News - Bates Research

No Longer Acting: What’s In Store For The CFTC Under Proposed Permanent Chairman Giancarlo

Bates Research  |  04-25-17

No Longer Acting: What’s In Store For The CFTC Under Proposed Permanent Chairman Giancarlo

Last month, President Trump announced his intention to nominate Commodity Futures Trading Commission (“CFTC”) acting head J. Christopher Giancarlo to serve as permanent chairman. Mr. Giancarlo, a Republican and former executive at financial services firm GFI Group Inc., was an Obama-era appointee who joined the Commission in 2014.

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SEC Gives Final Approval to FINRA Rules Protecting Seniors and Tools for Firms to Respond

Bates Research, Practice Alerts  |  04-11-17

SEC Gives Final Approval to FINRA Rules Protecting Seniors and Tools for Firms to Respond

The Securities and Exchange Commission gave final approval to a FINRA proposal to protect senior investors and shield financial firms from liability when reporting suspected fraud against elderly clients. We have been covering this proposal through its many stages (see Bates Reporting: here; here; here and here.) Effective February 8th 2018, new FINRA Rule 2165 (Financial Exploitation of Specified Adults) and amendments to FINRA Rule 4512 (Customer Account Information) will require full compliance.

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Private Client Enforcement Priorities Roundup

Bates Research  |  04-05-17

Private Client Enforcement Priorities Roundup

Details from a breakout panel at SIFMA’s 2017 Compliance and Legal Society Annual Seminar in San Diego called “Private Client Enforcement Priorities,” moderated by Caroline Hall.  The panel focused on how firms have responded to FINRA’s enforcement activity over the past year.  Providing their perspective and joining Caroline Hall (Raymond James Financial, Inc.) on the panel were Jeffrey Coverdell (Wells Fargo & Co.), Cece Mavico (LPL Financial LLC), Susan Merrill (Sidley Austin LLP), and Susan Schroeder (FINRA).  Some of the areas the panelists focused on were the UIT examination letters, AML and compliance personnel liability, and high-risk brokers.

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Nominee for SEC Chair Testifies Before Senate Banking Committee

Bates Research  |  03-30-17

Nominee for SEC Chair Testifies Before Senate Banking Committee

Brushing back criticisms that he is too much of a Wall Street insider to effectively regulate the securities industry, Jay Clayton testified before the Senate Banking Committee on the independent approach he would take if confirmed as the next Chair of the Securities and Exchange Commission.

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Former SEC Enforcement Chief Discusses How Big Data Drives Investigations and Prosecutions

Bates Research  |  03-15-17

Former SEC Enforcement Chief Discusses How Big Data Drives Investigations and Prosecutions

During the January 26th 2017 SIFMA-Bates Group Leaders and Experts Forum: Managing Regulatory Investigations and Enforcement Matters in the Big Data-Driven Age, former Chief of the SEC Complex Financial Instruments Unit, and current partner in Simpson Thacher’s Government Investigations Group, Michael J. Osnato, Jr. discussed how big data is changing the way the SEC investigates and prosecutes misconduct. Mr. Osnato shared insights gleaned from his then-recently completed tenure at the agency, a period he termed the “golden age of enforcement.” 

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NASAA’s 2017 Priorities to Congress Hint at Challenges Ahead for State Regulators

Bates Research  |  03-08-17

NASAA’s 2017 Priorities to Congress Hint at Challenges Ahead for State Regulators

The President of the North American Securities Administrators Association (“NASAA”) is supporting the besieged fiduciary duty rule and has advocated for the independence of state securities regulators. In NASAA’s official recommendations to the 115th Congress of the United States, President Mike Rothman urged “Congress and the Administration to promote financial regulatory policies that hold true to our shared responsibility to look out for investors and preserve the integrity of our capital markets.”

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FINRA Dispute Resolution Update: 2017 Arbitration Reform

Bates Research  |  02-28-17

FINRA Dispute Resolution Update: 2017 Arbitration Reform

On February 8, the Financial Industry Regulatory Authority (FINRA) released a new report on the status of recommendations made by the FINRA Dispute Resolution Task Force. The 13-member Task Force was formed in July 2014 to “improve the transparency, impartiality and efficiency of FINRA's securities arbitration and mediation forum.”

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Don’t Let Your Guard Down:  State and Federal Rulemakers Move Forward on Cyber Security

Bates Research  |  02-22-17

Don’t Let Your Guard Down:  State and Federal Rulemakers Move Forward on Cyber Security

The changing of the guard in Washington has not slowed down cyber security regulators at the national or state level. Over the last several weeks, longstanding efforts have continued apace. The New York State Department of Financial Services published final cyber security regulations mandating standards for banks and insurers. The U.S. Department of Commerce’s National Institute of Standards and Technology proposed updates to its 2014 Framework for Improving Critical Infrastructure Cybersecurity, and the White House itself prepared – and then postponed temporarily – a proposed new Executive Order. 

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The War on Talent: Competing for the Compliance Professional

Bates Research  |  02-15-17

The War on Talent: Competing for the Compliance Professional

Bates Group Director of Fraud and Forensic Investigations Geoff Winkler discusses the "War on Talent" which was a recurring topic at SIFMA's 2017 AML and Financial Crimes conference in New York.

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The Beginning of the End of the Fiduciary Duty Rule?

Bates Research  |  02-08-17

The Beginning of the End of the Fiduciary Duty Rule?

In one of his first acts in office, Donald J. Trump issued a Presidential Memorandum on the DOL Fiduciary Duty Rule. The President directed the Department of Labor to examine the Rule to determine whether it may “adversely affect the ability of Americans to gain access to retirement information and financial advice.” 

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