News - Bates Research

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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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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