News & Events –

On Sunday, U.S. regulators seized Signature Bank, and on Friday, U.S. regulators seized the assets of Silicon Valley Bank (“SVB”). The seizure of SVB led to one of the largest bank failures in U.S. history and the largest failure of a financial institution since the 2008 financial crisis. The failure of SVB comes on the heels of Silvergate Capital announcing on Wednesday that it would voluntarily wind down operations and liquidate its bank. With three bank collapses in one week, the markets, investors, and many of our clients are understandably on edge.

Consumer protection laws are designed to protect consumers, to keep sellers honest and to protect purchases of goods from fraudulent or deceptive marketing. Consumer protection laws are enforced by the Federal Trade Commission, and businesses that fail to maintain compliance with federal consumer protection laws could face severe consequences.

Bates is a proud returning sponsor of the SIFMA C&L 2023 Annual Seminar, March 12-15 at the Marriott Marquis San Diego Marina. Visit Bates at booth #516.

Publications including ThinkAdvisor, Law360, SIFMA SmartBrief, and Politico have all recently mentioned Ira D. Hammerman's new role as Bates Group Managing Director.

In the coming months, the New Jersey legislature is expected to pass the Digital Asset and Blockchain Technology Act, a bill that would establish one of the broadest licensing and regulatory frameworks on digital assets in the country. The legislation is being closely watched as it offers companies a more comprehensive alternative to the current standard for the regulation of digital assets prescribed under New York law. Bates has a short summary and comparison chart.

Bates Group Managing Consultant Lindsey Dean and Alison Jimenez, Independent Expert, to speak at the NASAA 2023 Enforcement Training, March 7-9, 2023. Online seats still open.

We are proud to announce that Ira D. Hammerman has joined Bates Group as Managing Director. 

FINRA proposed amendments to the Codes of Arbitration Procedures for Customer Disputes and Industry Disputes that would affect the arbitrator list selection process. The proposed amendments would also make clarifying changes on administrative practices. 

Bates Compliance is a proud sponsor of the 2023 IAA Compliance Conference, March 12-14, 2023, in Washington, D.C. 

Bates is a proud sponsor of  the upcoming CLE program "Lessons Learned from Crisis in the Financial Markets," Wednesday, February 15th in NYC. Presented by The Future Leaders of SIFMA's Compliance & Legal Society, and featuring Bates Director and Expert Greg Kyle.

Romance scams are a growing concern, as evidenced by The Federal Trade Commission’s report that romance fraud is one of the most costly forms of consumer fraud in the United States. Read the full article for the warning signs AML and Compliance professionals should look out for, as well as Elder Exploitation red flags and Bank Secrecy Act obligations.

In its latest annual report on examinations and risk monitoring, FINRA offered the regulator’s perspective on strengthening compliance programs on Reg BI and the corresponding Form CRS. FINRA included observations from its compliance reviews on each of the core duties under the two-plus-year-old rule. These areas were also the focus of an SEC Division of Examination Alert on broker-dealer compliance with Reg BI and a recent Bates webinar, cosponsored with NICE Actimize, discussing how broker-dealer firms are adapting their compliance programs in response to Reg BI. The insights offered from both the regulatory officials and the private consulting community offer perspective on what lies ahead. 

The Securities and Exchange Commission’s Division of Examinations has just released its 2023 examination priorities report, providing insights into its risk-based approach, including the areas it believes present potential risks to investors and the integrity of the U.S. capital markets. Stay tuned for our annual commentary and chart, coming soon, on the SEC's 2023 priorities and how they may impact your legal, regulatory and compliance matters.

Bates Group AML Compliance and Virtual Assets Managing Director Brandi Reynolds, CAMS-Audit, will appear at the upcoming SWIFS Lunch and Learn "Fireside Chat: Crypto in the News" - Tuesday, February 14, 2023.

Are you a regulated financial institution that operates in New York? If so, it is important to familiarize yourself with the New York State's Department of Financial Services (DFS) Rule 504. The rule was put into place in 2017 and requires companies to establish anti-money laundering (AML) programs that meet the DFS’s specific and strict requirements, and to certify compliance with the regulation annually to the DFS. Bates has the details in this new article.