News - Bates Research

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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Special Report – Fraud in the Workplace: New Data Reveals Top Controls to Detect and Prevent Fraud

Bates Research, Industry News  |  06-14-18

Special Report – Fraud in the Workplace: New Data Reveals Top Controls to Detect and Prevent Fraud

Last month, the Association of Certified Fraud Examiners (ACFE) issued its 2018 Report to the Nations on Occupational Fraud and Abuse ("Global Fraud Study"). In the Global Fraud Study, the ACFE analyzed 2,690 cases reported by Certified Fraud Examiners from January 2016 through October 2017, covering 125 countries and over $7.1 billion in losses. The findings of the Global Fraud Study are concerning given the limited focus that most businesses place on fraud prevention. Bates Financial Crimes Director Geoff Winkler looks into the Report's details.

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FINRA Shares Exam Findings, Deficiencies That May Trigger Further Scrutiny

Bates News, Bates Research  |  06-07-18

FINRA Shares Exam Findings, Deficiencies That May Trigger Further Scrutiny

Continuing our coverage of FINRA’s 2018 Annual Conference, regulators and firm compliance professionals participated in discussions in a session titled “Common Examination Findings and Effective Compliance Practices.” The regulators offered a look into problem areas firms continue to face and common examination deficiencies.

The discussion offered insight into FINRA’s evolving approach to regulatory and compliance management. Bates Research has the details.

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NASAA’s Crypto Crackdown, Signs Information-Sharing Agreement with CFTC

Bates Research  |  05-30-18

NASAA’s Crypto Crackdown, Signs Information-Sharing Agreement with CFTC

In a series of significant investigatory and enforcement actions, the North American Securities Administrators Association (NASAA) engaged in a coordinated effort to crackdown on fraudulent cryptocurrency related investment products through “Operation Cryptosweep.” In another important enforcement development, NASAA entered into a cooperation agreement with the Commodity Futures Trading Commission (CFTC) to share information that could be the basis of enforcement actions under federal or state law.

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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.

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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.

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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.

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