The US Securities and Exchange Commission (SEC) published for comment on September 30 a proposed rule change by the Financial Industry Regulatory Authority (FINRA) that would amend FINRA Rule 2231—the customer account...more
A recent FINRA regulatory notice recasts existing obligations regarding outsourcing as a procedural roadmap for broker-dealers to “consider” when using third-party vendors. The Financial Industry Regulatory Authority, Inc....more
The environmental, social, and governance (ESG) landscape is being shaped by the establishment of various ESG standards and frameworks (summarized and compared herein), many of which have been adopted on a voluntary basis by...more
Firms will need to separately engage with the US Securities and Exchange Commission on delays related to the coronavirus (COVID-19) pandemic....more
The SEC’s interpretation of the investment adviser standard of conduct appears to refine the contours of the fiduciary duty that investment advisers owe their clients under the Advisers Act, enhance disclosure obligations,...more
The SEC’s Regulation Best Interest requires that recommendations be in the retail customer’s best interest, creates a more explicit and broader disclosure obligation for broker-dealers, and requires broker-dealers to mitigate...more
The Securities and Exchange Commission (SEC) has adopted a package of rules and interpretations on the provision of advice to retail customers. Some of these rules come with tight compliance dates, and firms that will be...more
The US Securities and Exchange Commission voted on June 5 to adopt its long-awaited rules governing retail advice. These new standards of conduct include the adoption of Regulation BI and Form CRS, as well as interpretive...more
The European General Data Protection Regulation, which will come into force on May 25, 2018, requires companies, including investment managers, funds, banks, and broker-dealers, with operations in Europe or information about...more
4/18/2018
/ Banks ,
Broker-Dealer ,
Data Breach ,
Data Protection ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
General Data Protection Regulation (GDPR) ,
Information Commissioner's Office (ICO) ,
Investment Management ,
Personal Data ,
UK
The MiFID II regime will have significant ramifications for US investment managers and their use of client commissions to obtain research—especially as cross-border impacts have yet to be addressed by global regulators....more
The SEC’s Guidance recognizes that robo-advisers are fiduciaries, and provides suggestions on how they can meet the substantive requirements of the Investment Advisers Act of 1940. ...more