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The arbitration was filed by an extremely wealthy individual through his offshore creditor protection trust and its asset protection sub-entities. The claimants sought to recover $650,000 related to a bad […]

FINRA issued Special Alert Notice 20-16 to share COVID-19-related off-site transition and supervisory practice information. The information was derived from recent FINRA discussions with small, mid-sized and large firms. FINRA cautioned that […]

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Concern about recommendations of complex financial products for retail investors has been at the center of the debate over changing standards for broker-dealers and investment advisers. With full implementation of […]

On April 7, 2020, the SEC Office of Compliance Inspections and Examinations (“OCIE”) issued two new alerts to broker-dealers and investment advisers about the “expected scope and content” of its compliance examinations […]

On the heels of FINRA’s notice regarding pandemic-related business continuity measures, CRC would like to take this opportunity to remind all financial services clients that now is the time to […]

The SEC’s IAA Release No. 5469 on Wednesday, March 25, 2020 amends its IAA Release No. 5463 and now allows for extending the filing (March 30) and delivery (April 30) deadline dates of the Form […]

Bates Group has been tracking regulatory and enforcement developments on senior financial exploitation. Two recent publications and recent sweeping enforcement actions suggest that the phenomenon is becoming better understood and […]

Andre Henry was attending a concert when he was shot and killed by random gunfire. The concert was produced by a third-party and took place at a property owned by […]

On July 25, 2019, the Stop Hacks and Improve Electronic Data Security Act (SHIELD Act) was signed into law (see Update S5575B). The SHIELD Act expands the definitions of both breach […]

On February 3, 2020, the New York County Lawyers Association hosted its “21st Annual FINRA Listens and Speaks” panel. The panel members discussed recent statistics, proposed regulations, and tips for […]

Understand what Reg BI requires now — and what more you must implement before the final deadline. Read our new white paper: “SEC’s Regulation Best Interest Perspectives on Firm Compliance.” […]

The SEC Office of Compliance Inspections and Examinations (“OCIE”) set out their 2020 examinations priorities in an annual report issued last week. The report reminds registered entities that all its priorities are […]

Governor Murphy has signed into law the “Safeguarding Against Financial Exploitation Act” (the Act) previously introduced on February 25, 2019 as Assembly Bill #5091. The Act provides that when a “qualified […]

I’m thrilled to share that Business.com has named Sterling as the Best Background Check Company for Self-Service for the second year in a row! In Business.com’s “Best Background Check Companies […]

FINRA has announced their regulatory and examination priorities for the upcoming year. You can read the letter, with an introduction by FINRA President and CEO Robert Cook, here. New for this year […]

The SEC’s Office of Compliance Inspections and Examinations (OCIE) has announced their exam priorities for the upcoming year. You can read the press release here. Stay tuned to the Bates News […]

January 10th, 2020 | Angela Preston, Senior Vice President and Counsel, Corporate Ethics and Compliance with Ryan Hannan, Compliance Associate On December 20, 2019, the President signed S. 1790, the […]

Human resource and recruiting leaders have experienced unprecedented change in recent years. An array of workplace trends and innovations have combined to reshape how HR delivers value to its business […]

The Securities and Exchange Commission (“SEC” or “Commission”) recently published a proposal for significant changes to the rules and guidance surrounding the marketing and advertising activities of registered investment advisers […]

The recent GPB Class action suit against 60 independent broker-dealers and several other defendants has revealed a significant gap in coverage for many unsuspecting insureds.  Some carriers have taken the […]

On June 5, 2019, the SEC voted to adopt Rule 15I-1, known as “Regulation Best Interest” or “Reg. BI,” under the Securities Exchange Act of 1934. The SEC adopted Reg. […]

This newsletter is a periodic publication of Lloyd, Gray, Whitehead & Monroe, PC and is intended for general purposes only.

