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Is the Increase in Option-Related Cases Affecting Your Firm and Clients?

Bates News, Industry News  |  07-19-19

Is the Increase in Option-Related Cases Affecting Your Firm and Clients?

Bates Group is alerting counsel that we are seeing an uptick in option-related cases where firms offered their clients strategies to increase the yield in their investment portfolio, often involving options trading in order to earn premium income to enhance a portfolio’s regular returns. Bates staff and experts have provided both consulting and testimony services in matters involving options trading within a client account.

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SEC Chair Responds to Seven Criticisms of Regulation Best Interest

Bates News, Bates Research  |  07-18-19

SEC Chair Responds to Seven Criticisms of Regulation Best Interest

On June 25th, the U.S. House of Representatives weighed in and voted for an amendment to a bill with the intent of prohibiting the SEC from “implementing, administering, enforcing, or publicizing” the final rules and interpretations of Reg BI. The amendment is not likely to pass the Senate, and as this week’s formal publication of Reg BI in the Federal Register makes clear, the dates for implementation and compliance are set, even as the debate over the new rule package continues. In this article, we review SEC Chair Clayton’s endorsement of the regulation, and his point-by-point rebuttal of the criticism that it has received since agency adoption.

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Regulation Best Interest Now Published in Federal Register: What Does This Mean for Your Firm?

Compliance and Regulatory Alerts, Industry News  |  07-16-19

Regulation Best Interest Now Published in Federal Register: What Does This Mean for Your Firm?

The formal publication by the Federal Register on July 12, 2019, of Regulation Best Interest triggers final effective and compliance dates for the rulemaking package. 

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Join Bates Group at the SIFMA Regulation Best Interest Seminar

Bates News, Industry News  |  07-09-19

Join Bates Group at the SIFMA Regulation Best Interest Seminar

Bates Group is a proud sponsor of the SIFMA Regulation Best Interest Seminar on Wednesday, July 10 in Washington, D.C. Speakers will address the final Reg BI rule, form CRS, and the broader regulatory landscape. Look for financial services industry leader and Bates Senior Compliance Consultant Jerry Baker at the seminar!

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AML Legislative Update: Seeking Transparency, House and Senate Propose Beneficial Ownership Database

Bates News, Bates Research  |  06-27-19

AML Legislative Update: Seeking Transparency, House and Senate Propose Beneficial Ownership Database

This month, a bipartisan group of Senate Banking Committee members introduced legislation to address current gaps inhibiting the fight against illicit financing of criminal activity (CFT). This follows the House Financial Services Committee's adoption of an aggressive legislative agenda aimed at modernizing and closing loopholes in the AML/CFT framework. Of key interest to both the Senate and the House is the expansion of the use of “beneficial ownership information” of the type now collected under the Customer Due Diligence rules that went into effect last year. In this article, Bates reviews the developing congressional legislative efforts to detect and deter financial crime.

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Massachusetts Proposes State Fiduciary Rule; Trade Groups Ask New Jersey to Pause its Process

Bates News, Bates Research  |  06-20-19

Massachusetts Proposes State Fiduciary Rule; Trade Groups Ask New Jersey to Pause its Process

The SEC's recent adoption of Reg BI has not stopped the states from pursuing their own higher standards. Last week, Massachusetts became the latest state to propose a uniform fiduciary standard for broker-dealers and advisers when dealing with its residents. A group of trade associations have also expressed concerns regarding New Jersey's proposal to apply uniform fiduciary standards to broker-dealers and investment advisers for recommendations and advice they may give to New Jersey investors. Bates Research takes a closer look at the Massachusetts proposal and the broader federal/state power struggle.

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SEC Adopts Regulation Best Interest: Early Reaction and its Impact

Bates News, Bates Research  |  06-13-19

SEC Adopts Regulation Best Interest: Early Reaction and its Impact

On the day the SEC approved a set of regulatory proposals affecting the obligations that broker-dealers and investment advisers owe retail investors, Commissioner Hester Peirce issued a “plea” to critics to “take a fair look at what it says before you proclaim it a success or failure.” In this article, Bates reviews the core elements of the rules and related guidance, and some of the early reactions.

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Cryptocurrencies Regulatory Update: FinCEN Guidance, SEC and Commissioner Commentary

Bates News, Bates Research  |  06-06-19

Cryptocurrencies Regulatory Update: FinCEN Guidance, SEC and Commissioner Commentary

The state of play in cryptocurrency regulation continues to reflect legitimate tensions between promoting innovation and entrepreneurship and maintaining sound markets and investor protection. In this article, we review recent developments including new guidance and a recent advisory issued by FinCEN, anticipated guidelines from the Financial Action Task Force and the latest developments at the SEC.

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SEC Adopts Regulation Best Interest

Compliance and Regulatory Alerts, Industry News  |  06-05-19

SEC Adopts Regulation Best Interest

By a 3-to-1 margin, the SEC voted to approve its long-debated Regulation Best Interest at an open meeting today. Also approved was a new interpretation of the “solely incidental” provision of the Investment Advisers Act of 1940.

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NASAA Members Adopt Investment Adviser Information Security Model Rule Package

Bates News, Bates Research  |  05-30-19

NASAA Members Adopt Investment Adviser Information Security Model Rule Package

As Bates reported last October, the North American Securities Administrators Association (NASAA) proposed a new model rule for consideration by state regulators that would require state-registered investment advisers to adopt new policies and procedures in order to safeguard client information. NASAA has announced that its members voted to adopt the model rule package “which now is available for individual jurisdictions throughout the United States to implement through regulation.” This significant announcement may have serious enforcement implications. In this article, Bates Research takes a closer look at what you need to know.

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