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SEC Amends Definition of “Accredited Investor”

Compliance and Regulatory Alerts  |  08-31-20

SEC Amends Definition of “Accredited Investor”

In an effort to broaden investment opportunities in private funds, the SEC expanded the definition of “accredited investor” to include a host of “natural persons” and other entities that would not otherwise qualify under the current rigorous disclosure and procedural requirements. The revised definition is intended to increase the number of investors that will have access to private investments.

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Canadian Institute of Actuaries Workshop: Filing a Business Interruption Claim

Bates News, Events  |  08-26-20

Canadian Institute of Actuaries Workshop: Filing a Business Interruption Claim

A. Christine Davis, Managing Director - Forensic Accounting and Economic Damages, will be presenting the program “Filing a Business Interruption Claim: Properly Calculating the Business Income Loss” on August 27, 2020. Presented by the Canadian Institute of Actuaries.

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New FinCen Guidance on the CDD Rule, Cyber Fraud and Virtual Currency Scams Exploiting Twitter

Bates Research  |  08-20-20

New FinCen Guidance on the CDD Rule, Cyber Fraud and Virtual Currency Scams Exploiting Twitter

Over the past several weeks, the Financial Crimes Enforcement Network (FinCEN) has issued new guidance on customer due diligence requirements, an advisory on cyber-enabled financial crime and an alert concerning scams involving fraudulent payments denominated in convertible virtual currency. These are significant compliance communications for financial institutions and come on the heels of FinCEN’s recent alerts on imposter fraud and money mule schemes.

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Webinar Today, August 20, 2020: Covid-19 Leads to Novel Compliance Concerns

Bates News, Events  |  08-20-20

Webinar Today, August 20, 2020: Covid-19 Leads to Novel Compliance Concerns

Join Bates Expert and IBDC Founder/CEO Lilian Morvay, along with Bates Compliance Director Jill Ehret, Cybersecurity Expert Paul Horn and other panelists, for this complimentary webinar examining new compliance concerns arising out of the COVID-19 pandemic, including Branch Audits, Selling Away and more. Thursday, August 20, 2020 at 2:00 p.m. Eastern.

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SEC Issues COVID-19 Compliance Observations and Recommendations for BDs and IAs

Compliance and Regulatory Alerts  |  08-17-20

SEC Issues COVID-19 Compliance Observations and Recommendations for BDs and IAs

On August 12, 2020 the SEC Office of Compliance Inspections and Examinations (OCIE) staff alerted broker-dealers and investment advisers to additional COVID-19 compliance risks. The new considerations are based on the “operational, technological [and] commercial challenges” raised by the public and private sector response to the pandemic. OCIE staff grouped their observations and recommendations into several categories—here’s what you need to know:  

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FINRA Roundup: Guidance on Private Placements, Digital Assets, Virtual Hearings, and Proposals

Bates Research  |  08-06-20

FINRA Roundup: Guidance on Private Placements, Digital Assets, Virtual Hearings, and Proposals

Since our last regulatory update on the adoption of FINRA’s proposal to align its suitability and non-cash compensation rules with Regulation Best Interest (“Reg BI”), the self-regulatory organization issued guidance on private placement communications, recommended that firms provide information to them on digital assets, and proposed a series of new rule changes. Bates examines the details of FINRA’s updated guidance.

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8/13 CLE: Capital Market Uncertainty in the Time of COVID-19 and Potential Legal & Regulatory Impact

Bates News, Events  |  08-05-20

8/13 CLE: Capital Market Uncertainty in the Time of COVID-19 and Potential Legal & Regulatory Impact

Join Bates Group’s next CLE Webinar on Thursday, August 13th, 2020,  “Capital Market Uncertainty in the Time of COVID-19 and the Potential Litigation and Regulatory Impact” when we look at 2020 in the context of past bear markets, compare the 1918 influenza pandemic to today, discuss the sectors and industries hardest hit by the economic disruption, and potential capital market-related litigation and regulatory enforcement matters on the horizon. Featuring (L-R) co-moderators Jack McGuire of Oppenheimer & Co. and Esther Cho of Keesal, Young & Logan, along with Greg Kyle, Bates Group Director and Expert. REGISTER HERE

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Bates Group, Complidata Bring Expertise and  A.I. Technology Together to Optimize AML and Compliance

Bates News  |  08-05-20

Bates Group, Complidata Bring Expertise and A.I. Technology Together to Optimize AML and Compliance

Bates Group and Complidata today announced a partnership to combine leading financial crime industry expertise and Artificial Intelligence (A.I.) technology together in a joint approach to assist financial institutions with tuning and optimizing their anti-money laundering operations and compliance. Based in Belgium, Complidata is a leader in the use of A.I. to drive automation and optimization for improved regulatory compliance. The partnership will assist financial institutions with the tuning and optimization of their transaction monitoring and sanctions and name screening systems — significantly increasing efficiencies and effectiveness in their processes and procedures while reducing the percentages of false-positive alerts.

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DOL Proposes New Class Exemption for Investment Advisers

Bates Research  |  07-30-20

DOL Proposes New Class Exemption for Investment Advisers

More than two years after the Fifth Circuit Court of Appeals vacated the Department of Labor’s fiduciary duty rule, the agency proposed new regulations on investment advice for retirement accounts under ERISA and the Internal Revenue Code. Under the heading “Improving Investment Advice for Workers & Retirees,” the DOL proposed a new “prohibited transaction class exemption” for investment adviser fiduciaries, reinstated the 1975 regulation and its five-part test for defining investment advice, and made certain changes to its pre-existing prohibited transaction class exemptions. Bates examines the details of the new DOL proposal.

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Welcome to Our New Bates Experts

Bates News  |  07-24-20

Welcome to Our New Bates Experts

Bates Group is proud to welcome our newest experts and consultants: 

Amy Bard, Esq.- Sales Practice Litigation, Compliance, Senior Investors

Paula Barnes - Retail Industry Expert, Retail Contracts, Regulatory and Compliance investigations

Linda Houston - Wealth Management, Branch Management, Hiring and Recruiting, Retail Securities Litigation and Arbitration

Donald Mattersdorff, CFA - Investment Advisory, Risk Management, Securities Analysis (Equity and Fixed Income)

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