News & Events –

The SEC Divison of Examinations and Office of Investor Education and Advocacy have both issued recent alerts about protecting investors from identity theft. The first alert was issued because recent firm examinations revealed practices “inconsistent” with Regulation S-ID (Identity Theft Red Flag Rules). Here is an overview of both recent alerts.

The SEC recently held a National Seminar on compliance for investment advisers and investment company senior officers. Of the many important panels at the day-long seminar, one was devoted to the SEC’s expectations on investment adviser compliance with ESG requirements. A week later, on November 22, 2022, the regulator announced a $4 million settlement with a large investment adviser for ESG-related compliance failures. Read our new article with takeaways from the seminar, which covered SEC exam concerns, an ESG disclosure proposal update, recent enforcement activity, and a CCO’s advice on ESG compliance.

Join Bates Group Senior BSA/AML/OFAC Consultant John Ashley and other industry-leading voices for a webinar on December 15 to learn about the biggest financial fraud trends for 2022 and our predictions for where fraud is headed in 2023.

In its annual report of legal actions taken in FY2022 (ending September 30), the SEC noted its “robust enforcement” efforts to “impose penalties designed to deter future violations, establish accountability from major institutions, and order tailored undertakings that provide potential roadmaps for compliance by other firms.” The numbers bear out just how robust SEC enforcement efforts have been. In this article, Bates takes a look at the details in the new report.

Join FSDA President and Bates Group CEO Jennifer Stout at the FSDA-SIFMA C&L Forum in St. Petersburg, Florida. Sponsored by Raymond James. Jennifer is the featured speaker at the 10:00 a.m. fireside chat, moderated by SIFMA EVP/GC Saima Ahmed.

Join Bates Group and NICE Actimize when we discuss “Reg BI Compliance: What You Need to Know to Stay Ahead.” Featuring Bates Compliance Managing Director Rhonda Davis, JD, CAMS, CFE (pictured). Friday, December 9, 2022 at 1 p.m. ET/10 a.m. PT.

Regulatory and enforcement activity has been brisk since nine federal agencies issued a “Comprehensive Framework for Responsible Development of Digital Assets” in response to President Biden’s Executive Order to collaborate on a “whole of government approach.” 

FINRA has remained focused on ensuring that eligible customers received Rights of Reinstatement (“ROR”) benefits where appropriate. Just recently, we were retained by another large firm looking to leverage the depth of our experience gained through many engagements assisting our clients with Rights of Reinstatement issues since the targeted examination announcement in 2020. Contact Bates today if you are facing a FINRA inquiry or other action or need to update your policies and procedures.

Since President Biden issued an Executive Order in March 2002 directing agencies to collaborate on a “whole of government approach” for ensuring the responsible development of digital assets, the market has been anticipating the release of the broader framework. The Framework, issued on September 16, 2022, remains a high-level mix of broad directives by nine separate federal agencies which support these goals. Bates has the highlights.

Bates Expert Partick Cox (pictured) will be speaking on the Cybersecurity panel at this year's Securities Industry Symposium, November 16, 2022. Sponsored by Greensfelder, Hemker & Gale, P.C. and the Bar Association of Metropolitan St. Louis.

Bates is a proud sponsor of CrossTech World 2022 (formerly IMTC), the signature event of the Cross Border Transfers & Payments Industry, November 15-17, 2022, at the Seminole Hard Rock Hotel & Casino in Miami, FL. Meet members of the Bates MSB, FinTech & Virtual Assets team (pictured) and attend the Crypto Investment & Trading Workshop featuring Bates Managing Director Brandi Reynolds.

FinCEN's final Beneficial Ownership Information (BOI) Reporting Rule becomes effective on January 1st, 2024. The rule establishes requirements for business entities—such as corporations or limited liability companies—who are created or registered in the U.S. to disclose information regarding their beneficial ownership to FinCEN. How do MSBs and Money Transmitters fit into the new rule? Read the full alert for what you need to know.

Bates is a proud Networking sponsor of the 18th annual National Association of Women Lawyers (NAWL) General Counsel Institute, November 9-11, 2022. 

Under a proposed new rule, the SEC would require investment advisers to conduct due diligence and monitor “covered services” outsourced to third-party providers. The Commission said it recognizes that investment advisers are increasingly relying on outsourced sources to perform many functions in support of advisory services and, as a result, “more needs to be done to protect investors.” Bates breaks down what you need to know.

Bates is proud to be a sponsor of the 4th annual Raymond James Valor golf outing on November 5, 2022. Valor, the Veterans' Inclusion Network at Raymond James, sponsors this annual golf tournament and raffle to benefit local veterans and their families.

NASAA, the North American Securities Administrators Association, published their 2022 Enforcement Report detailing data collected from 48 jurisdictions in 2021. This annual publication serves several purposes. Primarily, it is an attempt to aggregate the efforts undertaken by state regulators to protect the public from fraud. As Joseph Borg (NASAA 2021-2022 Enforcement Section Chair, pictured) states in his introduction, the report flags concerns about complex theft and misapplication, real estate and energy scams, cryptocurrency, non-fungible tokens, metaverse schemes, and more. Learn what to expect as state regulators assert their jurisdiction over new products, new markets and new marketplaces. Bates has the highlights.