News & Events

In a Notice issued on February 27, FINRA advised firms of their responsibilities over custodial accounts under the Uniform Transfers to Minors Act and Uniform Gifts to Minors Act (“UTMA/UGMA”) and warned members that adequate compliance requires firms to take into account termination of custodianship and changes of authority. Bates can help your firm respond to UTMA/UGMA account inquiries.

During the current crisis, the challenge for financial firms and investors is to keep on top of the latest communications from regulators, understand what is actionable and what is not, and ensure that compliance and supervision processes are in place to manage the crisis. Here’s a recap of the latest compliance guidance, regulatory assistance and relief offered by the SEC, FINRA, NFA and MSRB.

Over the course of the last 40 years we’ve seen plenty of ups and downs in the markets. Along the way, Bates Group has helped our clients sort through the complexities and fallout by providing clear and accurate analyses, reporting, and expertise.

FINRA has announced that, in response to the evolving coronavirus disease 2019 (COVID-19), it “has decided to administratively postpone all in-person arbitration and mediation proceedings scheduled through May 1, 2020. “

The SEC’s IAA Release No. 5463 on Friday, March 13 allows for extending the filing (March 30) and delivery (April 30) deadline dates of the Form ADV amendment by 45 days due to COVID-19 and its consequences However, this is not an automatic extension—find out what you MUST do if you cannot meet the filing deadlines

NSCP Regulatory Interchange with the SEC, DOL & FINRA: Moved to July 24, 2020 in Denver, CO. Bates Compliance Managing Director Linda Shirkey is a speaker/moderator.

Bates Group has been tracking regulatory and enforcement developments on senior financial exploitation. Two recent publications and recent sweeping enforcement actions suggest that the phenomenon is becoming better understood and addressed. FinCEN published a strategic analysis after reviewing SARs filings over a six-year period, and NASAA has issued a statement and legislative update based, in part, on an enforcement analysis showing that the Model Act to Protect Vulnerable Adults is gaining traction. The Department of Justice, FBI and Postal Inspector jointly announced the results of “the largest coordinated sweep of elder fraud cases in history.” Bates Research takes a closer look.

Bates Compliance Practice Leader Robert “Bob” Lavigne is quoted in a new article entitled “Reg BI Compliance Race is On,” published by ThinkAdvisor.

If you’ve been in meetings about investor communications, business travel, or other contingency planning over the past few days and weeks, you are not alone. Since the outbreak of the coronavirus (also referred to as COVID-19) and more recently, the precipitous volatility of the financial markets, financial firms have been deluged with questions from just about every stakeholder group about how to respond. Regulators are weighing in as well. Bates looks at some of the efforts to prepare and reassure everyone out there.

As the June 30, 2020, date for compliance with the Regulation Best Interest (“Reg BI”) draws near, federal and state regulators are increasingly vocal in warning market participants about how they should treat client investors. Fortunately, the regulators have provided a constant flow of guidance and resources designed to help firms prepare.

Visit Bates Compliance at Booth #10 at the 2020 IAA Investment Advisor Compliance Conference to discuss your compliance needs and solutions on March 5-6  in Washington, D.C. and hear Bates Compliance Managing Director Robert Lavigne on the Vendor Due Diligence Panel.

Robert “Bob” Lavigne, Bates Compliance Practice Leader, will be participating in a joint webinar co-hosted with NICE Actimize entitled “Reg BI Countdown: Strategies to Ensure Compliance” Wednesday, March 4, 2020, 11:00 AM EST. 1 Hour.

Now Available On Demand.

On February 3, 2020, the New York County Lawyers Association hosted its “21st Annual FINRA Listens and Speaks” panel. The panel members discussed recent statistics, proposed regulations, and tips for counsel and arbitrators on the agency’s dispute resolution efforts. Bates takes a closer look at what you need to know. 

David Birnbaum and Linda Shirkey from Bates Compliance join AI Insights to help you gain an understanding of the SEC’s Regulation Best Interest rules ahead of the June 30 compliance date. 1 hour.

On the heels of their 2020 examinations priorities report, OCIE has issued a new report on “Cybersecurity and Resiliency Observations” to reemphasize that cybersecurity is a top examination priority and that registered entities should be assessing their practices and procedures to ensure adequate compliance. Bates Research takes a closer look at what OCIE wants you to know.

Bates Group is alerting counsel that we are seeing cases filed where firms sold private funds issued by GPB Capital Holdings LLC. It is alleged that firms selling these funds were negligent and failed to perform adequate due diligence when approving these funds for sale, misrepresented and omitted material information when recommending and/or selling these funds to their clients, had conflicting interests in selling the GPB Capital Funds, negligently supervised the sale of these funds and breached the fiduciary duty owed to their clients.