News - Bates Research

Regulators Are Gaining Traction in the Fight Against Elder Financial Exploitation

Bates Research  |  03-12-20

Regulators Are Gaining Traction in the Fight Against Elder Financial Exploitation

Bates Group has been tracking regulatory and enforcement developments on senior financial exploitation. Two recent publications and recent sweeping enforcement actions suggest that the phenomenon is becoming better understood and addressed. FinCEN published a strategic analysis after reviewing SARs filings over a six-year period, and NASAA has issued a statement and legislative update based, in part, on an enforcement analysis showing that the Model Act to Protect Vulnerable Adults is gaining traction. The Department of Justice, FBI and Postal Inspector jointly announced the results of “the largest coordinated sweep of elder fraud cases in history.” Bates Research takes a closer look.

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Facing the Coronavirus: Financial Industry Preparations, Reassurances and Contingencies

Bates News, Bates Research, Compliance and Regulatory Alerts  |  03-05-20

Facing the Coronavirus: Financial Industry Preparations, Reassurances and Contingencies

If you’ve been in meetings about investor communications, business travel, or other contingency planning over the past few days and weeks, you are not alone. Since the outbreak of the coronavirus (also referred to as COVID-19) and more recently, the precipitous volatility of the financial markets, financial firms have been deluged with questions from just about every stakeholder group about how to respond. Regulators are weighing in as well. Bates looks at some of the efforts to prepare and reassure everyone out there.

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Massachusetts Adopts New Fiduciary Rule; SEC Releases Reg BI FAQs;  NAIC Approves Annuity Regulation

Bates Research  |  02-28-20

Massachusetts Adopts New Fiduciary Rule; SEC Releases Reg BI FAQs;  NAIC Approves Annuity Regulation

As the June 30, 2020, date for compliance with the Regulation Best Interest (“Reg BI”) draws near, federal and state regulators are increasingly vocal in warning market participants about how they should treat client investors. Fortunately, the regulators have provided a constant flow of guidance and resources designed to help firms prepare.

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Bates Research  |  02-20-20

FINRA Talks Dispute Resolution - Offers Tips and Advice to Counsel and Arbitrators

On February 3, 2020, the New York County Lawyers Association hosted its “21st Annual FINRA Listens and Speaks” panel. The panel members discussed recent statistics, proposed regulations, and tips for counsel and arbitrators on the agency’s dispute resolution efforts. Bates takes a closer look at what you need to know. 

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New OCIE Report Offers Best Practices for Firms to Enhance Cyber Preparedness and Resiliency

Bates Research  |  02-12-20

New OCIE Report Offers Best Practices for Firms to Enhance Cyber Preparedness and Resiliency

On the heels of their 2020 examinations priorities report, OCIE has issued a new report on “Cybersecurity and Resiliency Observations” to reemphasize that cybersecurity is a top examination priority and that registered entities should be assessing their practices and procedures to ensure adequate compliance. Bates Research takes a closer look at what OCIE wants you to know.

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Private Placement Alert: GPB Private Funds Under Scrutiny

Bates Research  |  02-11-20

Private Placement Alert: GPB Private Funds Under Scrutiny

Bates Group is alerting counsel that we are seeing cases filed where firms sold private funds issued by GPB Capital Holdings LLC. It is alleged that firms selling these funds were negligent and failed to perform adequate due diligence when approving these funds for sale, misrepresented and omitted material information when recommending and/or selling these funds to their clients, had conflicting interests in selling the GPB Capital Funds, negligently supervised the sale of these funds and breached the fiduciary duty owed to their clients. 

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U.S. Anti-Money Laundering Updates

Bates Research  |  02-05-20

U.S. Anti-Money Laundering Updates

The Treasury Department’s Office of Comptroller of the Currency (OCC) issued an Annual Report to Congress highlighting the past year’s BSA and AML efforts and setting out strategic priorities and policy initiatives for the new year. The Comptroller says he wants to reduce the burden of BSA and AML compliance, while protecting the financial system. Bates Research takes a closer look at the OCC report and other recent AML-related developments.

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FINRA Reorganizes for More Coordinated Exams, Highlights Priorities for 2020

Bates Research, Compliance and Regulatory Alerts  |  01-23-20

FINRA Reorganizes for More Coordinated Exams, Highlights Priorities for 2020

In his cover note accompanying FINRA’s annual Risk Monitoring and Examination Priorities letter, FINRA President and CEO Robert Cook reminded members of significant enhancements to the examination program going forward. Bates Research has analysis, commentary and highlights of FINRA’s continuing and emerging concerns, along with our 2020 FINRA chart, which keeps track of articulated priorities from year to year.

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Download The New Reg BI White Paper from Bates Research and Bates Compliance

Bates Research, Compliance and Regulatory Alerts  |  01-22-20

Download The New Reg BI White Paper from Bates Research and Bates Compliance

Understand what Reg BI requires now — and what more you must implement before the final deadline. Download our new white paper: "SEC’s Regulation Best Interest Perspectives on Firm Compliance."

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OCIE to Prioritize Reg BI Compliance in 2020 Examinations

Bates Research, Compliance and Regulatory Alerts  |  01-16-20

OCIE to Prioritize Reg BI Compliance in 2020 Examinations

The SEC Office of Compliance Inspections and Examinations ("OCIE") set out their 2020 examinations priorities in an annual report issued last week. The report reminds registered entities that all its priorities are within the SEC’s mandate to protect investors, facilitate capital formation, and maintain fair, orderly and efficient markets. The report is, in effect, a notice to the industry and chief compliance officers to address potential vulnerabilities in compliance programs and practices in order to minimize retail investor and market risks. Bates Research takes a closer look.

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