News

Alert: Common “Best Execution” Deficiencies in Recent Examinations

Compliance and Regulatory Alerts  |  07-19-18

Alert: Common “Best Execution” Deficiencies in Recent Examinations

The SEC has highlighted frequent “best execution” deficiencies found in some recent examinations of investment advisers. As described in a new Office of Compliance Inspections and Examinations (“OCIE”) Risk Alert, investment advisers have a fiduciary obligation to seek “best execution” of client transactions. 

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FINRA Dispute Resolution Updates (and More)

Bates News, Bates Research  |  07-19-18

FINRA Dispute Resolution Updates (and More)

FINRA recently issued a new fraud warning to member firms, highlighted certain changing rules and procedures for arbitrators, reminded arbitrators to stay current on their disclosures and offered up year-to-date statistics on dispute resolution. Bates Research has a summary.

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Private Placements Drawing Attention

Bates News, Bates Research  |  07-12-18

Private Placements Drawing Attention

A recent analysis undertaken by the Wall Street Journal found that securities firms selling private placement investments employ an “unusually” high number of high risk brokers. The reporting has raised red flags for regulators who have committed themselves and their agencies to weeding out bad actors and recidivist brokers. Such scrutiny comes at the close of the comment period for FINRA’s “bad actor” rule proposals. Bates has the latest developments.

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SEC Roundup: Strategic Plan Unveiled, Town Hall Kick-Off, Supreme Court & ALJs, New Elder Report

Bates News, Bates Research  |  06-28-18

SEC Roundup: Strategic Plan Unveiled, Town Hall Kick-Off, Supreme Court & ALJs, New Elder Report

Just as the SEC was articulating a long-term agenda before Congress and pursuing a first-of-its-kind proactive investor advisory public outreach, the agency was forced to react to a new ruling by the Supreme Court declaring SEC hiring practices for Administrative Law Justices unconstitutional. In this article, we break down these recent developments and highlight a new independent analysis on elder financial exploitation published by the SEC Office of the Investor Advocate.

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FinCEN, NFA and Congress: Customer Due Diligence and AML, BSA Developments

Bates Research, Industry News  |  06-20-18

FinCEN, NFA and Congress: Customer Due Diligence and AML, BSA Developments

Since the Customer Due Diligence Rule (CDD) became effective on May 11, NFA proposed incorporating CDD provisions into their anti-money laundering compliance rules; two House legislators co-sponsored a bill that would increase the reporting thresholds for covered financial institutions and provide a temporary safe harbor for CDD violations; and FinCEN issued a detailed advisory reminding U.S. financial institutions of their obligations concerning senior foreign political figures and suspicious activity reporting.

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This Week: Bates Leaders and Experts to Speak at ACFE Global Fraud Conference

Bates News, Industry News  |  06-17-18

This Week: Bates Leaders and Experts to Speak at ACFE Global Fraud Conference

Connect with Bates group at the 29th Annual ACFE Global Fraud Conference. Bates Director Alex Russell, CFE, CFA, will be presenting the Data Analytics and Anti-Fraud panel “Errors, Biases and Algorithms: How to Interpret Automated Results,” while Financial Crimes Director Geoff WInkler, CFE, will moderate the Emerging Issues Panel "How to Detect and Prevent Fraud in Loyalty Programs." Fraud Expert Jacqueline Bloink, CFE, RHIA, will also be speaking on the Best Practices panel “Forensic Medical Coding and Billing for the CFE.”

June 17-22, 2018 at the Mandalay Bay Resort and Casino in Las Vegas, NV.

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Special Report – Fraud in the Workplace: New Data Reveals Top Controls to Detect and Prevent Fraud

Bates Research, Industry News  |  06-14-18

Special Report – Fraud in the Workplace: New Data Reveals Top Controls to Detect and Prevent Fraud

Last month, the Association of Certified Fraud Examiners (ACFE) issued its 2018 Report to the Nations on Occupational Fraud and Abuse ("Global Fraud Study"). In the Global Fraud Study, the ACFE analyzed 2,690 cases reported by Certified Fraud Examiners from January 2016 through October 2017, covering 125 countries and over $7.1 billion in losses. The findings of the Global Fraud Study are concerning given the limited focus that most businesses place on fraud prevention. Bates Financial Crimes Director Geoff Winkler looks into the Report's details.

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Meet Our New Experts

Bates News  |  06-11-18

Meet Our New Experts

We are pleased to introduce Bates Group's newest experts & consultants: Jacqeuline Bloink, Ben Cooper, Craig Hurwitz, Lynn Jones, Jan Kostyun and W. Scott Simon.

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Bates Welcomes Clay Grumke

Bates News  |  06-08-18

Bates Welcomes Clay Grumke

Bates Group is proud to welcome Clay Grumke, our newest litigation, regulatory and internal investigations consultant and expert. Look for Clay at SIFMA's Compliance & Legal Society St. Louis Regional Seminar on June 12th, 2018.

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FINRA Shares Exam Findings, Deficiencies That May Trigger Further Scrutiny

Bates News, Bates Research  |  06-07-18

FINRA Shares Exam Findings, Deficiencies That May Trigger Further Scrutiny

Continuing our coverage of FINRA’s 2018 Annual Conference, regulators and firm compliance professionals participated in discussions in a session titled “Common Examination Findings and Effective Compliance Practices.” The regulators offered a look into problem areas firms continue to face and common examination deficiencies.

The discussion offered insight into FINRA’s evolving approach to regulatory and compliance management. Bates Research has the details.

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