News

Events  |  05-13-21

Visit the Bates Compliance Virtual Exhibit Booth at the FINRA Annual Conference, May 18-20, 2021

Bates Compliance is proud to return as an exhibitor to the 2021 FINRA Annual Conference May 18-20, 2021. Visit our virtual exhibit booth to chat with Bates representatives, download useful industry analysis and resources, and enter the booth raffle for a chance to win!

Bates Research  |  05-13-21

NASAA Touts Latest Model Rules on Compliance, Continuing Education for Investment Advisers; Offers Guidance on Cybersecurity

In its April 2021 Investment Adviser Section Report highlighting 2020 activities, the North American Securities Administrators Association ("NASAA") promoted the November 24, 2020 adoption of two model rules: a broad rule on compliance to ensure that advisers cover the full range of investor concerns in their written policies and procedures, and a long-debated proposed rule on continuing education to ensure that advisers are knowledgeable of current regulatory requirements and best practices. The report also offers information on a newly developed Cybersecurity Checklist for Investment Advisers. In this article, Bates examines these new rules in light of NASAA's annual report and continuing guidance.

Events  |  05-10-21

Webinar Tomorrow May 11th: Achieving AML Program Success through AML Optimization and Data-Driven Compliance: What AML Practitioners Need to Know

Anti-Money Laundering continues to be a top target of examiners and enforcement, resulting in professional repercussions and millions of dollars of fines each year. Financial institutions and AML professionals are under increasing pressure now more than ever. Join us for this program to hear insights on managing these new realities during this time of increased regulatory scrutiny.

Bates Research  |  05-06-21

DOL Releases New Guidance on Cybersecurity and on Exemptions for Investment Advice Fiduciaries

In December 2020, the Department of Labor adopted regulations on investment advice for retirement accounts under ERISA, providing a class exemption for persons who are fiduciaries under ERISA and allowing them to receive compensation and engage in otherwise prohibited transactions on behalf of retirement investors, employee benefit plans and investment advice providers. The regulation has a long regulatory history and became effective on February 16, 2021. On April 13, 2021, the DOL issued guidance to address detailed implementation questions. In addition, on April 14, 2021, the DOL issued cybersecurity guidance for ERISA plan sponsors, fiduciaries and record-keepers, as well as for plan participants and beneficiaries. In this article, Bates takes a closer look and reviews the new DOL guidance, including details to guide your implementation and the cybersecurity protocols for your firm to follow.

Bates News, Events  |  05-03-21

Bates Upcoming This Week: SWIFS Spring Symposium and Spirits of Pace

Bates CEO Jennifer Stout and Expert Linda Houston will be speaking at the upcoming Fifth Annual Southeastern Women in Financial Services (SWIFS) Spring Symposium on May 4, 2021. Bates is also a sponsor of the 2021 Spirits of Pace event on May 6, benefitting the Pace Center for Girls, Hillsborough, FL.

Events  |  04-23-21

Upcoming Webinar from Bates and NICE Actimize : What does the new AML Act of 2020 mean for your organization?

Bates AML and Financial Crimes and NICE Actimize will be co-hosting a webinar on the Anti-Money Laundering Act of 2020 ("AMLA").on April 28, 2021 at 11:00 a.m. ET.

Bates Research  |  04-23-21

SEC Elevates ESG in New Alert Focusing on Disclosures, Observations and Effective Practices

In a significant number of directed actions, the SEC has communicated that it intends to move aggressively to encourage ESG investing and to develop frameworks for compliance. The emphasis on ESG-related compliance in the alert follows from the agency’s elevated focus on climate change as an emergent priority. It also stems from a host of moves by SEC Acting Chair Allison Herren Lee on the subject, including the creation of an ESG taskforce, the issuance of investor guidance on ESG funds, and the adoption of a new strategic approach, among others. In this article, we highlight current compliance triggers in the context of recent SEC ESG-related activity.

Compliance and Regulatory Alerts  |  04-21-21

With Increase in Options Trading, FINRA Issues Alert on Options Account Approval, Supervision and Margin Requirements

On April 9, 2021, FINRA issued guidance reminding members of their obligations on customer options accounts. The new alert flows from a reported increase in the opening of self-directed brokerage accounts and a broader risk of whether broker dealers and investment advisers are collecting information and performing adequate due diligence to ensure that options trading is appropriate for their customers. Additionally FINRA highlights compliance obligations on supervision, anti-money laundering and margin for customers seeking to trade options. In this Alert, Bates takes a look at the recently published guidance and what you need to know to stay in compliance.

Bates News  |  04-20-21

Bates Welcomes Our New Experts and Consultants

Bates Group welcomes our new experts and consultants (Pictured from L):

• Ana Suárez - Chief Compliance Officer, BD and IA Compliance, AML and Risk, Policy & Procedures, Regulatory Filings
• Lorraine Lee - Former Regulator, Statutory Disqualification, FINRA Eligibility Proceedings
• Tany Durkee Urbach - Former State Securities Commissioner, Ponzi Scheme, Securities Fraud, IA and BD Regulatory Compliance

Bates Research  |  04-15-21

Momentum Building on Cannabis: New York Passes Marijuana Regulation and Taxation Act, Congress Closer to Passing SAFE Act

Federal and state legislation to legalize cannabis and regulate related businesses moved forward this month with a bipartisan reintroduction of the federal Secure and Fair Enforcement (“SAFE”) Banking Act and the passage of a New York law creating a regulatory licensure and taxation framework for producers, distributors, and retailers of marijuana. The implications of these actions are significant. In this article, we look at the New York law and revisit the bipartisan SAFE Act, two efforts that cover the spectrum on cannabis regulation. Learn how these developments might impact your firm and clients.