On November 13, 2020, the SEC announced that it had settled actions against several investment advisory firms and firms dually-registered as broker-dealers and investment advisers. These actions relate to unsuitable sales of...more
In these uncertain times, the predictability and regularity of the annual priorities letters from FINRA and the Securities and Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) is...more
2/23/2017
/ Anti-Money Laundering ,
Broker-Dealer ,
Cybersecurity ,
ETFs ,
Examination Priorities ,
Financial Industry Regulatory Authority (FINRA) ,
Investment Adviser ,
OCIE ,
Retail Investors ,
Securities and Exchange Commission (SEC) ,
Securities Transactions
REGULATION -
DOL Issues Additional Guidance on Fiduciary Rule -
On January 13, 2017, the U.S. Department of Labor (“DOL”) issued a second set of guidance on its new fiduciary rules, which are scheduled to become...more
2/2/2017
/ Attorney-Client Privilege ,
Broker-Dealer ,
Brokers ,
Capital Acquisition Broker (CAB) ,
Conflicts of Interest ,
Cross-Selling ,
Department of Labor (DOL) ,
Examination Priorities ,
Exploitation ,
Fiduciary Rule ,
Financial Industry Regulatory Authority (FINRA) ,
Investment Adviser ,
Liquidity Risk Management Rule ,
Mutual Funds ,
OCIE ,
Pay-To-Play ,
Sales Load Variations ,
Section 36(b) ,
Securities and Exchange Commission (SEC) ,
Swing Pricing ,
Trustees
U.S. Court of Appeals Upholds SEC’s Backtesting Finding -
In a 2016 case before the U.S. Court of Appeals for the D.C. Circuit, a former investment adviser lost a petition to review and vacate the decision of an SEC...more
Regulation -
Next on the SEC’s Regulatory Agenda: A Chief Valuation Officer? -
First, the SEC required funds to designate a chief compliance officer. Then, the SEC proposed that funds designate a liquidity...more
8/16/2016
/ Advisors Act ,
Auditors ,
BDC ,
Broker-Dealer ,
Business Continuity Plans ,
Business Development Companies ,
CFTC ,
Commodity Futures Contracts ,
Commodity Pool ,
Customer Due Diligence (CDD) ,
ETFs ,
FinCEN ,
FSOC ,
OCIE ,
Private Equity ,
Qualified Client ,
Risk Management ,
Securities and Exchange Commission (SEC)
T+2 Settlement and Structured Notes -
Introduction -
In December 2015, the “T+2 Industry Steering Committee” published its Implementation Playbook. The Playbook is intended to provide, among other things, a...more
Readers of this blog are familiar with the recent regulatory changes that have created new possibilities for non-registered capital raises in the U.S.: general solicitations in Regulation D offerings, Regulation A+,...more
Regulation -
OCIE Cautions Advisers on Outsourcing Compliance Activities:
In a Risk Alert dated November 9, 2015, the SEC’s Office of Compliance Inspections and Examinations (OCIE) said it found that outsourced...more
11/18/2015
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Anti-Money Laundering ,
CFTC ,
Compliance ,
Cybersecurity ,
Enforcement Actions ,
Financial Industry Regulatory Authority (FINRA) ,
Investment Management ,
Investor Protection ,
OCIE ,
Outsourcing ,
Securities and Exchange Commission (SEC) ,
Swap Dealers ,
Swing Pricing ,
Volcker Rule
On September 17, 2015, FINRA announced that it would propose rules to help member firms protect seniors and other vulnerable adults from financial exploitation. The proposal would create a safe harbor enabling broker-dealer...more
9/23/2015
/ Amended Regulation ,
Broker-Dealer ,
Disability ,
Elder Abuse ,
Elder Issues ,
Exploitation ,
Financial Industry Regulatory Authority (FINRA) ,
Investor Protection ,
OCIE ,
Proposed Regulation ,
Safe Harbors
On September 15, 2015, OCIE issued a risk alert relating to its new cybersecurity examination initiative. This is the second round of these examinations, and the alert provides a detailed look at OCIE’s current areas of...more
9/17/2015
/ Broker-Dealer ,
Cyber Incident Reporting ,
Cyber Threats ,
Cybersecurity ,
Data Privacy ,
Data Protection ,
Data Security ,
Financial Industry Regulatory Authority (FINRA) ,
Hackers ,
Investment Adviser ,
OCIE ,
Risk Alert ,
Risk Management ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC) ,
Third-Party ,
Training
OCIE Issues Risk Alert Relating to Structured Note Sales -
Earlier this year, the SEC’s Office of Compliance Inspections and Examinations (the “OCIE”) indicated branch offices and structured products as two of its...more
9/1/2015
/ Broker-Dealer ,
Compensation Standards ,
Derivatives ,
EDGAR ,
Endangered Species Act (ESA) ,
EU ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Internal Communications ,
IRS ,
Loss Contingencies ,
NASD ,
OCIE ,
Risk Alert ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Structured Finance ,
Training ,
UK ,
Underwriting
In This Issue:
- The National Senior Investor Initiative
- SEC Commissioner Addresses Structured Notes
- The SEC Defines “Voting Equity Securities” Under the Rule 506(d) Bad Actor Disqualification...more
In This Issue:
- FINRA Releases 2015 Regulatory and Exam Priorities Letter: Structured Products Remain an Area of Focus
- OCIE Exam Priorities: 2015
- In Re: TVIX Securities Litigation
- Second...more
1/27/2015
/ Basel III ,
Credit Suisse ,
European Securities and Markets Authority (ESMA) ,
Examination Priorities ,
Exchange-Traded Products ,
Financial Industry Regulatory Authority (FINRA) ,
FSB ,
Global Systemically Important Banks (G-SIBs) ,
MiFID ,
OCC ,
OCIE ,
Securities ,
Securities Litigation ,
Structured Financial Products
In This Issue:
Additional SEC Guidance on Estimated Value Disclosures; 2013 OCIE Examination Priorities Have Implications for Structured Products Issuers and Dealers; EITF and the Federal Funds Rate; and FDIC Proposes to...more