JLG Legal Tips 2017

7 Essential Takeaways from the September SEC Risk Alert - Sept. 2017

By: Robert Conca, Esq., Partner

Robert ConcaOn September 14, 2017, the Securities and Exchange Commission's ("SEC") Office of Compliance Inspections and Examination ("OCIE") released its latest Risk Alert titled "The Most Frequent Advertising Rule Compliance Issues Identified in OCIE Examinations of Investment Advisers" which is based on the results of over 1,000 examinations of registered investment advisers, including examinations in connection with the SEC's "Touting Initiative" focused on accolades used by advisers in marketing materials. Read More

Practical Steps for Assessing Risks - Aug. 2017

By: Michelle L. Jacko, Esq., Managing Partner

Michelle L Jacko EsqIn recent years, more and more financial institutions are electing to conduct a risk assessment as part of an annual compliance program check. Not only does a risk assessment help in the development of policies and procedures, but also can serve as a mitigation tool to help identify and proactively address potential threats to lower risk exposure. In this month's Legal Risk Management Tip, we will explore the starting points for creating a risk inventory, provide tips and factors for evaluating risks, discuss tools and systems to use as risk management controls and summarize actions to help support your compliance program. Read More

Choosing The Best Corporate Entity Structure For Your Business - Jul. 2017

By: Robert Boeche, Sr. Associate

Robert R Boeche IISelecting the best corporate entity for your business can be daunting. What contributing factors should you consider? This article will provide a roadmap for the selection and creation of a business entity. It will focus on critical factors to consider when forming an entity, types of entities available and important characteristics of such entities. While this article will not discuss every topic that may be pertinent when creating an entity, it will provide entrepreneurs with a framework and practical considerations for doing so. Read More

What You Need to Know About Expungement: Part II – Jun. 2017

By: David Sobel, FINRA Specialist

David SobelIn the April 2017 Legal Risk Management Tip, What You Need to Know About Expungement, we focused on FINRA expungement as it pertains to customer complaints. Pursuant to Rules 2080 and 2081 and in Arbitrator Rules 12805 and 13805, in order to have a customer complaint removed from the CRD system and your BrokerCheck report, one must demonstrate that:  Read More

Private Equity Reporting on New Form ADV - May 2017

By: Robert Conca, Esq., Partner

Robert ConcaOver the past few years, private equity compliance has been a focus of the Securities and Exchange Commission's ("SEC") Office of Compliance Inspections and Examination ("OCIE"), and has been the topic of a variety of public speeches and comments from senior SEC personnel.1 Not surprisingly, private equity advisers have remained a top SEC Examination Priority during that time period.  Read More

What You Need to Know About Expungement: Part I - Apr. 2017

By: David Sobel, FINRA Specialist

David SobelThe bane of every registered person is a bad mark on their Central Registration Depository ("CRD") or BrokerCheck reports. This mark can be caused by a number of things, but it is predominantly the result of a customer complaint. If you have been a registered representative for any number of years, the likelihood of receiving one of these complaints increases. As soon as a customer complaint is received, whether by you or your firm, it must be reported to FINRA. Once shared with FINRA, it is entered onto your BrokerCheck file. The end result has both positive and negative results. Positively, if the complaint is valid it serves as an alert to the public, making people more aware of these complaints. Read More

What RIAs Should Focus On In 2017: Regulatory Hot Topics - Mar. 2017

By: Robert Boeche, Esq., Sr. Associate

Robert Boeche, Esq., Sr. AssociateNew regulatory developments seem to occur with ever-increasing frequency. The past twelve months in particular have seen a bevy of new rules, regulations and guidance that will have significant impacts on the daily practices of advisers. With so much new information being promulgated by regulatory bodies, it could be quite easy to miss ones that could have a substantial impact on your business. Read More

Fleischer v. Commissioner - What Does it Mean for Businesses? - Feb. 2017

By: Robert Conca, Esq., Partner

Robert ConcaOn December 29, 2016, the United States Tax Court handed down a decision in the case of Fleischer v. Commissioner of Internal Revenue1 which focused on the tax issue of whether Mr. Fleischer or his wholly-owned S-Corporation ("S-Corp")2 had to report the earned income that was at issue in the case. In addition to the tax issues, the decision provides additional guidance relating to some often misunderstood issues regarding entity formation, structure and operations that relate directly to small businesses, including a large number of financial industry advisers. Read More

2017 SEC Examinations Focus Areas - Jan. 2017

By: Michelle L. Jacko, Esq., Managing Partner

Michelle L Jacko EsqEach year, the SEC's Office of Compliance Inspections and Examinations ("OCIE") publishes an examinations priorities letter so that its registrants will know of those areas that are of particular focus and are deemed potentially higher risk. On January 12, 2017, the SEC released its priorities,1 which continue to focus on protection of retail investors, servicing retirement and elderly investors and assessment of market-wide risks. Read More



Form U5 - Reporting and Beyond - Mar. 2015

By: Robert Conca, Esq., Of Counsel

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Legal Tip Archive



Charles Schwab - Considerations for Serving Aging Clients - Jul. 2016

By: Michelle L. Jacko, CSCP & Robert R. Boeche II, Attorney

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Charles Schwab - Custody Compliance: Creating More Clarity - Jul. 2014

By: Michelle L. Jacko, Esq., Managing Partner & Chief Executive Officer, and Charles H. Field, Esq., Of Counsel

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