02-12-21
Bates Group is a proud returning sponsor and virtual exhibitor at the 2021 SIFMA AML and Financial Crimes Conference. Connect with the Bates team at our Virtual Booth to build and improve your AML and FC program in 2021.
02-11-21
In a new publication combining its annual report on observations and exam findings with its report on risk monitoring and program priorities, FINRA is offering a “single authoritative source” for members to turn to for the purposes of adapting their compliance programs and preparing for “emerging issues for the coming year.” In this article we take a look at the highlights from the report and provide our updated annual Bates chart which keeps track of FINRA’s articulated priorities from year-to-year.
02-04-21
In May 2019, Bates Compliance published a review of the supervision, inspection and operational considerations for broker-dealer branch office compliance. Since then, FINRA has broadened its examination priorities, while the COVID-19 pandemic has heightened compliance risks. This updated white paper discusses the responsibilities placed on the supervisors of broker-dealer branches in light of FINRA's broadened priorities and recently updated guidance on remote supervision.
02-02-21
FINRA has announced the publication of the 2021 Report on FINRA's Examination and Risk Monitoring Program. The new Report combines and replaces two previously published annual reports, the Report on Examination Findings and Observations and the Risk Monitoring and Examination Program Priorities Letter.
01-28-21
Bates Group is proud to welcome our newest experts and consultants (clockwise from top L):
01-20-21
Bates Group is a proud Bronze sponsor of the New York State Bar Association Women In Law Section (WILS) 17th Annual Edith I. Spivack Symposium “Ready to Lead: Advancing Women Leaders During the Pandemic and Beyond“ and the Kay Crawford Murray Memorial Award program honoring an outstanding attorney who recognizes the value of diversity and mentoring in the legal profession. Day 2 will be held on Tuesday, January 26, 2021 from 12:15 p.m. – 5:30 p.m. Registration is open.
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01-15-21
The SEC Division of Examinations issued a recent Risk Alert, along with remarks by Director Peter Driscoll, identifying common deficiencies from recent examinations related to the obligations on investment advisers required by the Advisers Act. Join this new webinar from Bates Compliance to learn how to strategically and tactically manage and streamline this important compliance information, which the SEC will be scrutinizing in 2021.
01-14-21
The new Anti-Money Laundering Act (AMLA) became law on January 1, 2021, extending the “risk-based” AML approach to regulation and enforcement. AMLA is the most significant update to the Bank Secrecy Act rules since the USA PATRIOT Act in 2001. It incorporates substantial changes to the laws governing the combatting of money laundering and terrorist financing. Read the full article to learn about key final provisions that will lead to many changes in industry rules and practices going forward, and how Bates AML and Financial Crimes can support your.
01-08-21
Just prior to the new year, the SEC finalized significant changes to rules and forms governing advertising and cash solicitations under the Investment Advisers Act, replacing both the prior Advertising Rule and Cash Solicitation Rule with a single, broad, “modernized” marketing rule. The new rule also amends investment adviser registration Form ADV and the books and records rule to reflect the related changes. In this article, we detail key provisions of the new rule and how Bates will help your firm navigate and implement this significant rule change.
12-22-20
Bates Group CEO Jennifer Stout is featured by Southeastern Women in Financial Services (SWIFS) in their December 2020 Member Spotlight.
12-21-20
On December 15, 2020, the Department of Labor finalized long-considered regulations on investment advice for retirement accounts under ERISA and the Internal Revenue Code. What does this mean for your firm?
12-17-20
On December 2, 2020, federal law enforcement cracked down on money mules again in a joint operation involving nine federal law enforcement agencies to “disrupt the networks through which transnational fraudsters move the proceeds of their crimes.” Bates reviews the highlights and takeaways from the recent announcement by the DOJ and partner agencies. Read the full article to learn about this nationwide initiative and the variety of scams utilizing money mules targeting your financial firm, customers, and elder clients in particular.
12-11-20
Last month, OCIE released a Risk Alert urging SEC-registered investment advisers to consider the “unique risks and challenges presented by “employing a business model that includes numerous branch offices and business operations that are geographically dispersed.” Although COVID-19 was not the basis for the alert, the pandemic undeniably added urgency to issues around remote supervision and compliance, pushing the topic higher on the list of areas OCIE is continuing to monitor. Bates takes a closer look at OCIE’s findings and warnings to firms overseeing multi-branch office compliance.
12-03-20
On November 19, 2020, OCIE issued an alert on common deficiencies identified in recent examinations related to the obligations on investment advisers required by the Advisers Act (“Compliance Rule”). In this article, Bates takes a closer look at OCIE’s recent findings and the additional emphasis placed upon the role of CCOs by OCIE Director Peter Driscoll (pictured) in a related address.
12-01-20
FINRA is conducting a targeted review of brokerage firms' systems and procedures for providing customers waivers and rebates available through Rights of Reinstatement (RoR) on mutual fund purchases. As part of this review, FINRA will request each firm that receives this information request respond to certain questions with respect to the period of January 1, 2017 through June 30, 2020.
11-30-20
The Investment Adviser Association (IAA) will be holding their 2020 Compliance Workshops on Wednesday and Thursday, December 2-3, 2020. This virtual event features breakouts with speakers from nine SEC regional offices across the country sharing current examination priorities for investment advisers, in addition to general sessions covering other important matters for the advisory community, such as managing conflicts of interest. Bates Compliance Managing Director Linda Shirkey will be speaking on the Day 2 General Session "Fiduciary Obligations for Identifying, Managing, and Disclosing Conflicts of Interest."