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Massachusetts State Fiduciary Rule and NAIC Annuity Standards Proposals Continue to Move Forward

Bates Research  |  01-09-20

Massachusetts State Fiduciary Rule and NAIC Annuity Standards Proposals Continue to Move Forward

Bates Group continues to track a host of issues affected by the adoption of Regulation Best Interest (“Reg BI”), the 2019 package of rules and interpretations from the SEC setting standards of conduct for broker-dealers and independent advisers. These include a variety of state responses to the federal regulation, as well as Reg BI impacts on issuers of other complex financial products sold through brokers and advisers, specifically, recommendations to consumers on transactions involving annuity products. This week, Bates Research takes a look at some of the latest developments by the Massachusetts Securities Division and the National Association of Insurance Commissioners (“NAIC”).

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SEC Office of Compliance Inspections and Examinations Announces their 2020 Examination Priorities

Bates Research, Compliance and Regulatory Alerts  |  01-07-20

SEC Office of Compliance Inspections and Examinations Announces their 2020 Examination Priorities

The SEC's Office of Compliance Inspections and Examinations has announced their exam priorities for the upcoming year. Stay tuned to the Bates News page in the upcoming weeks for our expert commentary on the SEC's 2020 objectives

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Bates Group Expands Regulatory Compliance Services with Acquisition of The Advisor’s Resource, Inc.

Bates News, Compliance and Regulatory Alerts  |  01-06-20

Bates Group Expands Regulatory Compliance Services with Acquisition of The Advisor’s Resource, Inc.

Bates Group is pleased to announce the acquisition of The Advisor's Resource, Inc. (TARI), a leading compliance consulting firm based in Houston, Texas. Veteran compliance leader and TARI Founder & President Linda Shirkey will join Bates Group, along with Shelley Dragon, TARI’s director of client service, as members of the Bates Compliance team. The acquisition further expands Bates Compliance with greater access and resources to service Registered Investment Advisers (RIAs), as well as private equity and hedge fund firms across the United States.

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Reg BI Countdown – Is Your Firm Ready?

Bates News, Compliance and Regulatory Alerts  |  12-19-19

Reg BI Countdown – Is Your Firm Ready?

Last month, we reported on FINRA's announcement that they will be conducting SEC Reg BI readiness assessments to better understand companies' Reg BI implementation preparations. Bates Compliance helps firms achieve Reg BI readiness.

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Bates Compliance at the FINRA 2019 Regulation Best Interest Conference

Events  |  12-17-19

Bates Compliance at the FINRA 2019 Regulation Best Interest Conference

Meet Bates Compliance Leaders Bob Lavigne and Jill Ehret at the FINRA 2019 Regulation Best Interest Conference, December 18, 2019 in Washington, D.C.

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Banking Agencies Clarify SARs Requirements for Hemp, Possibly Paving the Way for Cannabis

Bates Research  |  12-12-19

Banking Agencies Clarify SARs Requirements for Hemp, Possibly Paving the Way for Cannabis

A key to understanding new BSA guidance on the “legal status of commercial growth and production of hemp” can be found in provisions of the Farm Bill signed into law in December of last year. That legislation distinguished and removed hemp (though not marijuana) as a controlled substance under law, and interim rules, issued by the USDA in late October 2019, established a federal licensing approval plan that allows state departments of agriculture and tribal governments to submit plans for monitoring and regulating hemp production. Given this context, the Federal Reserve Board, the FDIC, FinCEN, the OCC and the Conference of State Bank Supervisors issued a statement clarifying BSA obligations under these new USDA interim rules. Bates Research takes a closer look.

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Do The SEC Enforcement Directors’ 2019 Successes Preview Their 2020 Priorities?

Bates Research  |  12-05-19

Do The SEC Enforcement Directors’ 2019 Successes Preview Their 2020 Priorities?

Despite “significant headwinds,” including “adverse” holdings in Supreme Court cases and a significant disruption in Congressional funding in the beginning of the year, Co-Directors of the SEC Enforcement Division Stephanie Avakian and Steven Peikin announced that their efforts in FY 2019 have been successful. In a recently published Annual Report, the Directors described enforcement actions that held wrongdoers accountable, removed bad actors, stopped frauds and prevented losses. Bates Research looks at some key takeaways from their report.

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SEC Zeroes in on Investment Adviser Compensation Conflicts

Bates Research  |  11-21-19

SEC Zeroes in on Investment Adviser Compensation Conflicts

On October 18th, 2019, more than a year after the launch of the SEC Share Class Disclosure Initiative and targeted enforcement activity, the SEC Division of Investment Management issued information clarifying conflicts of interest raised by different types of investment adviser compensation. In a new set of FAQs, SEC staff reviewed general conflicts of interest disclosure requirements and offered insight on the “material facts” that need to be disclosed concerning mutual fund share classes and an adviser’s receipt of revenue-sharing payments. Bates Research takes a closer look.

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Reg BI Countdown - FINRA Wants to Know How Your Reg BI Implementation is Coming Along

Bates News, Compliance and Regulatory Alerts  |  11-15-19

Reg BI Countdown - FINRA Wants to Know How Your Reg BI Implementation is Coming Along

FINRA has announced that they will be conducting SEC Reg BI readiness assessments to better understand companies' Reg BI implementation preparations. Learn about how Bates Compliance and our Reg BI Readiness Workshops can support your firm’s SEC Reg BI implementation efforts.

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Bates Welcomes Our Newest Experts and Consultants

Bates News  |  11-12-19

Bates Welcomes Our Newest Experts and Consultants

Bates Group is proud to introduce our newest experts and consultants: Gontran de Quillacq, Caryn Miller, Michael Dorsey, Amy Ott, Mark Filler, Tali Taft, Paul Horn and Debra Vaughan.

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