As if things weren’t confusing enough . . . From FINRA: You may have received a test email that was sent in error this morning with the subject line ‘Past Due: FINRA Entitlement User Accounts Certification’. The body of this … Continued
FINRA is publishing this Notice to remind firms of their supervisory obligations regarding the use of certifications and designations that imply expertise,certification, training or specialty in advising senior investors (senior designations). This Notice also outlines findings from a survey of firms and … Continued
According to the article: House Financial Services Committee Chairman Spencer Bachus, R-Ala, “and other Republicans — favor an SRO because they are not convinced the SEC can adequately regulate advisers. They criticize the SEC for missing Bernard Madoff’s Ponzi scheme, … Continued
On Monday, the SEC provided a press release regarding recent administrative and cease-and-desist proceedings against three different firms. These actions were centered around the validity of the compliance programs of the involved firms, and, in one case, the level of … Continued
I commend you to read an excellent speech by Carlo di Florio, the Director of the SEC Office of Compliance Inspections and Examinations on the role of compliance and ethics in risk management. Here is the link: http://www.sec.gov/news/speech/2011/spch101711cvd.htm
The SEC (and the Department of Labor) postponed efforts to extend a fiduciary standard to more financial advisers. “It’s extremely unlikely that there will be a rule this year,” an SEC official says.
Dear Compliance Professional, The Compliance Alert below was originally sent out in 2008. Unfortunately, recent market events make the subject matter relevant once again. We will also be sending out other pertinent Compliance Alerts from 2008-2009. Background The purpose of … Continued
On April 21, 2011, the Massachusetts Securities Division released for comment proposed regulations that would affect registered investment advisers operating in Massachusetts. Investment Adviser Discretion and Custody Requirements The Division proposes to modify the minimum financial requirements for investment advisers … Continued
In a bid to strengthen background checks and create stronger enforcement actions, investment advisers who are applying to become certified financial planners (or renew an existing certification) are now required to turn over information related to customer complaints.
Dear Compliance Professional, As a result of the many SEC audits we have participated in over the past few months, we have begun to get a clearer picture of what concerns the SEC most these days. While it is safe … Continued
For your convenience, we will be posting archives of our Compliance Alert! newsletter on the Compliance “Best Practices” blog. They can be found in the category of the specific topic addressed (e.g., “Risk Assessment”) and will be filed as of … Continued