Bates News  |  08-15-22

Bates Managing Director Brandi Reynolds Quoted on the Pending Regulatory Framework for Crypto and Virtual Assets

Bates Managing Director Brandi Reynolds (CAMS-Audit) is quoted in a new ACAMS Insights article discussing efforts to develop a federal regulatory framework for crypto and virtual assets.


Bates Research  |  08-02-22

The SEC Marketing Rule - What You Need to Know

The mandatory compliance deadline for the SEC marketing rule—which replaced the former Advertising Rule and the Cash Solicitation Rule—is November 4, 2022. Advisers should be reviewing, revising, and preparing to implement procedures and policies to prevent potential violations. There’s still time, but there’s also a lot to consider, as the rule consolidates previous SEC guidance, no-action letters and exam findings on questions concerning recommendations, testimonials, and the presentation of performance metrics. Here’s what you need to know.


Bates Research  |  07-28-22

FINRA Proposes Updates to Supervisory Rule on Home Offices

FINRA has filed with the SEC proposed changes to FINRA Rule 3110 to add new Supplementary Material 3110.19 (Residential Supervisory Location). The changes allow a home office to be considered a non-branch “residential supervisory location” under certain conditions. By this proposal, FINRA is adapting to a new, post-pandemic model in which employees work at both conventional offices and in their private residences—a model which FINRA acknowledges is likely to “endure.” Read the full article for details on these proposed rule changes.


Events  |  07-18-22

Bates Sponsors BitCoin Spartanburg Meetup - July 26, 2022 - Hosted by SCETA

Join Bates Group and the South Carolina Emerging Tech Association for a drink & evening of all things crypto! Whether you're brand new to crypto or are a seasoned trader, everyone is welcome! July 26, 2022, in Spartanburg, SC.


Bates Research, Compliance and Regulatory Alerts  |  07-15-22

SEC Case finding CCO “Aided and Abetted” Raises New Questions; Is a Liability Framework Next?

A recent settlement in an SEC action against an investment adviser and its Chief Compliance Officer is raising questions about determinations that hold CCOs personally liable, absent fraud or obstruction on their part. Both the SEC and FINRA have offered guidance on CCO responsibility concerning effective supervision and compliance, but the recent case is notable for drawing the attention of SEC Commissioner Hester Peirce, who responded to it by urging the SEC to adopt a "liability framework" for bringing enforcement actions against CCOs. Here’s what you need to know.


Events  |  07-12-22

Upcoming Webinar - Best Practices for U.S. Money Services Businesses - Hosted by Bates Group and MSBA

Bates Group and MSBA celebrate the return of MSBA's Summer Lunch & Learn Series this Wednesday, July 13, 2022 at 1:00 p.m. ET. Senior Consultant John Ashley, CIPP/US, CRCMP, from Bates' MSB, FinTech and Cryptocurrency practice, joins other compliance experts to address takeaways and applications from Chapters 1-6 of The Best Practices for US MSBs.


Events  |  07-12-22

Brandi Reynolds to speak on AML Virtual Panel: Identifying Crypto Risks and Red Flags Through Transaction Monitoring

Bates Group Managing Director Brandi Reynolds, CAMS-Audit, will join this expert panel to discuss how financial institutions can identify crypto-related financial crime risks and how to respond. Register today to join this complimentary webinar - Wednesday, July 13, 2022 @ 11:00 a.m. ET.


Bates Research  |  07-06-22

Reg BI Makes FINRA’s Dispute Resolution Stats List and Other Notable Arbitration Developments

An inevitable—if somewhat subtle—milestone was reached this month for Regulation Best Interest. Posted on FINRA’s monthly dispute resolution statistics page are numbers related to the top 15 security types in customer arbitrations, and coming in at number 14 (through May 2022) was Reg BI. Other recent developments in dispute resolution include movement on rule proposals concerning accelerating processes for elderly claimants, and amendments to align the arbitration code with a new federal law on sexual assault and harassment. FINRA also committed to producing a plan to enhance the transparency of the arbitrator selection process. In addition, the SEC has issued a new primer on arbitration and mediation. Here are the highlights to note.


Bates News  |  07-05-22

Bates Group Expands its National MSB, FinTech, and Cryptocurrency Practice

Bates Group is expanding its national MSB, FinTech, and Cryptocurrency Practice with the addition of three leading Money Services Business industry professionals — including AML trailblazer Connie Fenchel.


Bates Research  |  06-23-22

Fighting Elder Financial Exploitation: FinCEN Releases Behavioral and Financial Red Flags, NASAA Publishes Guidance on POAs, CFTC Releases Warnings

Timed to coincide with World Elder Abuse Awareness Day on June 15, 2022, federal and state government officials issued proclamations, advisories, and new resources to help in the fight against senior financial abuse. Despite many government initiatives now in place to go after the perpetrators of elder financial abuse, the problem continues to grow. Taken together, these latest government alerts offer a snapshot of where things stand. In this article, we take a look at the most significant developments.


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