The SEC Division of Examinations (EXAMS) recently published its list of priorities for 2025, providing a roadmap for broker-dealers and other registrants to better understand where examination teams will focus their efforts...more
10/25/2024
/ Broker-Dealer ,
Corporate Governance ,
Cryptoassets ,
Disclosure Requirements ,
Emerging Technology Companies ,
FinTech ,
Form CRS ,
Publicly-Traded Companies ,
Regulation BI ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC)
On October 16, 2023, the SEC’s Division of Examinations (EXAMS) published its exam priorities for 2024. The timing is notable, with the release coming several months ahead of the typical timeline and only eight months after...more
10/26/2023
/ Broker-Dealer ,
Compliance ,
Cryptoassets ,
Cybersecurity ,
FinTech ,
Form CRS ,
Investment Adviser ,
Private Funds ,
Registered Investment Companies (RICs) ,
Regulation BI ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC)
The 2023 priorities letter represents only a sliver of the topics firms can expect exam teams to cover this year. In developing the priorities, SEC staff noted their outreach directly to state securities regulators and...more
The risk alert highlights deficiencies the staff identified during examinations and provides examples of weak practices observed at firms. EXAMS staff intends for the alert to assist broker-dealers in reviewing and enhancing...more
The SEC Division of Examinations recently published a risk alert summarizing observations from exams of registered investment advisers and broker-dealers related to compliance with Reg. S-ID, which is generally designed to...more
12/14/2022
/ Broker-Dealer ,
Customer Information ,
Data Protection ,
Data Security ,
Enforcement Actions ,
Enforcement Priorities ,
Identity Theft ,
Investment Adviser ,
Regulation S-ID ,
Risk Alert ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC)
FINRA recently provided an update on the August 2021 review of its members’ practices and controls related to the opening of options accounts and related areas, including account supervision, communications, and diligence. ...more
FINRA recently highlighted Rule 3241 in the 2023 Regulatory Element Learning Plan. Rule 3241 became effective in early February 2021 and prohibits a registered person from being named as a beneficiary, executor, or...more
The SEC recently brought fraud charges against Sterlington, Louisiana and its former mayor and separately against Rochester, New York and its former executives and Rochester’s municipal advisors and principals/owners...more
9/1/2022
/ Enforcement Actions ,
False Statements ,
Misrepresentation ,
Municipal Bonds ,
Municipal Securities Issuers ,
Municipalities ,
Rule 10(b) ,
SEC Examination Priorities ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Securities Violations
Cybersecurity and technology governance remain a top area of focus for the SEC and FINRA, as the regulators continue to concentrate on improving the overall cybersecurity posture and resiliency of the financial sector. FINRA...more
6/15/2022
/ Cyber Incident Reporting ,
Cybersecurity ,
Enforcement Priorities ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Financial Services Industry ,
Governance Standards ,
Policies and Procedures ,
Popular ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC)
It came as no surprise that FINRA’s 2022 Examination and Risk Monitoring Program Report highlighted communications with the public as a continued area of focus. The primary theme across this focus area relates to the...more
The SEC recently published its 2022 Examination Priorities Letter on the heels of FINRA issuing its 2022 Examination and Risk Monitoring Program Report. One of many areas of common focus is financial management, and more...more
The SEC Division of Examinations recently published its list of priorities for 2022. While it was a bit late compared to a typical year, the priorities letter provides a roadmap for firms to better understand where the...more
4/8/2022
/ Alternative Trading System (ATS) ,
Broker-Dealer ,
Conflicts of Interest ,
Cryptoassets ,
Emerging Technologies ,
Environmental Social & Governance (ESG) ,
Fiduciary Duty ,
Form CRS ,
Information Security ,
Investment Adviser ,
Private Funds ,
Regulation BI ,
Regulation SHO ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC) ,
Unregistered Brokers
A flurry of recent climate-related announcements from the SEC forecasts an upcoming policy battle at the agency. Acting Chair Allison Herren Lee has signaled that “ESG” will clearly be in focus across the SEC’s various...more
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 February 7, 2018, the SEC’s Office of Compliance Inspections and Examinations (OCIE) announced its 2018 Examination Priorities. In what comes as no surprise, the exam priorities include initial coin offerings (ICOs) and...more
On January 8, 2018, the Financial Industry Regulatory Authority (FINRA) released its 2018 Annual Regulatory and Examination Priorities Letter (Exam Priorities Letter) for its broker-dealer members. In the Exam Priorities...more