News & Events

Money laundering refers to the process of concealing the source of illegally obtained money, while anti-money laundering (AML) refers to the legal controls that require financial institutions and other regulated entities to detect, deter, prevent, and report money laundering activities. The methods by which money may be laundered are varied and can range in sophistication. 

Recent senior securities and insurance regulators join Bates Group, the nation’s preeminent financial services consulting firm, providing end-to-end solutions on litigation, regulatory and compliance matters for financial services firms and their counsel.

There has been a significant amount of discussion about the fees and expenses charged by financial advisors as part of the Department of Labor’s new fiduciary standard, which we have previously discussed at length on this blog. However, regulators are now beginning to turn their focus to how these fees and expenses are being disclosed. 

Ralph M. Cursio, Esq., Affiliate Expert and Consultant, Bates Group LLC to Speak at KC’s Event

The Knowledge Group/The Knowledge Congress Live Webcast Series, the leading producer of regulatory focused webcasts, has announced today that Ralph M. Cursio, Esq., Affiliate Expert and Consultant, Bates Group LLC will speak at the Knowledge Group’s webcast entitled: FINRA Arbitrations: Tools & Practical Guide for 2016 and Beyond LIVE Webcast. This event is scheduled for Tuesday, September 13, 2016@ 12:00 pm -2:00 pm (ET).

For further details, please visit:

https://theknowledgegroup.org/all-events-list/live-webcasts/event/?ID=finra-arbitrations-tools-practical-guide-for-2016-and-beyond-live-webcast

Guest Post by Expert Terry Long

After reading last week's blog by Geoff Winkler, I wanted to add several points based on my experience that I thought would be of value to any reader seeking to understand the annuity marketplace. Protecting elder investors should continue to be a major concern for regulators, and I think it is more important than ever for the features of variable annuities to be understood by those selling and those buying the product (especially elder investors). Based on my experience, three additional items were often considered and discussed during the sale of these products when considering variable annuities as an alternative to mutual funds:   

Bates Group's Energy, Oil & Gas professionals have worked with financial services companies and their legal counsel to provide market, product and operational expertise in regulatory investigations involving energy-related issues, as well as in litigation settings.

Variable Annuities (“VAs”) are attractive to many investors that would traditionally invest in mutual funds because they offer three distinct features unavailable in mutual funds: tax-deferred treatment of earnings; a death benefit; and annuity payout options that can provide guaranteed income for the life of the investor.

Bates Group is honored to be nominated again in four 2016 NYLJ Reader Ranking Awards categories. We appreciate your vote at https://oy105.infusionsoft.com/app/linkClick/7144/149419c9a3f9b6e5/365778/a2b7d0ed542ead6f

Thank you!

Last week we discussed the background and recent history of the SEC’s Rules of Practice (“Rules”). This week’s blog is Part 2 of this topic, which will focus on the reforms to the Rules and their impact on defendants. 

In Part 1, we will review the background and recent critiques of the Rules of Practice that govern Securities and Exchange Commission ("SEC") administrative proceedings. In part 2, we will then look at the reforms, newly approved by the SEC, to these proceedings and discuss their impact.

Historically, when a financial advisor or “broker” left a firm, they had to decide between leaving their clients behind or taking them to the new firm and risking a lawsuit from their former employer. 

We had originally planned to continue our discussion on the dangers of employee theft of trade secrets in part two of last week's blog. However, due to the unprecedented and largely unexpected result of the United Kingdom’s decision to leave the European Union, we have decided to push back part two until next week and instead focus on this historic event.

As a fraud and forensic expert, I am often confronted with the challenges companies face with employee theft. Preventing the theft of trade secrets often requires the implementation of systems that will restrict and/or deter employees from even trying to take information with them when they leave. But how are financial services companies managing this process in a highly mobile workforce?

The Securities and Exchange Commission (“SEC”) plans to issue its long-anticipated fiduciary rule by April 2017, according to a proposed rule posted on the Office of Management and Budget website on May 18th of this year.

On June 8th - the same day that President Barack Obama vetoed legislation that would have vacated the Department of Labor’s (DOL) fiduciary rule - the American Council for Life Insurers (ACLI), the National Association of Insurance and Financial Advisors (NAIFA) and six NAIFA chapters from Texas filed suit in the U.S. District Court for the Northern District of Texas.

Crowdfunding is the practice of raising funds from a large number of people, often in small amounts. Historically, it is best known as a way for political candidates to raise funds from their supporters. Recently, crowdfunding has been associated with companies using internet portals such as Kickstarter or Indiegogo to raise funds or accept donations in order to launch a new product or support an idea.