News

FINRA Enforcement Turns Up Heat on Mutual Fund Direct Business and Firms That Are Brokers of Record

Compliance and Regulatory Alerts  |  09-24-20

FINRA Enforcement Turns Up Heat on Mutual Fund Direct Business and Firms That Are Brokers of Record

FINRA Enforcement has recently initiated enforcement actions against brokers-of-record and mutual fund and variable annuity direct business, focusing on client suitability, impact, remediation, and other issues. Read the full Alert to learn more about FINRA Enforcement's focus.

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SIFMA Webinar Series - Monday, October 5, 2020 - Virtual Branch Office Compliance Visits

Events  |  09-18-20

SIFMA Webinar Series - Monday, October 5, 2020 - Virtual Branch Office Compliance Visits

Hear directly from compliance and risk leaders, including FINRA, on the latest updates concerning virtual branch office compliance visits during our webinar, co-hosted by SIFMA and Bates Compliance. Jill Ehret (Director, Bates Compliance) will appear on the panel, with opening remarks by CEO Jennifer Stout. October 5, 2020 at 1 p.m. Eastern. CLE credits available.

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OCIE Warns Against Emerging Cyber Threat of “Credential Stuffing”

Compliance and Regulatory Alerts  |  09-18-20

OCIE Warns Against Emerging Cyber Threat of “Credential Stuffing”

On September 15, 2020, the Office of Compliance Inspections and Examinations (“OCIE”) issued an alert urging investment advisers and broker-dealers to review their customer account protection safeguards and identity theft prevention programs. The impetus behind the alert is an increase in the number of cyber-attacks using a tactic called “credential stuffing,” observed during recent examinations. OCIE also disclosed a number of practices firms are using to mitigate this emergent risk.

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FinCen Focus: Customer Due Diligence with Banking Agencies, SARs Warnings and BSA Enforcement

Bates Research  |  09-17-20

FinCen Focus: Customer Due Diligence with Banking Agencies, SARs Warnings and BSA Enforcement

Just a few weeks ago, Bates highlighted a series of Financial Crimes Enforcement Network (FinCEN) compliance communications. Since then, FinCEN, along with other banking agencies (including the Federal Reserve and FDIC), has issued several important public statements on CDD requirements, the unlawful disclosure of SARs information and BSA enforcement approach. Bates has a recap of these new communications.

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Visit Bates Group’s Interactive Booth at the SIFMA C&L Virtual Forum - September 23-24, 2020

Events  |  09-16-20

Visit Bates Group’s Interactive Booth at the SIFMA C&L Virtual Forum - September 23-24, 2020

Bates is a proud Silver sponsor of this year's SIFMA C&L Virtual Forum online event, September 23-24, 2020. Stop by our virtual exhibit booth to connect with Bates leaders, download materials and enter our annual raffle.

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CLE Webcast - PLI Pocket MBA for Lawyers and Other Finance Professionals

Events  |  09-14-20

CLE Webcast - PLI Pocket MBA for Lawyers and Other Finance Professionals

Join A. Christine Davis, Bates Managing Director of Forensic Accounting and PLI program co-chair, and Edward Longridge, Managing Director of Bates AML & Financial Crimes, at the  PLI Pocket MBA 2020: Finance for Lawyers and Other Professionals CLE Webinar. The Pocket MBA program is designed to improve understanding of business strategies, accounting fundamentals and vocabulary used by management, investors, auditors and bankers. Sept. 21-22, 2020 via Live Webcast

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CEO Message: 9/11 National Day of Remembrance

Bates News  |  09-11-20

CEO Message: 9/11 National Day of Remembrance

Today marks 19 years since the tragic and devastating events of 9/11. Read the message from Bates Group CEO Jennifer Stout

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NASAA Rounds Out Busy Summer with Active Policy and Enforcement Agenda

Bates Research  |  09-10-20

NASAA Rounds Out Busy Summer with Active Policy and Enforcement Agenda

The North American Securities Administrators Association (“NASAA”) continues to assert its member states’ interests in fighting for and protecting investors and consumers in the financial markets. We have assembled a roundup of recent NASAA actions on enforcement, model legislation and regulatory policy, including updates on: COVID-19 enforcement, whistleblowers, restitution funds for securities fraud victims, SEC "Accredited Investor" definition, DOL advice proposal, FINRA proposed beneficiary arrangements, financial professionals with diminished capacity, and what to expect going forward.

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Bates Group Summer Roundup – Catch Up on What You’ve Missed and What’s Coming Up This Fall

Bates News, Bates Research  |  09-03-20

Bates Group Summer Roundup – Catch Up on What You’ve Missed and What’s Coming Up This Fall

Labor Day is almost here, which means those lazy, remote days of summer are coming to a close. What did you miss when you powered down this summer? We have a roundup of all the important Bates news, events and alerts from July and August as well as a sneak peek of the next few months to help you head into Fall fully prepared. 

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SEC Amends Definition of “Accredited Investor”

Compliance and Regulatory Alerts  |  08-31-20

SEC Amends Definition of “Accredited Investor”

In an effort to broaden investment opportunities in private funds, the SEC expanded the definition of “accredited investor” to include a host of “natural persons” and other entities that would not otherwise qualify under the current rigorous disclosure and procedural requirements. The revised definition is intended to increase the number of investors that will have access to private investments.

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