News - Compliance and Regulatory Alerts

SEC Issues “Private Funds Adviser” Compliance Risk Alert

Compliance and Regulatory Alerts  |  07-02-20

SEC Issues “Private Funds Adviser” Compliance Risk Alert

Investment advisers that manage private equity or hedge funds (“private funds advisers”) should review and enhance their compliance procedures to protect investors from (i) improper fees and expenses, (ii) conflicts of interest that may exist between the adviser and the fund, and (iii) the misuse of material non-public information (MNPI). That is the message communicated by an OCIE Risk Alert, published June 23, 2020. The Alert identified compliance deficiencies observed by SEC staff during recent examinations of private fund advisers.

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SEC Approves FINRA Amendments on Suitability and Non-Cash Compensation Rules

Compliance and Regulatory Alerts  |  06-30-20

SEC Approves FINRA Amendments on Suitability and Non-Cash Compensation Rules

The SEC has approved final FINRA amendments to its rules on suitability and non-cash compensation. The final amendments ensure that FINRA’s rules line up with the SEC’s Regulation Best Interest (Reg BI). Read our review of the final rule changes, which became effective today, June 30th, 2020, the same date as Reg BI.

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Reg BI & Form CRS Countdown: One Month to Go - Exams to Start July 1, 2020

Compliance and Regulatory Alerts  |  05-28-20

Reg BI & Form CRS Countdown: One Month to Go - Exams to Start July 1, 2020

The June 30th, 2020 implementation date for SEC Regulation Best Interest and the corresponding Customer Relationship Summary (Form CRS) is only one month away. At a recent SIFMA panel discussion covering a host of priorities amid COVID-19, FINRA legal, risk and supervision executives focused on some of the immediate concerns regarding Reg BI and Form CRS, including their examination focus and the suitability rule. Bates Compliance has the details.

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Bates Practice Leadership Insights: What Compliance Officers are Thinking About Now

Bates News, Bates Research, Compliance and Regulatory Alerts  |  05-20-20

Bates Practice Leadership Insights: What Compliance Officers are Thinking About Now

In this first of a series of conversations with Bates Group practice leaders, we caught up with Robert Lavigne, Managing Director and Bates Compliance Practice Leader, and Hank Sanchez, Esq., Bates Compliance Managing Director and former SEC and FINRA regulator, to get an understanding of what they are hearing from compliance officers right now, as well as advice for compliance teams in the "new normal."

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This Week at Bates: Countdown to Form CRS for IAs Webinar

Events, Compliance and Regulatory Alerts  |  04-28-20

This Week at Bates: Countdown to Form CRS for IAs Webinar

The countdown is on! Join our complimentary Form CRS for IAs webinar Thursday, April 30, 2020. Specifically designed for SEC-registered IAs, this webinar will help you tackle Form CRS with confidence. Presented by Bates Compliance.

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SEC Adopts Final Rule on Variable Contract Disclosure, Effective July 1, 2020

Compliance and Regulatory Alerts  |  04-15-20

SEC Adopts Final Rule on Variable Contract Disclosure, Effective July 1, 2020

The SEC recently adopted new Rule 498A under the Securities Act, including various supporting amendments, to “simplify and streamline” the disclosure framework for variable annuities and variable life insurance contracts. As Bates described when the rule was first proposed, the new rule allows for a plain-English, easy to read, concise “summary prospectus” to satisfy obligations under the securities laws concerning variable product prospectus delivery. Read more to prepare for the July 1, 2020 effective date.

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SEC Issues Risk Alerts on Compliance with Reg BI and Form CRS

Compliance and Regulatory Alerts  |  04-09-20

SEC Issues Risk Alerts on Compliance with Reg BI and Form CRS

On April 7, 2020, the SEC Office of Compliance Inspections and Examinations issued two new alerts to broker-dealers and investment advisers about the “expected scope and content” of its compliance examinations for Reg BI and the Client Relationship Summary (“Form CRS”). Previously, SEC Chair Jay Clayton announced that the June 30, 2020 compliance deadline for Reg BI will not be delayed due to the impact of COVID-19. These alerts, therefore, underscore the need for firms to be prepared and compliant by the deadline. Here, we detail what the SEC is expecting from you and firms.

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Five Supervision, Control and Compliance Items You Should be Considering Now

Compliance and Regulatory Alerts  |  04-01-20

Five Supervision, Control and Compliance Items You Should be Considering Now

Compliance is challenging to begin with, but in this new landscape, it is an even greater stretch for compliance teams to manage company-wide systems while working remotely. Here are five items you should be thinking about when addressing supervision and control functions.

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Update: SEC Amends ADV Filing and Delivery Deadline Extensions due to COVID-19

Compliance and Regulatory Alerts  |  03-26-20

Update: SEC Amends ADV Filing and Delivery Deadline Extensions due to COVID-19

The SEC’s IAA Release No. 5469 on Wednesday, March 25, 2020 amends its IAA Release No. 5463 and now allows for extending the filing and delivery deadline dates of the Form ADV amendment to June 30, 2020 due to COVID-19 and its consequences. The SEC has also amended the notice requirements—find out what you MUST do if you cannot meet the filing deadlines.

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FINRA Warns Firms on UTMA/UGMA Account Supervision

Compliance and Regulatory Alerts  |  03-25-20

FINRA Warns Firms on UTMA/UGMA Account Supervision

In a Notice issued on February 27, FINRA advised firms of their responsibilities over custodial accounts under the Uniform Transfers to Minors Act and Uniform Gifts to Minors Act (“UTMA/UGMA”) and warned members that adequate compliance requires firms to take into account termination of custodianship and changes of authority. Bates can help your firm respond to UTMA/UGMA account inquiries.

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