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Broker-Dealer Branch Office Compliance: Remote Supervision, Inspections and Operational Considerations

In May 2019, Bates Compliance published a review of the supervision, inspection and operational considerations for broker-dealer branch office compliance. In that paper, Bates described the core obligations on supervisors […]

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FINRA Releases 2021 Report on FINRA’s Examination and Risk Monitoring Program

FINRA has announced the publication of the 2021 Report on FINRA's Examination and Risk Monitoring Program. The new Report combines and replaces two previously published annual reports, the Report on […]

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SEC Rewrites Rules on Investment Adviser Marketing

Just prior to the new year, the SEC finalized significant changes to rules and forms governing advertising and cash solicitations under the Investment Advisers Act (“IAA”). In the original proposal, introduced more […]

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URGENT: Widespread Hacking Campaign Could Require Immediate Action

FireEye, Inc., a leading U.S. cybersecurity firm, recently disclosed that it had been hacked by a nation-state actor. The company has since revealed that the hack was likely perpetrated, in part, through an ongoing compromise of “Orion” […]

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IBDC Alliance Member, Winget Spadafora and Schwartzberg Obtains Complete Dismissal of Class Action Arising From Alleged $1.6 Billion GPB Ponzi Scheme

On December 14, 2020, Winget, Spadafora & Schwartzberg LLP’s New York office obtained the dismissal of all claims filed against its client in a securities fraud class action arising from […]

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Synopsis of Radle v. Kemp Award

On December 3, 2020, a panel of arbitrators in Philadelphia dismissed the statement of claim of customer Peter Radle, and sanctioned him $15,000 for his non-cooperation in discovery. The statement […]

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DOL Finalizes Class Exemption for Investment Advisers

On December 15, 2020, the Department of Labor finalized long-considered regulations on investment advice for retirement accounts under the Employee Retirement Income Security Act (“ERISA”) and the Internal Revenue Code (“Code”). The […]

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Compliance Rule Alert With Compliance Risk Concepts

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SEC and FINRA Offer Observations to Improve Compliance with Reg BI and Form CRS

On October 26, 2020, the SEC and FINRA staff held a remote public roundtable to discuss the implementation of Regulation Best Interest (“Reg BI”) and the Customer Relationship Form (“Form CRS”) since […]

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The “Zoom” Boom: FINRA Maintains Its Authority to Compel Virtual Hearings Over Member Objections

If we have learned anything in 2020, it is that the only thing constant in life is change.  The world has changed in just about every way and day-to-day life continues […]

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FINRA Amends Its Suitability, Capital Acquisition Broker Suitability and Non-Cash Compensation Rules to Comply with Sec’s Regulation Best Interest

On June 19, 2020, FINRA issued Regulatory Notice 20-18, noting changes to FINRA’s suitability rule, Capital Acquisition Broker (“CAB”) suitability rule and rules governing non-cash compensation consistent with the requirements […]

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FINRA Issues New Regulatory Notice Regarding Private Placement Communications with the Public

FINRA has issued Regulatory Notice 20-21 which provides guidance to its member firms to help them comply with FINRA Rule 2201 pertaining to retail communications concerning private placement offerings.  FINRA […]

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New FinCen Guidance on the CDD Rule, Cyber Fraud and Virtual Currency Scams Exploiting Twitter

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 […]

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Beware of COVID-19 “Name the Broker” Lawsuits - Legal Update For Insurance Agents & Brokers

By Timothy G. Ventura, Esq., Vice Chair, Philadelphia Professional Liability Practice GroupThis week a federal judge in Texas granted an insurance broker’s dismissal from litigation involving a COVID-19 business interruption coverage […]

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IBDC-RIAC Alliance Member, Ed Barkel of Lewis Roca Rothgerber & Christie’s, Successful Motion to Dismiss Against Non-Customer Under FINRA Rules 12200 and 12504

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 […]

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FINRA Special Alert Offers Observations on COVID-19 Remote Work and Supervisory Practices

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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CARES Act Paycheck Protection Program Requirements

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SEC Issues Guidance on Form ADV Disclosures for CARES Act Paycheck Protection Program Loans

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Focusing on Oil-Related ETPs, FINRA Reminds Firms of Suitability and Now New Reg BI Obligations When Making Recommendations

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 […]

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SEC Issues Risk Alerts on Compliance with Reg BI and Form CRS

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 […]

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Business Continuity & Operating Appropriately Throughout The Coronavirus Pandemic

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 […]

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Update: SEC Amends ADV Filing and Delivery Deadline Extensions due to COVID-19

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 […]

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Regulators Are Gaining Traction in the Fight Against Elder Financial Exploitation

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 […]

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Legal updates for insurance agents & brokers

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 […]

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The Shield Act

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 […]

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FINRA Talks Dispute Resolution - Offers Tips and Advice to Counsel and Arbitrators

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 […]

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New Reg BI White Paper from Bates Research and Bates Compliance

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." […]

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OCIE to Prioritize Reg BI Compliance in 2020 Examinations

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 […]

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Governor Murphy Provides Seniors With Added Protection Against Financial Exploitation Inbox x

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 […]

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Sterling – Best Self-Service Background Check for 2020

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 […]

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FINRA Releases 2020 Risk Monitoring and Examination Priorities Letter

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 […]

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SEC Office of Compliance Inspections and Examinations Announces their 2020 Examination Priorities

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 […]

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Federal Fair Chance Act

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 […]

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How HR’s Digital Transformation Will Elevate the Candidate, Employee Experience in 2020

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 […]

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SEC Proposes Changes To Advertising Rule

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 […]

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WHAT A DIFFERENCE A WORD MAKES, IF THAT WORD IS “CLIENT”

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 […]

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Four Tips for Broker-Dealers to Effectively Navigate the Enhanced Standard of Conduct Under Reg. BI

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. […]

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Lloyd, Gray, Whitehead & Monroe, P.C. December 2019 Newsletter

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

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SEC Zeroes in on Investment Adviser Compensation Conflicts

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 […]

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New CRC TV Video: "A Risky Business" with Scott Brown

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 […]

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November 1, 2019 A. Katherine Curtis and Laura T. Ruiz Rivera Reg BI, Crypto and Cannabis – Key Takeaways from the SIFMA Compliance and Legal Society's 2019 New York Regional Seminar

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 […]

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New Federal Legislation Progressing on BSA, Beneficial Ownership and Cannabis Financing

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) […]

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Digital Assets - Financial Agencies Remind Firms of AML Compliance Obligations

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.” […]

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Bates Compliance’s Reg BI Countdown Kick-Off Begins!

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 […]

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SEC Turns Up Heat on Share Class Selection Disclosure, Now Focusing on Other Forms of Compensation

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 […]

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FINRA Approves Creation of Special Roster of Arbitrators for Expungement Cases

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 […]

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September 2019 Monthly Regulatory Review and Outlook

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 […]

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States Sue SEC in Latest Challenge to Reg BI

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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SEC GUIDANCE ON RIA STANDARD OF CARE AND BROKER-DEALER EXEMPTION

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With Regulation BI, Are FINRA Rules 2010 and 2111 Dead?

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