News

FINRA Rolls Out Proposal for High Risk Brokers, Addresses Examination Enhancements

Bates Research  |  05-24-18

FINRA Rolls Out Proposal for High Risk Brokers, Addresses Examination Enhancements

FINRA issued a series of significant proposals over the past few weeks that would 1) reinforce certain firm supervisory obligations concerning associated persons with a history of past misconduct, 2) impose new restrictions on member firms that hire or employ high-risk brokers and 3) revise quantitative suitability standards. These proposals have significant implications going forward. Comments are due at the end of June. These and other issues were discussed at FINRA’s 2018 Annual Conference this week in Washington, D.C.

Detail
Update: Customer Due Diligence Rule Now in Effect

Compliance and Regulatory Alerts  |  05-23-18

Update: Customer Due Diligence Rule Now in Effect

Despite some last minute pushback, the Financial Crimes Enforcment Network’s (FinCEN) long-anticipated Customer Due Diligence Requirements for Financial Institutions (CDD Rule) became fully effective on May 11th. The CDD Rule, which was proposed initially in August 2014, amends Bank Secrecy Act regulations to clarify and strengthen customer due diligence obligations for financial institutions. FINRA stated that the purpose behind the CDD Rule is “to improve financial transparency and prevent criminals and terrorists from misusing companies to disguise their illicit activities and launder their ill-gotten gains.”

Detail
Update: DOL Issues Non-Enforcement Policy on Fiduciary Rule

Compliance and Regulatory Alerts  |  05-22-18

Update: DOL Issues Non-Enforcement Policy on Fiduciary Rule

Following the recent federal court decision to vacate the fiduciary duty rule, the Department of Labor released a Field Assistance Bulletin setting forth a temporary enforcement policy applicable to investment advice fiduciaries. The new policy is intended to address uncertainty about fiduciary obligations formerly required by the DOL rule, or under the Best Interest Contract Exemption, the Principal Transactions Exemption and certain amended prohibited transaction exemptions (collectively PTEs).

Detail
Inching Toward A Common Approach to Cryptocurrency Regulation?

Bates Research  |  05-10-18

Inching Toward A Common Approach to Cryptocurrency Regulation?

Movement toward a common approach by U.S. regulators on digital currency may be slow (sometimes imperceptible), but new developments are keeping up the momentum. Treasury, CFTC and SEC regulators are speaking about the need to coordinate, courts are recognizing authorities and state attorneys are exerting pressure. Bates Research looks at some new developments.

Detail
Join us at the NYC Bar Association’s White Collar Crime Kickoff Reception

Bates News, Industry News  |  05-08-18

Join us at the NYC Bar Association’s White Collar Crime Kickoff Reception

Join Bates as we co-sponsor the NYC Bar Association’s White Collar Crime kickoff reception, Tuesday, May 8, 2018 at 6:30 PM. Meet Bates CEO Jennifer Stout and Directors Sejal Patel and Beth Finkle to learn about our Financial Crimes Practice.

Detail
William A. Johnstone, former D.A. Davidson Chairman, joins Bates Group’s Board of Directors

Bates News  |  05-07-18

William A. Johnstone, former D.A. Davidson Chairman, joins Bates Group’s Board of Directors

Bates Group is pleased to announce that William (Bill) A. Johnstone, the immediate past Chairman of D.A. Davidson Companies, has joined the Bates Group Board of Directors.

“We are very excited that Bill has joined our Board,” said Bates Group Chairman Rob Lee. “His leadership and success at growing and managing world-class financial services companies and law firms makes him an ideal Board member for Bates.”

Detail
SEC “Best Interest” Rule Reaction, DOL Rule At Its End

Bates Research  |  05-03-18

SEC “Best Interest” Rule Reaction, DOL Rule At Its End

It’s been two weeks since the SEC Best Interest Rule was unveiled, and the three-part proposal is drawing praise, criticism and much scrutiny. As expected, political and industry reaction is coming in from many quarters. Meanwhile, the fate of the DOL fiduciary rule has been decided by the Fifth Circuit Court of Appeals which denied several motions for reconsideration of their decision to vacate the rule. As expected, none of this has slowed states’ actions, as they keep promulgating suitability, fiduciary duty and disclosure standards. Bates has a recap of the latest activity.

Detail
Update: SEC Releases Share Class Selection Disclosure Initiative FAQs

Compliance and Regulatory Alerts  |  05-02-18

Update: SEC Releases Share Class Selection Disclosure Initiative FAQs

The SEC Division of Enforcement issued guidance in the form of Frequently Asked Questions (FAQs) on its Share Class Selection Disclosure Initiative (SCDI). The FAQs, released May 1st, provide detailed answers on questions raised by the initiative, including adviser eligibility and the distribution of funds to clients. Bates Group has been monitoring and reporting on SCDI developments and has closely reviewed this new guidance.

Detail
2018 SEC Exam Priorities and Pronouncements: Compliance Insights for Success Webinar

Bates News, Industry News  |  04-26-18

2018 SEC Exam Priorities and Pronouncements: Compliance Insights for Success Webinar

Join Robert Lavigne, Managing Director, Bates Compliance Solutions as he walks us through a 20-minute webinar focusing on the 2018 SEC-OCIE Exam Priorities and what compliance professionals should be focusing on now.

Detail
Regulators Offer More Guidance as AML Rules Near Effective Date

Bates Research  |  04-26-18

Regulators Offer More Guidance as AML Rules Near Effective Date

Away from the headlines, federal and state regulators continue to prepare financial institutions for their new anti-money laundering compliance obligations. In the past few weeks, the Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) and FINRA provided additional guidance to covered institutions on how to comply with rules that are set to go into effect next month. In New York, the certification provisions of the Department of Financial Services (“NYDFS”) BSA/AML rules went into effect. Bates research has the highlights.

Detail

Page 1 of 28 pages.

Alert

Get Bates Group News and Alerts in your Inbox

Sign Up Now

Contact Bates Group

Bates Group is with you every step of the way. Contact us today for more information on how our End-to-End Solutions can help your firm.

Contact Bates Group
Automat:ee