Back in January, the Securities and Exchange Commission (“SEC”) issued guidance regarding Registered Investment Adviser’s (“RIA’s”) use of social media in a National Examination Alert, Investment Adviser Use of Social Media (the “Alert”). Part of the Alert dealt with third-party...
Recent settlements continue to show how regulators are cracking down on Anti-Money Laundering ("AML") violators of all shapes and sizes. This week HSBC, Europe's largest bank by market value, agreed to a settlement after facing accusations it transferred funds through...
Recently, the Financial Industry Regulatory Authority (“FINRA”) has requested the Securities and Exchange Commission (“SEC”) to approve amendments to Rules 2267 and 8312, which would increase disclosure requirements and promotion of their BrokerCheck program. In an attempt to facilitate and...
The Commodity Exchange Act (''CEA''), as amended by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (''Dodd-Frank Act''), authorizes the Secretary of the Treasury (''Secretary'') to issue a written determination that foreign exchange swaps, foreign exchange...
The California Department of Corporations ("DOC") recently proposed amendments to the California investment adviser custody rule, Section 260.237 of Title 10 of the California Code of Regulations. The October 18, 2012 announcement follows an initial invitation for comments on the...
Last week the SEC settled an enforcement action against Chicago Registered Investment Adviser Tilden Loucks & Woodnorth LLC, its affiliated registered broker-dealer, LaSalle St. Securities, LLC, and Tilden’s retired founder, 87 year-old Ralph B. Loucks. The action was instituted as...
Last week the Enforcement Section of the North American Securities Administrators Association (NASAA) issued its annual enforcement survey, providing an overview of state enforcement efforts in 2011. The survey concludes that 6,121 investigations were conducted by the 48 responding regulators...
This week the president of FINRA’s office of dispute resolution, Linda Feinberg, announced the SRO will open its arbitration forum to registered investment advisers. The statement was made at the annual meeting of the Public Investors Arbitration Bar Association where...
Last month FINRA announced SEC approval of new FINRA Rule 5123. The Rule requires each FINRA member firm selling securities in a private placement to file a copy of any private placement memorandum, term sheet or other offering documents with...
In a news conference this week, North American Securities Administrators Association ("NASAA") President and Arkansas Securities Commissioner Heath Abshure sharply criticized the SEC's proposed rule allowing marketing of private offerings. Mr. Abshure, who was joined in the conference by Cristina...
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- Four P Words to Remember During the Breakaway and Transition Process
- Proactive Risk Mitigation
- How a Popular Index’s Lack of Risk Disclosures Resulted in a Recent $9 Million SEC Fine: Lessons Learned
- The Importance of Having a Successful Succession Plan
- Why Advisors Should Seek Specialized Counsel When Making a Business Transition
- Protecting Your Firm Through Risk Management
- A Financial Advisory Firm’s Simple, but Costly Lesson in the Need for Adequate Fee Disclosure
- Five Investor Protections to Remember When Finalizing FINRA Pre-dispute Arbitration Agreements
- Compliance Steps Fiduciaries Should Take Now to Help Ensure Continued Adherence with the DOL’s New ERISA Exemption
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