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08-24-17

SEC Data Analytics Team Strikes Again

The SEC is not slowing down in its extensive use of sophisticated data analytics to drive enforcement efforts. Last week, the agency brought charges against seven individuals who participated in complex insider trading schemes that netted millions of dollars in illegal profits. The case has garnered significant attention because the defendants were caught by the SEC using data analytics despite the defendants’ use of sophisticated methods and new communications technologies to evade detection. Bates has played a leadership role in the public discussion of the enforcement implications and use of big data analysis by the regulatory agencies. In this post we review some recent enforcement developments and the increasing role of the SEC’s Market Abuse Unit (MAU)’s Analysis and Detection Center (ADC).

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08-17-17

DOL Fiduciary Duty Rule: What Your Firm Should Do Now

The road to implementation of the Department of Labor’s fiduciary duty rule continues to be bumpy. The latest turn may mark yet another delay of the Rule. Specifically, the requirements of the Rule that took effect on June 9, 2017 may be extended from its original, full compliance date of January 1, 2018 to July 1, 2019. Today we report on the DOL’s recent moves and offer recommendations for financial services firms to consider as they navigate the ongoing regulatory and compliance uncertainty. 

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FINRA President and CEO Sets Forth Comprehensive Bad Actor Initiative

07-27-17

FINRA President and CEO Sets Forth Comprehensive Bad Actor Initiative

This is the second installment in our ongoing look at FINRA’s efforts to address high risk brokers, also referred to by FINRA as “bad actors.”  Our first installment discussed  the set of proposals recently approved by FINRA’s Board of Governors to identify high risk brokers and enhance tools for disciplinary actions, examinations and ongoing surveillance. In a speech before the Georgetown Center for Financial Markets and Policy, Robert Cook, President and CEO of FINRA, set forth FINRA’s comprehensive approach to the self-regulatory agency’s existing and developing programs and practices to protect investors and markets from bad actors.

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07-12-17

AML Update: Keeping an Eye on Developments

There are many diverse players and moving parts in the evolving anti-money laundering (AML) regulatory landscape. Since we last checked, there have been congressional hearings on the domestic compliance obligations mandated by the Bank Secrecy Act; the introduction of two bipartisan legislative initiatives; and the passing of a final deadline for member states to implement EU AML regulations into their national laws. The activity reflects the ongoing political dynamic of how best to address the scourge of money laundering and terrorist financing.

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07-06-17

2018 House Appropriations Budget Offers Insight into SEC Priorities

On June 28th, the U.S. House Appropriations Committee published a proposed $20.2 billion financial services and government budget bill covering, in part, 2018 funding for the Securities and Exchange Commission. A day earlier, in testimony before the House Subcommittee on Financial Services and General Government, SEC Chair Jay Clayton set forth the independent agency’s 2018 priorities.

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06-28-17

NASAA Publishes Senior Investor Study Findings Focusing on Five Key Areas for Broker-Dealers

Results published in a recent North American Securities Administrators Association (“NASAA”) survey about firms’ practices and policies applicable to senior customers demonstrate that broker-dealers have a variety of processes and procedures in place to identify and report suspected diminished capacity or abuse. “Among the encouraging findings,” reported NASAA, “are that virtually all the broker-dealers had both internal processes to identify and internally report suspected diminished capacity or senior financial abuse, and trained their staff on these policies.” This and other findings were published in a study released on June 15, 2017, the latest effort by NASAA to continue to move the industry forward on the subject of serving seniors in the financial system.

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Bates Group Welcomes New Compliance Solutions Leader Michael Bernardo

06-27-17

Bates Group Welcomes New Compliance Solutions Leader Michael Bernardo

Bates Group is pleased to announce the appointment of Michael “’Mike” Bernardo as Managing Director of Bates' Compliance Solutions (BCS) practice. As former Managing Director of a Big Four regulatory consulting practice, Mike brings to Bates Group decades of outstanding Compliance, Regulatory and Surveillance experience within the Securities, Banking and Insurance Industries, including with NYSE Regulation, Morgan Stanley, Smith Barney/Citigroup, and UBS.

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