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NASAA Update: New Leadership, Cybersecurity Model Act for Investment Advisers, and Exam Results on Heightened Supervision for Broker-Dealers

On September 25th, Michael S. Pieciak, Commissioner of the Vermont Department of Financial Regulation (pictured above), took the reins as the 101st president of the North American Securities Administrators Association (“NASAA”). That […]

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Universal Life Insurance Saga

EDITOR’S OPINION CORNER I am sure that most of you saw the article in the Wall Street Journal, Insurance Policies Backfire on Retirees, which chronicled the experiences of several retirees […]

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New Education Requirements on the Horizon for Broker Dealers and (Maybe) Investment Advisers

FINRA is seeking input on proposed changes to the Securities Industry Continuing Education Program (“CE Program”) just as the SEC is considering responses to its request for comments on whether […]

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Introducing Bates Investor Risk Assessment - Protect Your Firm and Its Most Vulnerable Investors

Bates Group LLC announces the introduction of Bates Investor Risk Assessment (BIRA), a unique breakthrough program to protect broker-dealers and registered investment advisors (RIAs) and their vulnerable clients — seniors […]

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Treasury, OCC and FINRA Set the Stage for Fall Fintech Debate

As the summer winds down, regulators are positioning themselves for more oversight of the financial technology (“fintech”) sector. On July 30, the U.S. Treasury Department released a national agenda on […]

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SEC Regulation Best Interest: Next Round

As the deadline for comments on SEC Regulation Best Interest draws to a close, echoes from the debate on the Department of Labor (“DOL”) fiduciary rule can be heard in […]

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Potential Claims Related to LJM Preservation and Growth Fund Collapse

In recent months, Winget Spadafora & Schwartzberg, LLP (“WSS”) has been engaged by numerous insurance E&O carriers, broker-dealers and their registered representatives, and registered investment advisors and their investment advisor […]

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FINRA Dispute Resolution Updates

FINRA recently issued a new fraud warning to member firms, highlighted certain changing rules and procedures for arbitrators, reminded arbitrators to stay current on their disclosures and offered up year-to-date […]

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Mitigate the Risk: Best Practices for Employee, Client and Third Party Due Diligence in the Financial Services Industry

Hiring the right talent, maintaining accountability for those you hire, and managing through the complex regulatory landscape has never been more important – and more challenging- for financial institutions. Compliance […]

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Strategic Plan Unveiled, Town Hall Kick-Off, Supreme Court & ALJs, New Elder Report

Just as the SEC was articulating a long-term agenda before Congress and pursuing a first-of-its-kind proactive investor advisory public outreach, the agency was forced to react to a new ruling […]

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The NY Department of Financial Services Cybersecurity Regulations: An Update

The New York State Department of Financial Services has promulgated 17 new cybersecurity regulations which apply to regulated entities doing business in New York. The new DFS rules apply to […]

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Fraud in the Workplace: New Data Reveals Top Controls to Detect and Prevent Fraud

Last month, the Association of Certified Fraud Examiners (ACFE) issued its 2018 Report to the Nations on Occupational Fraud and Abuse ("Global Fraud Study"). In the Global Fraud Study, the ACFE analyzed 2,690 cases […]

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Comparing Cyber Insurance policies

Cyber coverage is a growing area of business for the insurance industry.  Originally the market for this coverage was limited to a handful of Lloyd’s syndicates and specialty insurers, but […]

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FINRA Shares Exam Findings, Deficiencies That May Trigger Further Scrutiny

In our continuing coverage of FINRA’s 2018 Annual Conference, regulators and firm compliance professionals participated in discussions in a session titled “Common Examination Findings and Effective Compliance Practices.” The regulators […]

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FINRA Rolls Out Proposal for High Risk Brokers, Addresses Examination Enhancements

FINRA issued a series of significant proposals over the past few weeks that would 1) reinforce certain firm supervisory obligations concerning associated persons with a history of past misconduct, 2) […]

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FINRA Regulatory Notice 18-13

On April 20, 2018, the Financial Industry Regulatory Authority ("FINRA") issued Regulatory Notice 18-13, which seeks comments on proposed amendments to the Quantitative Suitability Obligation under Supplementary Material .05(c) of […]

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SEC “Best Interest” Rule Reaction, DOL Rule At Its End

It’s been two weeks since the SEC Best Interest Rule was unveiled, and the three-part proposal is drawing praise, criticism and much scrutiny. As expected, political and industry reaction is […]

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Regulators Offer More Guidance as AML Rules Near Effective Date

Away from the headlines, federal and state regulators continue to prepare financial institutions for their new anti-money laundering compliance obligations. In the past few weeks, the Treasury Department’s Financial Crimes […]

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Alert Update: SEC Mutual Fund Share Class Disclosures

The SEC Division of Enforcement announced a "Share Class Select Disclosure Initiative" intended to protect and reimburse investors from an adviser’s conflict of interest. The SEC initiative offers an incentive […]

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Alert: SEC Proposes “Regulation Best Interest”

At an open meeting, the Securities Exchange Commission voted 4-1 to propose a set of rulemakings and interpretations designed to establish clear relationship standards between broker dealers and investment advisers and their […]

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Crypto Currency Consulting

Compliance Risk Concepts (“CRC”) is pleased to announce the expansion of our comprehensive compliance support services into the evolving digital currency space. Call us today to schedule a complimentary CryptoConsult […]

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Ongoing Cyberthreats Targeting Your Data