On October 18th, 2019, more than a year after the launch of the SEC Share Class Disclosure Initiative and targeted enforcement activity, the SEC Division of Investment Management issued information clarifying conflicts […]

In this episode of CRC TV, we interview our Compliance and Financial Operations Professional, Scott Brown, who discusses his upbringing in Queens, NY during the 1970s and how it lead […]

At the 2019 SIFMA Compliance and Legal Society’s New York Regional Seminar, industry panelists along with senior officials from the SEC and FINRA addressed a range of topics including Regulation […]

On September 26, a bipartisan group of Senators led by Tom Cotton, (R-AR) and Mark Warner (D-AR), formally introduced their bill to strengthen the authority of the Financial Crimes Enforcement Network (FinCEN) […]

On October 11, 2019, the heads of FinCEN, the SEC and CFTC issued a joint statement to remind financial institutions of their Bank Secrecy Act (“BSA”) obligations for transactions involving “digital assets.” […]

October is here! That means the SEC’s Reg BI implementation deadline is right around the corner. To support your implementation efforts, Bates Compliance is rolling out the Bates Reg BI […]

At a discussion forum on SEC enforcement examination initiatives in mid-September, the Director of the Office of Compliance Inspections and Examinations expressed shock that inappropriate share class recommendations are still appearing on […]

FINRA has been virtually silent since announcing plans for a major overhaul of the expungement process in its Notice to Members 17-42 in December 2017. This week, FINRA finally offered […]

As the regulatory landscape is constantly evolving, Compliance Risk Concepts (“CRC”) is issuing its monthly review and summary of FINRA, SEC, and NFA notices and bulletins to assist our clients […]

n the long-running debate over the standard of care for broker-dealers and investment advisers. It triggered compliance schedules and required registered broker-dealers and advisory firms to develop internal policies and […]

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In response to the recent increase in financial exploitation of seniors and other at risk investors, FINRA recently announced that it is conducting a review of the effectiveness and efficiency […]

The U.S. Securities and Exchange Commission’s (SEC) Office of Compliance and Inspections (OCIE) performed over 50 examinations of registered investment advisers who employed or currently employ individuals with disciplinary events. […]

In civil litigation where the narrative includes financial information, an experienced forensic accountant delivers analytical clarity while providing accounting, financial and investigative expertise. Backed by relevant litigation support experience and […]

The past few months have been a particularly busy time for state financial regulators and enforcement officials. At almost every turn, the complicated and overlapping relationship between federal and state […]

The growing global cannabis market is estimated to reach $66.3 billion by 2025, up from $13.8 billion in 2018. (Another estimate is even higher, projecting that the market will reach $89.1 billion by 2024.) […]

The SEC Office of Compliance, Inspections and Examinations (OCIE) issued a Risk Alert to address compliance and disclosure issues raised in examinations covering the oversight practices of SEC-registered investment advisers “that previously […]

This Client Alert updates our previous commentary regarding New Jersey’s efforts to establish a fiduciary duty applicable to all broker-dealers and investment advisers doing business in the state.  Following the adoption by […]

After analyzing data collected in Suspicious Activity Reports (SARs), the Financial Crimes Enforcement Network (FinCEN) issued an update to a 2016 Advisory alerting financial institutions on how best to combat criminal schemes […]

On June 5, 2019 the Securities and Exchange Commission (“SEC”) voted to enhance the regulatory framework standard of conduct for broker-dealers (or “firms”) and provide an interpretation of the fiduciary […]

The formal publication by the Federal Register on July 12, 2019, of Regulation Best Interest (“Reg BI”) triggers final effective and compliance dates for the rulemaking package. The Reg BI rule and […]

On July 11, 2019, FINRA provided long-awaited supplemental guidance on crediting member firms and individuals for extraordinary cooperation in a FINRA investigation – a practice first outlined in Regulatory Notice […]

In the second installment in our series on Investment of Public Funds, we use a specific example to highlight the danger of not reviewing the statutes, regulations, and policies governing […]

In May 2019, we sent out an Alert warning that the SEC’s Enforcement Division had initiated investigations against firms that did not self-report by the deadline of the SEC’s Share Class Selection […]

It can be daunting for you and your firm to have to undergo an SEC examination. The reality is that at any given moment the SEC’s Office of Compliance Inspections […]