Bates Research  |  08-04-21

SEC Focuses on Wrap Fee Programs, Fixed Income Principal and Cross Trading Compliance Deficiencies in New Alerts

On July 21, 2021, the SEC Division of Examination issued two new risk alerts on Wrap Fee Programs and Principal and Cross Trading. The alerts were based on the latest observations of compliance deficiencies drawn from extensive examinations. The Division stated that the new alerts should be considered alongside earlier priorities and observations from 2019. In this article, Bates reviews the Division’s recent findings and guidance.


Compliance and Regulatory Alerts  |  07-27-21

SEC Charges 27 Financial Firms for Form CRS Filing and Delivery Failures

The Securities and Exchange Commission announced in a statement yeterday that “21 investment advisers and 6 broker-dealers have agreed to settle charges that they failed to timely file and deliver their client or customer relationship summaries – known as Form CRS – to their retail investors."


Bates Research  |  07-23-21

Coordinating on Ransomware: Federal, State Law Enforcement and Regulators Mobilize

The White House, Congress, federal and state law enforcement agencies and regulators are mobilizing to combat the threat of ransomware. In the wake of high-profile attacks on businesses of all sizes, the Biden administration has made the issue a priority. In this article we focus on the significant recent administrative, legislative and regulatory efforts to confront ransomware, including: strengthening the digital resilience of critical infrastructure, the launch of a new interagency website to support the private sector’s cyber defenses, a $10 million “Rewards for Justice” program to catch cybercriminals, bipartisan cyber legislation, and SEC and NYSDFS developments, to name few.


Events  |  07-22-21

CLE Webinar August 3, 2021 - Emerging Issues in Insurance Practice and Litigation

Join Bates Insurance Experts on Tuesday, August 3, 2021 for an informative CLE webinar discussing cyber insurance and vanishing premium litigation, among other hot topics.


Bates News  |  07-19-21

Bates in the News: Hank Sanchez Quoted in ThinkAdvisor article

Bates Compliance Managing Director Hank Sanchez was recently quoted in a ThinkAdvisor article concerning the current shift in IA fee tructures and business models.


Bates Research  |  07-15-21

FinCEN Posts AML Priorities: A Road Map for Compliance

With the recent publication of its of national priorities for anti-money laundering and countering the financing of terrorism ("AML/CFT"), the Financial Crimes Enforcement Network ("FinCEN") fulfilled one of the core mandates under the Anti-Money Laundering Act of 2020: the establishment and dissemination of national AML priorities. The 12-page document is the product of consultations among the U.S. Treasury Secretary and Attorney General, federal regulators, state financial regulators, and national security agencies. In this article, Bates takes a look at the newly published policy, each of FinCEN’s national priorities, and what your firm and clients need to know. 


Bates News  |  07-14-21

Bates Welcomes New Managing Director Rhonda Davis

Bates Group is proud to welcome new Managing Director Rhonda Davis and Cobia Compliance to our AML and Compliance practices.


Bates Research  |  07-08-21

Temporary Holds and Other Developments to Address Senior and Vulnerable Investor Financial Exploitation

Early last month, FINRA proposed new amendments to rules on the financial exploitation of seniors and other vulnerable individuals. The changes have implications for state rules protecting seniors as well. The SEC, FINRA and NASAA have also announced a joint training program designed to help firms comply with Senior Safe Act requirements. The program has compliance implications for firms seeking to utilize FINRA’s safe harbor rule 2165. In this article, Bates takes a closer look at the proposed changes and what they could mean for your firm.


Bates News  |  07-07-21

Bates Welcomes Mary Simonson to Bates Compliance

Bates welcomes Mary Simonson as a new Managing Director of Bates Compliance. A seasoned compliance professional with more than 30 years of experience, she brings a substantial background in compliance, supervision, and risk management leadership roles.


Bates Research, Compliance and Regulatory Alerts  |  06-30-21

FinCEN Issues First National AML/CFT Priorities

The Financial Crimes Enforcement Network (FinCEN) today issued the first government-wide priorities for anti-money laundering and countering the financing of terrorism (AML/CFT) policy.


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