Part 1 of 2 – This is the first in a two-part series looking at the current state of cyber protections in light of recent hacks, data breaches, and cyberwarfare. […]

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INDIANA COURT OF APPEALS: CONTINUOUS REPRESENTATION DOCTRINE DOES NOT APPLY TO FINANCIAL PROFESSIONALS

In a pair of rulings issued within a month of each other, the Indiana Court of Appeals has held that the Continuous Representation Doctrine (the “CRD”) does not toll the […]

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Alert: New SEC Share Class Selection Disclosure Initiative

Over the past several years, the U.S. Securities and Exchange Commission ("Commission") filed numerous actions in which an investment adviser failed to make certain required disclosures to its clients related […]

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FINRA Tackles Arbitration Procedure Issues

FINRA is stepping up its efforts to address a number of longstanding procedural issues in its arbitration forum. With proposals to (i) increase the likelihood of recovery on unpaid arbitration […]

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MSRB Mark-Up Disclosure Rules: The Clock is Ticking

In a little more than ten weeks, new rules go into effect that require municipal securities dealers to disclose the mark-ups and mark-downs they charge when selling municipal bonds to […]

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Fintech Firms Race to Innovate, States and Regulators Voice Concerns

The pace of investment and activity in companies providing a technology-based solution to just about every aspect of the financial services industry soared in 2017. Forbes cites a report that […]

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A Peek Behind the Curtain: FINRA Publishes Budget, Financial Guiding Principles, Addresses Fees

FINRA followed up its recently-issued regulatory and examinations priorities letter with the publication of a 2018 annual budget summary containing financial guiding principles. This new disclosure is another first for the self-regulating organization as […]

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Annual Broker-Dealer Regulatory Review and Outlook

As 2017 ends and 2018 emerges on the regulatory horizon, we find ourselves in a position to look back on what has transpired over the course of the past year […]

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Understanding FinCEN’s Customer Due Diligence (CDD) Final Rule

Compliance Risk Concepts presents Fast Facts: Customer Due Diligence, A Quick Guide To FinCEN’s New Requirements. It offers a snack-size snapshot of key points from our more detailed regulatory release Understanding […]

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Kutak Rock Attorney Wins Summary Judgment Regarding Annuity Distributions

Kutak Rock attorney Gil Boyce won a significant summary judgment for a major financial services client and one of its financial advisers who were accused of providing inaccurate advice to […]

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Anti-Money Laundering Headlines for the New Year

Legislators, regulators and enforcement officials are providing a glimpse of what is likely to be a formidable year in the development of a new anti-money laundering (AML) framework. Recent AML […]

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Annual Investment Advisor Regulatory Review and Outlook (2017)

As we kick off 2018, it’s important to take a look back across the regulatory landscape on what transpired over the course of 2017 and look ahead in anticipation on […]

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FINRA Announces 2018 Regulatory and Examination Priorities

FINRA has announced their regulatory and examination priorities for the upcoming year. You can read the letter, with an introduction by CEO Robert Cook, at the link below. Stay tuned […]

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State News to Watch in 2018

A flurry of year-end announcements reveals a determination by state advocates toward more aggressive state protection of investors and consumers. NASAA published results from a recent survey of state regulators […]

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Bates Alert: FinCEN Customer Due Diligence Rule Implementation Deadline Approaching

Covered financial institutions must assess and enhance their AML programs to be in compliance with the specific requirements of the new Rule by May 11, 2018. Is your firm ready? Background […]

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President Signs New Elder Abuse Prevention and Prosecution Law as NASAA Rolls out New Guidance

Political momentum continues to drive lawmakers’ efforts to combat elder financial abuse. In our last report on the subject, Bates considered the current state of play as indicated by the North American […]

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Expert Spotlight: David S. Zweighaft

David Zweighaft (CPA/CFF, CFE) is a Fraud Subject Matter Expert with over twenty-five years’ experience serving the legal and financial services communities as both a consultant and expert witness. He has […]

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NASAA Issues Annual Securities Enforcement Report and Expands Resources for IAs and BDs

In his first address to the North American Securities Administrators Association (NASAA), newly-elected and third-time President Joseph Borg identified key priorities for his upcoming term. He emphasized cooperation between state and federal regulators and […]

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New SEC, State Regulator Initiatives and Filings Amid Cyber Breaches

Testifying at an oversight hearing before the Senate Banking Committee on September 26, 2017, SEC Chairman Jay Clayton addressed concerns over the SEC’s disclosure of a 2016 cyber-security breach involving its own […]

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Bates Group Introduces Arbitrator Evaluator™ — The Essential Information Source for Arbitrator Selection

Bates Group today introduced Arbitrator Evaluator™ — an essential information source and analytical tool to streamline and enhance the time-consuming process of identifying, ranking, and selecting arbitrators. Arbitrator Evaluator saves […]

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Amendments to Form ADV Part 1A

On October 1, 2017, regulatory changes go into effect for investment advisers. The amended Form ADV will require investment advisers to expand the information they report on Form ADV about […]

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Understanding Insurance Issues In Securities Arbitration and Mediation

Insurance issues often influence the outcome of securities arbitrations and mediations, yet the workings of errors and omissions insurance is not fully understood by many lawyers, arbitrators and mediators. In […]

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CCOs in the Cross-Hairs: Recent Developments in the Regulation of Financial Industry Chief Compliance Officers

By Barry R. Temkin and Michelle Atlas* Following the financial crisis of 2008, the role of Chief Compliance Officer for financial institutions has been redefined, most notably by the Dodd-Frank […]

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