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SEC Exams Division Issues Risk Alert for Newly Registered Advisers on Compliance Deficiencies and Guidance to Address

04-06-23

SEC Exams Division Issues Risk Alert for Newly Registered Advisers on Compliance Deficiencies and Guidance to Address

On March 27, 2023, the SEC Division of Examinations issued a Risk Alert focused on compliance deficiencies found in examinations of newly registered advisers. The Division said these advisers may face unique risks, particularly as to conflicts of interest, and cautioned them to review their policies and procedures, disclosures, and marketing practices. The Division also explained—perhaps as guidance for these new registrants—that their examinations were “an opportunity for early engagement between advisers and the staff.” Bates has a brief summary of this new Alert and what it could mean for your firm and clients.

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Are You Ready for a CFPB Examination? Bates Can Help
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04-05-23

Are You Ready for a CFPB Examination? Bates Can Help

The Consumer Financial Protection Bureau (CFPB) engages in rigorous examinations of financial institutions to ensure that they follow all applicable laws and regulations, have effective compliance management systems in place, and provide meaningful consumer protections. Bates Group offers independent consumer compliance reviews to help protect your business and customers.

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SEC, White House Announce New Cybersecurity Strategy and Rules; Over $10.2 Billion in Losses, says FBI Cyber Report
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03-30-23

SEC, White House Announce New Cybersecurity Strategy and Rules; Over $10.2 Billion in Losses, says FBI Cyber Report

In response to the threat from cyber actors “who use constantly evolving and sophisticated tactics, techniques, and procedures to cause harmful cybersecurity incidents,” the SEC proposed a new set of comprehensive rules intended to mitigate that risk. The proposal is consistent with the White House’s recent announcement of a new comprehensive National Cybersecurity Strategy and the annual FBI report on cybercrime trends based on 2022 data. Bates has the details.

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On Our Radar: Crypto Legislative, Regulatory and Enforcement Roundup
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03-22-23

On Our Radar: Crypto Legislative, Regulatory and Enforcement Roundup

Fast-moving events in the financial markets are underscoring the need for a workable digital asset legislative and regulatory framework. Ongoing volatility continues to reduce overall crypto market value, and federal and state regulators have ramped up their enforcement efforts. Such volatility is the backdrop to this latest roundup on crypto developments.

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Banking Update: Separating Fact from Speculation
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03-21-23

Banking Update: Separating Fact from Speculation

In the aftermath of the collapse of three banking firms, Silvergate, Silicon Valley Bank and Signature Bank earlier in March, tensions in the banking sector continued over the past week with the shares of a number of regional banks including First Republic, PacWest Bancorp and Zions Bancorp under pressure. During the turmoil-filled week, several questions were raised about the strength of U.S. banks, whether regulators moved quickly enough, the role of VCs, and if the failures were foreseeable. Read the analysis from Bates Expert and Director Greg Kyle.

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Banking Alert: Silvergate Capital, Silicon Valley Bank, and Signature Bank
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03-13-23

Banking Alert: Silvergate Capital, Silicon Valley Bank, and Signature Bank

On Sunday, U.S. regulators seized Signature Bank, and on Friday, U.S. regulators seized the assets of Silicon Valley Bank (“SVB”). The seizure of SVB led to one of the largest bank failures in U.S. history and the largest failure of a financial institution since the 2008 financial crisis. The failure of SVB comes on the heels of Silvergate Capital announcing on Wednesday that it would voluntarily wind down operations and liquidate its bank. With three bank collapses in one week, the markets, investors, and many of our clients are understandably on edge.

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What is the Purpose of Consumer Protection Laws?
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03-10-23

What is the Purpose of Consumer Protection Laws?

Consumer protection laws are designed to protect consumers, to keep sellers honest and to protect purchases of goods from fraudulent or deceptive marketing. Consumer protection laws are enforced by the Federal Trade Commission, and businesses that fail to maintain compliance with federal consumer protection laws could face severe consequences.

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