News & Events

FINRA Enforcement has recently initiated enforcement actions concerning mutual funds and brokers of record centering around client impact, remediation, and other issues. Read the full Alert to learn more about FINRA Enforcement's focus on "brokers of record," and other products on the regulator’s radar.

In this complimentary CLE webinar, hear directly from compliance and risk leaders, including FINRA, on the latest updates concerning virtual branch office compliance visits. Jill Ehret (Director, Bates Compliance) will appear on the panel, moderated by Paul Tyrrell (Partner, Sidley Austin), with opening remarks by Bates CEO Jennifer Stout. October 5, 2020 at 1 p.m. Eastern, co-hosted by SIFMA and Bates Compliance.

On September 15, 2020, the Office of Compliance Inspections and Examinations (“OCIE”) issued an alert urging investment advisers and broker-dealers to review their customer account protection safeguards and identity theft prevention programs. The impetus behind the alert is an increase in the number of cyber-attacks using a tactic called “credential stuffing,” observed during recent examinations. OCIE also disclosed a number of practices firms are using to mitigate this emergent risk.

Just a few weeks ago, Bates highlighted a series of Financial Crimes Enforcement Network (FinCEN) compliance communications. Since then, FinCEN, along with other banking agencies (including the Federal Reserve and FDIC), has issued several important public statements on CDD requirements, the unlawful disclosure of SARs information and BSA enforcement approach. Bates has a recap of these new communications.

Bates is a proud Silver sponsor of this year's SIFMA C&L Virtual Forum online event, September 23-24, 2020. Stop by our virtual exhibit booth to connect with Bates leaders, download materials and enter our annual raffle.

Join A. Christine Davis, Bates Managing Director of Forensic Accounting and PLI program co-chair, and Edward Longridge, Managing Director of Bates AML & Financial Crimes, at the  PLI Pocket MBA 2020: Finance for Lawyers and Other Professionals CLE Webinar. The Pocket MBA program is designed to improve understanding of business strategies, accounting fundamentals and vocabulary used by management, investors, auditors and bankers. Sept. 21-22, 2020 via Live Webcast

Today marks 19 years since the tragic and devastating events of 9/11. Read the message from Bates Group CEO Jennifer Stout

The North American Securities Administrators Association (“NASAA”) continues to assert its member states’ interests in fighting for and protecting investors and consumers in the financial markets. We have assembled a roundup of recent NASAA actions on enforcement, model legislation and regulatory policy, including updates on: COVID-19 enforcement, whistleblowers, restitution funds for securities fraud victims, SEC "Accredited Investor" definition, DOL advice proposal, FINRA proposed beneficiary arrangements, financial professionals with diminished capacity, and what to expect going forward.

Labor Day is almost here, which means those lazy, remote days of summer are coming to a close. What did you miss when you powered down this summer? We have a roundup of all the important Bates news, events and alerts from July and August as well as a sneak peek of the next few months to help you head into Fall fully prepared. 

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.

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.

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.

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.

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:  

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.

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