News - Compliance and Regulatory Alerts

Reg BI Countdown - FINRA Wants to Know How Your Reg BI Implementation is Coming Along

Bates News, Compliance and Regulatory Alerts  |  11-15-19

Reg BI Countdown - FINRA Wants to Know How Your Reg BI Implementation is Coming Along

FINRA has announced that they will be conducting SEC Reg BI readiness assessments to better understand companies' Reg BI implementation preparations. Learn about how Bates Compliance and our Reg BI Readiness Workshops can support your firm’s SEC Reg BI implementation efforts.

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SEC Proposes Changes to Investment Adviser Advertising and Solicitation Rules

Compliance and Regulatory Alerts  |  11-07-19

SEC Proposes Changes to Investment Adviser Advertising and Solicitation Rules

The SEC is seeking comment on a newly issued proposal to amend two rules on investment adviser advertising and solicitor compensation.

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Digital Assets - Financial Agencies Remind Firms of AML Compliance Obligations

Compliance and Regulatory Alerts  |  10-23-19

Digital Assets - Financial Agencies Remind Firms of AML Compliance Obligations

On October 11, 2019, the heads of FinCEN, the SEC and CFTC issued a joint statement to remind financial institutions of their Bank Secrecy Act obligations for transactions involving “digital assets.”

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Bates Compliance’s Reg BI Countdown Kick-Off Begins!

Bates News, Compliance and Regulatory Alerts  |  10-18-19

Bates Compliance’s Reg BI Countdown Kick-Off Begins!

To support your Reg BI implementation efforts, Bates Compliance is rolling our Reg BI Countdown with action items to keep your compliance team on track as the June 30, 2020 implementation deadline approaches.

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SEC Turns Up Heat on Share Class Selection Disclosure, Now Focusing on Other Forms of Compensation

Compliance and Regulatory Alerts  |  10-03-19

SEC Turns Up Heat on Share Class Selection Disclosure, Now Focusing on Other Forms of Compensation

The SEC Enforcement Division is continuing to concentrate on firms that did not self-report by the deadline of the SEC’s Share Class Selection Disclosure Initiative, and is now focusing on revenue-sharing payments and other forms of representative compensation or cost offsets. Bates takes a look at recent SEC actions and settlements with comments and recommendations by Securities Litigation and Regulatory Enforcement Managing Director Alex Russell.

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OCIE Issues Risk Alert on Principal Trading and Cross Transaction Compliance Obligations

Compliance and Regulatory Alerts  |  09-23-19

OCIE Issues Risk Alert on Principal Trading and Cross Transaction Compliance Obligations

The SEC Office of Compliance, Inspections and Examinations (OCIE) issued a Risk Alert to remind investment advisers of their compliance obligations for principal trading and agency cross transactions involving clients. Specifically, OCIE alerted investment advisers of their responsibility to comply with disclosure and consent requirements under the Investment Advisers Act and that, except for specific circumstances related to cross trades, the rules require compliance on a “transaction-by-transaction basis – blanket disclosure and consent are not permitted.”

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OCIE Examines Investment Adviser Oversight of Supervised Persons with Disciplinary History

Compliance and Regulatory Alerts  |  07-29-19

OCIE Examines Investment Adviser Oversight of Supervised Persons with Disciplinary History

The SEC Office of Compliance, Inspections and Examinations (OCIE) issued a Risk Alert to address compliance and disclosure issues raised in examinations covering the oversight practices of SEC-registered investment advisers “that previously employed, or currently employ, any individual with a history of disciplinary events.” OCIE also proposed a number of ways that firms could address the weaknesses in their compliance frameworks related to supervised individuals with a prior history of disciplinary events.

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Regulation Best Interest Now Published in Federal Register: What Does This Mean for Your Firm?

Compliance and Regulatory Alerts  |  07-16-19

Regulation Best Interest Now Published in Federal Register: What Does This Mean for Your Firm?

The formal publication by the Federal Register on July 12, 2019, of Regulation Best Interest triggers final effective and compliance dates for the rulemaking package. 

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SEC Adopts Regulation Best Interest

Compliance and Regulatory Alerts  |  06-05-19

SEC Adopts Regulation Best Interest

By a 3-to-1 margin, the SEC voted to approve its long-debated Regulation Best Interest at an open meeting today. Also approved was a new interpretation of the “solely incidental” provision of the Investment Advisers Act of 1940.

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FINRA Issues Guidance on Anti-Money Laundering Compliance Obligations

Compliance and Regulatory Alerts  |  05-13-19

FINRA Issues Guidance on Anti-Money Laundering Compliance Obligations

In a new Regulatory Notice, FINRA provided guidance on reporting and monitoring suspicious activities under a member firm’s anti-money laundering (“AML”) compliance program.

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