The Expanding Compliance Universe: Advanced Perspectives and Practical Solutions

A Year of Regulatory Change SEC Requirements – What’s New and What’s on the Horizon Essential Components of a Compliance Program Evolving Compliance Monitoring and Testing Expectations Understanding Regulatory Filings Cybersecurity Essentials Private Fund Regulation – the SEC’s Focus The Expanding Compliance Universe is a confluence of ever moving, ever changing points of regulations, conflicts … Continued

Latest Content

Cyber Crimes – Don’t Forget to File that SAR!

  Stopping, or even slowing, the proliferation of cyber-event related criminal activities remains a chief goal in the broker-dealer and investment advisory communities. As pointed out in a 2016 advisory released by the Financial Crimes Enforcement Network (“FinCen”), “Cyber-events targeting financial institutions often constitute criminal activity and can serve as means to commit a wide range of … Continued

DOL Rule Extension to Overlap with SEC Consideration of Fiduciary Standards

Following the Department of Labor’s November 27, 2017 announcement of an 18-month extension to the existing Fiduciary Rule transition period, the industry will enter a period of further study for proper standards for disclosure or elimination of conflicted compensation arrangements. That’s a mouthful right there. The Obama administration’s March 31, 2017 implementation of various new prohibited … Continued

Schedule 13D/13F Clarity on ETF Issues

Do I need to file a 13D or 13G if my client accounts hold in excess of 5% of an ETF? Generally, no. The SEC has granted no-action relief to ETFs with respect to compliance with Section 13(d) of the Securities Exchange Act. Section 13(d) was designed to require disclosure when holders begin to accumulate … Continued

New Remedy Coming for SEC’s Custody Rule?

The SEC’s Custody Rule continues to be a common source of confusion and a landmine for noncompliance. Custodial paperwork has caused huge headaches for investment advisers, who are not a party to the agreement and may not even have a copy of the custodial new account paperwork. The issue with existing guidance is that it … Continued

SEC Issues MiFID II No-Action Relief

Some industry anxiety was assuaged on October 26 with three no-action letters that offer relief for some US regulated broker-dealers and investment advisers regarding European MiFID II regulations. The letters followed consultation with the European authorities, and are designed to address concerns that investors could lose access to valuable research. MiFID II is a series of regulations … Continued

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