Fines ,
Foreign Nationals ,
HMDA ,
Investment Adviser ,
Mortgage Lenders ,
Mortgages ,
Municipal Bonds ,
Neither Admit Nor Deny Settlements ,
Private Funds ,
Proposed Regulation ,
Public Offerings ,
Puerto Rico ,
Recordkeeping Requirements ,
Regulation C ,
Regulation M ,
Reporting Requirements ,
Restitution ,
Rule 105 ,
Sanctions ,
Securities and Exchange Commission (SEC) ,
Settlement ,
Short Selling ,
Surveys ,
U.S. Commerce Department
Regulatory Developments:
SEC Approves New Debt Research Rule and Amended Equity Research Rule -
On July 16, the SEC approved FINRA Rule 2241, which modifies and clarifies existing rules related to research analysts,...more
7/23/2015
/ Banking Sector ,
CFTC ,
Conflicts of Interest ,
Consumer Financial Protection Bureau (CFPB) ,
Employee Retirement Income Security Act (ERISA) ,
FDIC ,
Federal Reserve ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
OCC ,
Private Student Loans ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Seed Financing ,
Tibble v Edison Int ,
Volcker Rule
SEC Proposals to Enhance Investment Company and Investment Adviser Reporting: As we went to press, the SEC commissioners announced that they had voted to approve two proposals. The first was for new and amended rules and...more
5/22/2015
/ Banks ,
Community Banks ,
Conflicts of Interest ,
Department of Labor (DOL) ,
Enforcement Actions ,
Fiduciary Duty ,
Investment Adviser ,
Investment Funds ,
Morgan Stanley ,
OCIE ,
Private Equity Funds ,
Securities and Exchange Commission (SEC) ,
Volcker Rule
DOL Fiduciary Standard Proposal. The Department of Labor issued a notice of proposed rulemaking including a definition of the term “fiduciary,” a conflict of interest rule for retirement investments, new exemptions and...more
4/16/2015
/ Australia ,
Bank Holding Company ,
Capital Rules ,
Conflicts of Interest ,
Department of Labor (DOL) ,
Federal Reserve ,
Fiduciary Duty ,
Investment Adviser ,
NPRM ,
Pay-To-Play ,
Prudential Regulation Authority (PRA) ,
Retirement Plan ,
Securities and Exchange Commission (SEC)
The SEC recently approved amendments to simplify and refine the scope of FINRA corporate financing and underwriter conflicts of interest rules. The amendments include modifications that will affect not only underwriters and...more