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FinCEN Publishes Final Beneficial Ownership Rule
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10-07-22

FinCEN Publishes Final Beneficial Ownership Rule

On September 30, 2022, FinCEN published first of three final rules (and related Fact Sheet) on the reporting requirements for beneficial ownership information. It goes into effect on January 1, 2024. Until then, FinCEN will be developing reporting forms and other guidance to help companies with their reporting compliance. We look at the highlights of the new reporting rule and what firms should do to prepare.

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How to Prepare for a Regulatory Examination: Bates’ Guide to Getting Ahead of Regulatory Exams

10-04-22

How to Prepare for a Regulatory Examination: Bates’ Guide to Getting Ahead of Regulatory Exams

Each year, the SEC and FINRA release Exam and Risk Monitoring Reports highlighting continuing and emerging concerns for the year. These agency communications serve as a potential notice of subjects scrutinized for future examinations. In this guide, Bates walks you through the exam process and break down what you need to know, including: anticipation and preparation, first contact, document production, interviews, and findings.

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Seeking to Integrate Reg BI Standards, NASAA Proposes Revisions to REITs and Other Guidelines
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09-19-22

Seeking to Integrate Reg BI Standards, NASAA Proposes Revisions to REITs and Other Guidelines

NASAA is reminding financial professionals that state regulators remain a force to be reckoned with in an increasingly complex financial marketplace. Describing a need to protect elderly investors from unsuitable products, a need to protect average investors from the risks of confusing contract terms and misleading marketing communications, and to address ongoing and persistent complaints of fraud, NASAA proposed revisions to its Guidelines on REITs. Bates looks at the four proposed revisions and what they could mean for your firm and clients.

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Private Funds: New Reporting Proposals from Regulators
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09-09-22

Private Funds: New Reporting Proposals from Regulators

As the size of the private funds market has grown, regulators have been increasingly concerned about the risk posed to investors. The sheer size of the market—and the state of the current disclosure framework covering it—has motivated regulators from both the SEC and CFTC to propose additional rule amendments to increase the regulatory oversight of private fund advisers and the funds they advise. Bates takes a look at key features of the SEC/CFTC proposal.

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Bates Welcomes New Experts and Consultants

09-07-22

Bates Welcomes New Experts and Consultants

Bates Group welcomes our newest consulting and testifying experts (pictured, L-R):

Erin Baskett, CPA, CGMA - Brokerage, Investment Advisory, Cryptocurrency Consulting

Patrick Cox - Fintech and Cybersecurity, Employment Matters, Broker-Dealer Sales Practice

Frederick Egler - Operational Risk Management, Insurance/Reinsurance, Banking

Brian Warshaw - Broker-Dealer Operations, Introducing Firm Operations, Transaction Processing

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2022 Summer Roundup – What You Missed, What Is Happening This Fall

09-02-22

2022 Summer Roundup – What You Missed, What Is Happening This Fall

Summer is coming to a quick close, and we hope you had a chance to get moving and enjoy some fun in the sun!

While you are celebrating the final days of summer, we’ve compiled our annual summer roundup of news that you may have missed, as well as a sneak peek of live and virtual events happening this fall. We’ve even included a bonus track at the end of our list to cap off your summer.

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Bates Welcomes Paul Lambert, Former Bank of America Chicago Market President and Merrill Lynch Midwest Division Executive, as a Strategic Advisor and Consulting Expert

08-31-22

Bates Welcomes Paul Lambert, Former Bank of America Chicago Market President and Merrill Lynch Midwest Division Executive, as a Strategic Advisor and Consulting Expert

Continuing to grow and expand its national reach, Bates Group welcomes Paul Lambert as a Strategic Advisor and Consulting Expert. A 30-year financial services veteran at Bank of America Merrill Lynch, Paul will be working with senior leadership to expand our client engagement across the business. Read the full announcement to learn more about Paul and the experience he brings to the Bates team.

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New Developments for New York BitLicense Holders and Applicants
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08-25-22

New Developments for New York BitLicense Holders and Applicants

Responding to the growing popularity of Bitcoin and other cryptocurrencies, in 2015 the New York Superintendent of Financial Services came up with the idea for a new charter called BitLicense, based on the historic template for bank and trust charters. In this article, Bates expert Paul Nelson takes a look at the past, present, and future of the BitLicense program, in the larger context of today's crypto market.

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SEC Staff Offers Additional Guidance on BD and IA Conflicts of Interest
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08-18-22

SEC Staff Offers Additional Guidance on BD and IA Conflicts of Interest

On August 3, 2022, SEC staff issued new guidance addressing conflicts of interest under the Regulation Best Interest (“Reg BI”) standard for broker-dealers and the fiduciary standard for investment advisers. While the staff bulletin states clearly that the guidance is intended only to be a reflection of internal views on the subject, its tone, comprehensiveness (replete with numerous examples), and even its pragmatic question-and-answer format warrant careful attention. Read our full analysis for details on this new guidance and how it could impact your firm or clients.

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Contact Bates Group

Bates Group is with you every step of the way. Contact us today for more information on how our End-to-End Solutions can help your firm.