News – Bates Research

Bates News, Bates Research  |  09-15-21

FINRA Issues Updated Vendor Supervision Guidance, Seeks Feedback on Cloud Computing; Warns of New Phishing Scam

FINRA remained busy through the end of Summer with several important regulatory actions. New actions included issuing updated guidance on supervision of third-party vendors, requesting feedback on a report by the Office of Financial Innovation (“OFI”) concerning broker-dealer approaches to cloud computing, and raising additional alarms about a phishing campaign using fraudulent FINRA email domains.


Bates News, Bates Research  |  09-09-21

Now Available: ESG for CCOs by Bates Compliance Managing Director Hank Sanchez in NSCP Currents

Bates Compliance Managing Director Hank Sanchez's new article, "ESG – What it is and How CCOs Can Get Ahead of the Issues at Their Firms" (first appearing in the August 2021 issue of NSCP's Currents publication), provides timely and important insight for CCOs and firms tasked with addressing ESG. Read the reprint here.


Bates Research  |  08-19-21

Webinar Takeaways - Employment Issues: What to Expect Going Forward

Bates Group recently hosted employment litigators and experts for a CLE program to discuss the effects that current and future employment issues have had on workforce reintegration, supervisory activity, mental health and substance abuse, disciplinary actions, and Form U5 language and terminations. Panelists included financial services industry leaders and Bates Group Experts who shared what they are seeing today and what employers and employees can expect going forward in the post-COVID work environment. Bates looks at the highlights and insights from the program.


Bates Research  |  08-12-21

The Inevitability of Cryptocurrency Regulation: The Race to Establish a Regulatory Framework is On

Legislators, administrators and regulators have publicly advocated for government intervention to protect consumers and investors from cryptocurrency price volatility and the fraud and money laundering that has proliferated across digital platforms. With the passage of the bipartisan infrastructure bill in the U.S. Senate, comprehensive regulation of the industry seems inevitable. Meanwhile, SEC Chair Gensler’s recent remarks on crypto assets demonstrate the regulator’s focus on addressing gaps and protecting investors.


Bates Research  |  08-04-21

SEC Focuses on Wrap Fee Programs, Fixed Income Principal and Cross Trading Compliance Deficiencies in New Alerts

On July 21, 2021, the SEC Division of Examination issued two new risk alerts on Wrap Fee Programs and Principal and Cross Trading. The alerts were based on the latest observations of compliance deficiencies drawn from extensive examinations. The Division stated that the new alerts should be considered alongside earlier priorities and observations from 2019. In this article, Bates reviews the Division’s recent findings and guidance.


Bates Research  |  07-23-21

Coordinating on Ransomware: Federal, State Law Enforcement and Regulators Mobilize

The White House, Congress, federal and state law enforcement agencies and regulators are mobilizing to combat the threat of ransomware. In the wake of high-profile attacks on businesses of all sizes, the Biden administration has made the issue a priority. In this article we focus on the significant recent administrative, legislative and regulatory efforts to confront ransomware, including: strengthening the digital resilience of critical infrastructure, the launch of a new interagency website to support the private sector’s cyber defenses, a $10 million “Rewards for Justice” program to catch cybercriminals, bipartisan cyber legislation, and SEC and NYSDFS developments, to name few.


Bates Research  |  07-15-21

FinCEN Posts AML Priorities: A Road Map for Compliance

With the recent publication of its of national priorities for anti-money laundering and countering the financing of terrorism ("AML/CFT"), the Financial Crimes Enforcement Network ("FinCEN") fulfilled one of the core mandates under the Anti-Money Laundering Act of 2020: the establishment and dissemination of national AML priorities. The 12-page document is the product of consultations among the U.S. Treasury Secretary and Attorney General, federal regulators, state financial regulators, and national security agencies. In this article, Bates takes a look at the newly published policy, each of FinCEN’s national priorities, and what your firm and clients need to know. 


Bates Research  |  07-08-21

Temporary Holds and Other Developments to Address Senior and Vulnerable Investor Financial Exploitation

Early last month, FINRA proposed new amendments to rules on the financial exploitation of seniors and other vulnerable individuals. The changes have implications for state rules protecting seniors as well. The SEC, FINRA and NASAA have also announced a joint training program designed to help firms comply with Senior Safe Act requirements. The program has compliance implications for firms seeking to utilize FINRA’s safe harbor rule 2165. In this article, Bates takes a closer look at the proposed changes and what they could mean for your firm.


Bates Research, Compliance and Regulatory Alerts  |  06-30-21

FinCEN Issues First National AML/CFT Priorities

The Financial Crimes Enforcement Network (FinCEN) today issued the first government-wide priorities for anti-money laundering and countering the financing of terrorism (AML/CFT) policy.


Bates Research, Compliance and Regulatory Alerts  |  06-29-21

SEC Appoints New Jersey Attorney General Gurbir S. Grewal as Director of Enforcement

The Securities and Exchange Commission today announced that Gurbir S. Grewal has been appointed Director of the Division of Enforcement, effective July 26, 2021.


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