News - Bates Research

SEC Office of the Investor Advocate Releases New Report on Efforts to Protect Seniors

Bates News, Bates Research  |  05-23-19

SEC Office of the Investor Advocate Releases New Report on Efforts to Protect Seniors

The SEC Office of Investor Advocate (OIA) has prepared a valuable overview report on the SEC’s efforts to protect seniors from financial exploitation. The 25-page paper highlights the agency’s examination, enforcement and regulatory policy, in addition to its education and outreach activities. Bates follows regulatory and enforcement developments on senior financial exploitation issues closely. In this article, we review key observations from this latest OIA report which hones in, specifically, on the SEC’s approach to combating senior financial fraud.

Detail
FINRA on AML, Departing Registered Representatives, New Proposed Rules for Firm Misconduct

Bates News, Bates Research  |  05-16-19

FINRA on AML, Departing Registered Representatives, New Proposed Rules for Firm Misconduct

Over the last month, FINRA issued guidance on anti-money laundering compliance and customer communications concerning departing registered representatives. FINRA also proposed a rule adding obligations to firms with a significant history of misconduct. In this article we take a closer look at these moves and the stepped-up expectations that flow from them.

Detail
New Jersey Makes Its Move, Proposes Financial Services Fiduciary Standard

Bates News, Bates Research  |  05-02-19

New Jersey Makes Its Move, Proposes Financial Services Fiduciary Standard

On April 15th, the New Jersey State Bureau of Securities proposed applying uniform fiduciary standards to broker-dealers and investment advisers. Promoted by Governor Phil Murphy (pictured), the proposed rule would deem any breach of fiduciary duty owed to a customer under the proposed regulation a “dishonest and unethical practice.” In this article, Bates describes the state's proposal and considers some of the implications and reaction to New Jersey's move.

Detail
Federal Legislators Target Mandatory Arbitration

Bates News, Bates Research  |  04-25-19

Federal Legislators Target Mandatory Arbitration

Longstanding opposition to mandatory arbitration is finding renewed momentum as federal legislators introduce bills to limit or even eliminate the binding provisions in consumer, employment and financial contracts. In this article, Bates Research looks at the new legislation targeting mandatory arbitration agreements, some reactions by industry groups and recent developments on the broader subject, including yesterday’s U.S. Supreme Court arbitration decision and continued pressure on FINRA.

Detail
Spotlight: Q&A with R. Gerald (“Jerry”) Baker, Bates Group Senior Compliance Consultant

Bates News, Bates Research, Industry News  |  04-05-19

Spotlight: Q&A with R. Gerald (“Jerry”) Baker, Bates Group Senior Compliance Consultant

Bates Research interviews our most senior experts to get their perspective on the latest regulatory and compliance concerns affecting clients today. We sat down with R. Gerald (“Jerry”) Baker, a Consultant with Bates Compliance Solutions, and an expert with over 45 years of financial services and compliance experience, and asked him to share his observations on some of the current challenges confronting broker dealers and RIAs.

Detail
U.S. House Moves to Address AML/BSA Framework

Bates News, Bates Research  |  04-04-19

U.S. House Moves to Address AML/BSA Framework

On March 13, 2019, the U.S. House of Representatives adopted a resolution, sponsored by House Financial Services Committee (HSFC) Chair Maxine Waters, declaring that “the lack of sunlight and transparency in financial transactions poses a threat to our national security and our economy’s security.” On the same day, a subcommittee of the HFSC considered legislative proposals aimed at modernizing the Bank Secrecy Act (BSA) and closing loopholes in the Anti Money Laundering/Countering the Financing of Terrorism (AML/CFT) framework, including building on the use of beneficial ownership information collected under Customer Due Diligence (CDD) rules that went into effect last year. In this article, Bates Research continues its review of developing Congressional legislative efforts to detect and deter financial crime.

Detail
NASAA Update: Legislative Agenda, President Provides Testimony on Regulation Best Interest

Bates News, Bates Research  |  03-28-19

NASAA Update: Legislative Agenda, President Provides Testimony on Regulation Best Interest

The North American Securities Administrators Association (NASAA) has been in the public eye this month as state regulators (i) issued a set of federal legislative priorities and (ii) provided written testimony to the U.S. House Financial Services Committee concerning the need for greater clarity on the SEC proposed Regulation Best Interest. In this article, we look at NASAA’s 2019 legislative and regulatory priorities and summarize NASAA president Michael Pieciak's (pictured at left) latest take on the SEC’s efforts to find an acceptable compromise on broker standards of conduct.

Detail
Justice Department Coordinates Largest Ever Elder Fraud Sweep:

Bates News, Bates Research  |  03-14-19

Justice Department Coordinates Largest Ever Elder Fraud Sweep:

260 Global Defendants said to have Targeted 2 Million Americans, Mostly Elder

On March 7th, federal and state enforcement agencies announced they had embarked on a massive crackdown on financial fraud directed at seniors. As part of the “sweep,” the Justice Department reported the filing of criminal or civil charges against hundreds of alleged offenders as well as the launch of targeted public education efforts throughout the country. According to the United States Attorney General, the coordinated actions reached into every federal district across the country and served to underscore the government’s efforts to protect a vulnerable population and address this complex and widespread problem.

In our last post, Bates Research highlighted the CFPB's analysis of five years’ worth of SARs data relating to elder financial exploitation. The use of the information contained in these filings represents an attempt by regulators to create and use data to better understand the scope of the problem and to inform enforcement and public education efforts. In this article, we look at current efforts on the enforcement side, as represented by the actions undertaken last week.

Detail
New CFPB Report finds SARS Filings on Elder Financial Exploitation Quadrupled from 2013 to 2017

Bates News, Bates Research  |  03-07-19

New CFPB Report finds SARS Filings on Elder Financial Exploitation Quadrupled from 2013 to 2017

A recent analysis by the Consumer Financial Protection Bureau (CFPB) of Suspicious Activity Reports (SARs) related to elder financial exploitation provides the most detailed look to date at the size and scope of this issue. Bates Group has been following the issue of senior financial exploitation for some time. The findings from the CFPB analysis affirm previous reports that senior financial abuse is pronounced, but that the current number of SARs filings “likely represent a tiny fraction of actual incidents.” In this article, we review the findings and recommendations contained in the new Report.

Detail
Planning Your Response to FINRA’s 529 Initiative — Q&A with Bates Managing Director Alex Russell

Bates News, Bates Research, Compliance and Regulatory Alerts  |  02-25-19

Planning Your Response to FINRA’s 529 Initiative — Q&A with Bates Managing Director Alex Russell

Bates Research recently conducted a Q & A session with Alex Russell, Managing Director of Securities Litigation & Regulatory Enforcement at Bates, to discuss FINRA's new 529 Share Class Initiative. Alex talks about responding by FINRA's deadline and potential pitfalls firms should avoid when preparing their response.

Detail

Page 1 of 24 pages.

Alert

Get Bates Group News and Alerts in your Inbox

Sign Up Now

Contact Bates Group

Bates Group is with you every step of the way. Contact us today for more information on how our End-to-End Solutions can help your firm.

Contact Bates Group
Automat:ee