News & Analysis as of

Investment Adviser Broker-Dealer

Certified Financial Planner Board Proposes Fiduciary Obligations for All CFP Financial Advice

by Carlton Fields on

In June, the Certified Financial Planner (CFP) Board released proposed revisions to its standards of professional conduct that would require CFPs to adhere to a fiduciary standard at all times when providing any "financial...more

SEC Investor Advocate’s 2018 Objectives Target Key Issues for Life Insurers

by Carlton Fields on

On June 29, the SEC’s Office of the Investor Advocate released a report that prioritizes addressing the inconsistency in the standard of care applicable to broker-dealers (a suitability standard) versus investment advisers (a...more

OCIE Lessons From Cybersecurity 2 Initiative

by Carlton Fields on

On August 7, the SEC’s Office of Compliance Inspections and Examinations (OCIE) issued a risk alert containing observations from its Cybersecurity 2 Exam Initiative. As a follow-up to the 2014 Cybersecurity 1 initiative, the...more

Funds Talk: October 2017 - SEC Report Highlights Financial Firms’ Cybersecurity Improvements and Shortcomings

On Aug. 7, 2017, the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) released a risk alert summarizing the results of its second cybersecurity preparedness examination. ...more

SEC Chairman Clayton Addresses Senate Committee

On September 26, 2017, SEC Chairman Jay Clayton delivered to the U.S. Senate Committee on Banking, Housing and Urban Affairs his first testimony as Chairman. ...more

Obama’s DOL Fiduciary Rule Fades into the Distance

by Bowditch & Dewey on

If you have an account in a retirement plan where you work or you own an Individual Retirement Account, you may get financial advice about the assets in your account from an investment advisor, broker, planner, or insurance...more

Securities and Enforcement Update

by McGuireWoods LLP on

On Sept. 26, 2017, Securities and Exchange Commission Chairman Jay Clayton testified before the Senate Committee on Banking, Housing and Urban Affairs for the first time since his confirmation. Although the testimony and...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

Cybersecurity was front and center this week, with SEC Chairman Jay Clayton being grilled by a Senate Committee about the breach at the agency. The Chairman testified that the breach occurred last year and that investigations...more

Colorado and Vermont Adopt Cybersecurity Rules Covering Broker-Dealers and Investment Advisers

State financial regulators in Colorado and Vermont recently adopted cybersecurity rules that apply to broker-dealers and investment advisers regulated by those states as well as certain other “securities professionals” in...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The Commission filed another in a series of actions against an investment adviser who put wrap fee program clients into more expensive mutual fund shares that benefited the adviser and disadvantaged the client. Two more...more

Florida Emergency Order Suspends Securities Branch-Office Regulations

Florida’s state securities regulator, the Office of Financial Regulation (OFR), is historically strict about licensing of branch offices of securities dealers, issuer/dealers and investment advisers. Under Sections 517.012(5)...more

OCIE Releases Cybersecurity Risk Alert

by Bracewell LLP on

On August 7, 2017, the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) released a Risk Alert summarizing its most recent cybersecurity examination findings. As a part of its Phase...more

OCIE Releases Results of Cybersecurity Examination Initiative

On August 7, 2017, the Office of Compliance Inspections and Examinations (OCIE) of the U.S. Securities and Exchange Commission (SEC) released a summary of its observations (the report) from cybersecurity examinations of 75...more

SEC Publishes Cybersecurity Risk Alert

by Balch & Bingham LLP on

On August 7 2017, the U.S. Securities and Exchange Commission (SEC), through its Office of Compliance Inspections and Examinations (OCIE), published a Risk Alert summarizing observations on how broker dealers, investment...more

The Good and the Bad from OCIE’s Cyber Examinations and What Firms Should Do Next

by Dechert LLP on

The Office of Compliance Inspections and Examinations (OCIE) of the U.S. Securities and Exchange Commission (SEC) released a National Examination Program Risk Alert (Risk Alert) on August 7, 2017 regarding observations from...more

Developments in New York and Colorado Cybersecurity Regulations

by Wilson Elser on

New York - For the first time since New York’s Cybersecurity Regulation (23 NYCRR Part 500) became effective on March 1, 2017, the Department of Financial Services (DFS) has issued Frequently Asked Questions to assist...more

SEC Issues Risk Alert To Improve Cybersecurity Readiness

by King & Spalding on

On August 7, 2017, the U.S. Securities and Exchange Commission (“SEC”) published a risk alert directed to the financial advisory industry, identifying cybersecurity vulnerabilities that could make the industry’s networks...more

OCIE Observations from the Second Round of Cybersecurity Examinations

by K&L Gates LLP on

On August 7, 2017, the Securities and Exchange Commission’s (“SEC”) Office of Compliance Inspections and Examinations (“OCIE”) released a risk alert (the “Risk Alert”) summarizing observations from the second round of...more

SEC Cybersecurity Risk Alert Emphasizes Proactive Compliance and Ongoing Vigilance

by BakerHostetler on

On August 7, 2017, the Securities and Exchange Commission (SEC) released its latest cybersecurity risk alert, detailing findings from the examination of 75 broker-dealers, investment advisers and investment companies carried...more

SEC Watch: “Observations” from SEC’s Cybersecurity 2 Initiative

Last week, the U.S. Securities and Exchange Commission’s (“SEC”) Office of Compliance Inspections and Examinations (“OCIE”) released its “Observations from Cybersecurity Examinations” conducted pursuant to OCIE’s...more

SEC Observations from Recent Cybersecurity Examinations Identify Best Practices

by Morgan Lewis on

The SEC continues to focus on cybersecurity as an area of concern within the investment management industry....more

The Guide to Social Media and the Securities Laws

The growing use of social media has created challenges for federal securities regulators, who must enforce antifraud rules that were written at a time when the prevailing technology was the newspaper. This Guide...more

SEC Report Highlights Financial Firms’ Cybersecurity Improvements and Shortcomings

On August 7, the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) released a Risk Alert summarizing the results of its second cybersecurity preparedness examination. The...more

SEC’s Latest Cybersecurity Risk Alert Identifies Elements of Robust Policies and Procedures

by Dorsey & Whitney LLP on

On August 7, 2017 the Securities and Exchange Committee (“SEC”) Office of Compliance Inspections and Examinations (“OCIE”) released yet another cybersecurity Risk Alert entitled, “Observations from Cybersecurity...more

OCIE Publishes Risk Alert Summarizing Observations from Recent Cybersecurity Examinations

by Bryan Cave on

On August 7, 2017, the SEC’s Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert summarizing its observations from cybersecurity preparedness examinations conducted of 75 broker-dealers, investment...more

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Cybersecurity

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