News - Bates Research

FINRA Report Cites Greater Use of RegTech, Warns of Regulatory Implications

Bates News, Bates Research  |  09-20-18

FINRA Report Cites Greater Use of RegTech, Warns of Regulatory Implications

Despite RegTech’s “potential to fundamentally transform how securities industry participants perform their compliance obligations,” RegTech tools also raise “new challenges and regulatory implications” that affect “supervision, vendor management, data privacy and security.” That is the explicit assumption underlying a new FINRA white paper summarizing the results of the SRO’s extensive outreach on the subject. Bates Research takes a closer look.

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New Education Requirements on the Horizon for Broker Dealers and (Maybe) Investment Advisers

Bates News, Bates Research  |  09-13-18

New Education Requirements on the Horizon for Broker Dealers and (Maybe) Investment Advisers

FINRA is seeking input on proposed changes to the Securities Industry Continuing Education Program just as the SEC is considering responses to its request for comments on whether investment advisers should be subject to similar obligations. IAA President Karen Barr and NASAA President Joseph Borg have both submitted comments to the SEC. Bates Research has the latest developments.

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What’s In A Name? NASAA Weighs In On Regulation Best Interest

Bates News, Bates Research  |  09-05-18

What’s In A Name? NASAA Weighs In On Regulation Best Interest

The North American Securities Administrators Association (“NASAA”) encouraged the SEC “to make significant revisions to its April 18 Regulation Best Interest and related proposals (“Reg. BI”) before adopting them in order to best serve the interests of investors.”

In NASAA’s comment letter on Reg. BI, NASAA cautioned the SEC to take it slow, be deliberate and, most importantly, to consider “significant improvements” in order to “promulgate final rules that will serve the best interest of investors as the Commission intends.” Bates Research takes a closer look at NASAA’s concerns and its recommendations to the SEC.

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Treasury, OCC and FINRA Set the Stage for Fall Fintech Debate

Bates News, Bates Research  |  08-15-18

Treasury, OCC and FINRA Set the Stage for Fall Fintech Debate

As the summer winds down, regulators are positioning themselves for more oversight of the financial technology sector. On July 30, the U.S. Treasury Department released a national agenda on how it intends to regulate fintech companies, encourage innovation and harmonize federal efforts with state regulators. The Office of the Comptroller of the Currency followed up the Treasury report with an announcement that it will begin to accept applications for special-purpose national bank charters for certain types of fintech companies. And on the same day as Treasury came out with its recommendations, FINRA issued a “Special Notice” seeking comment on fintech innovation in the broker-dealer industry. How are these developments going to impact the industry? Here’s a closer look.

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SEC Regulation Best Interest: Next Round

Bates News, Bates Research  |  08-09-18

SEC Regulation Best Interest: Next Round

As the deadline for comments on SEC Regulation Best Interest draws to a close, echoes from the debate on the Department of Labor (“DOL”) fiduciary rule can be heard in new concerns being raised before the Commission. In a recent speech getting a lot of attention, SEC Commissioner Hester Peirce undertook an analysis of the proposed regulation. Bates Research takes a look at that and some other notable recent reactions.

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Eight Recent Developments on Cryptocurrency

Bates News, Bates Research  |  07-26-18

Eight Recent Developments on Cryptocurrency

Activity around the regulation of cryptocurrency continues apace. Only a short time ago, we reported on Operation Cryptosweep, a coordinated effort by NASAA and state securities regulators to crackdown on fraudulent cryptocurrency-related investment products. Today, we review a number of newsworthy developments that may affect the regulation of a technology that has defied easy categorization and oversight. Bates Research has the roundup:

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FINRA Dispute Resolution Updates (and More)

Bates News, Bates Research  |  07-19-18

FINRA Dispute Resolution Updates (and More)

FINRA recently issued a new fraud warning to member firms, highlighted certain changing rules and procedures for arbitrators, reminded arbitrators to stay current on their disclosures and offered up year-to-date statistics on dispute resolution. Bates Research has a summary.

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Private Placements Drawing Attention

Bates News, Bates Research  |  07-12-18

Private Placements Drawing Attention

A recent analysis undertaken by the Wall Street Journal found that securities firms selling private placement investments employ an “unusually” high number of high risk brokers. The reporting has raised red flags for regulators who have committed themselves and their agencies to weeding out bad actors and recidivist brokers. Such scrutiny comes at the close of the comment period for FINRA’s “bad actor” rule proposals. Bates has the latest developments.

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SEC Roundup: Strategic Plan Unveiled, Town Hall Kick-Off, Supreme Court & ALJs, New Elder Report

Bates News, Bates Research  |  06-28-18

SEC Roundup: Strategic Plan Unveiled, Town Hall Kick-Off, Supreme Court & ALJs, New Elder Report

Just as the SEC was articulating a long-term agenda before Congress and pursuing a first-of-its-kind proactive investor advisory public outreach, the agency was forced to react to a new ruling by the Supreme Court declaring SEC hiring practices for Administrative Law Justices unconstitutional. In this article, we break down these recent developments and highlight a new independent analysis on elder financial exploitation published by the SEC Office of the Investor Advocate.

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FinCEN, NFA and Congress: Customer Due Diligence and AML, BSA Developments

Bates Research, Industry News  |  06-20-18

FinCEN, NFA and Congress: Customer Due Diligence and AML, BSA Developments

Since the Customer Due Diligence Rule (CDD) became effective on May 11, NFA proposed incorporating CDD provisions into their anti-money laundering compliance rules; two House legislators co-sponsored a bill that would increase the reporting thresholds for covered financial institutions and provide a temporary safe harbor for CDD violations; and FinCEN issued a detailed advisory reminding U.S. financial institutions of their obligations concerning senior foreign political figures and suspicious activity reporting.

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