Stay to up to date on trends and breaking news impacting financial services and compliance, performance, risk and cybersecurity.
Reminder: Annual Brochure Delivery Obligation
Reminder: Annual Brochure Delivery Obligation WHAT HAPPENED? Reminder: for Advisers with fiscal year-end Dec. 31, the annual brochure delivery deadline is approaching on April 30. The Adviser Act regulation [...]
Large Cash Flows versus Significant Cash Flows: Which is Which?
Large Cash Flows versus Significant Cash Flows: Which is Which? It is common for asset managers to be confused by two terms used in the Global Investment Performance Standards (GIPS®) [...]
IARD and PFRD Systems Inaccessible 3 weekend in April
IARD and PFRD Systems Inaccessible 3 weekends in April WHAT HAPPENED? The SEC announced that the IARD and PFRD systems will be unavailable during three weekends in April, plus [...]
BB&T Subsidiary Must Pay $5.7 Million After Policy Violation
BB&T Subsidiary Must Pay $5.7 Million After Policy Violation WHAT HAPPENED? On March 5, 2019, the U.S. Securities and Exchange Commission ordered BB&T Securities to pay $5.7 million following [...]
Reminder: Annual GIPS Notification Renewal Due June 30, 2019
Reminder: Annual GIPS Notification Renewal Due June 30, 2019 Firms and asset owners claiming compliance with the Global Investment Performance Standards (GIPS®) are required to notify CFA Institute of their [...]
Best Practices for Meeting the Distribution Requirement
Best Practices for Meeting the Distribution Requirement Global Investment Performance Standards (GIPS®) Provision 0.A.9. requires firms to make every reasonable effort to provide a compliant presentation to all prospective clients. [...]
SEC Requirement: Annual Amendment for Form ADV 2019
SEC Requirement: Annual Amendment for Form ADV WHAT HAPPENED? The SEC requires that investment advisers file a Form ADV Annual Amendment within 90 days of the end of the [...]
FINRA Releases Report on Selected Cybersecurity Practices
FINRA Releases Report On Selected Cybersecurity Practices WHAT HAPPENED? On December 20, 2018, the Financial Industry Regulatory Authority (FINRA) released a Report on Selected Cybersecurity Practices (the “2018 Report”). [...]
OCIE Announces 2019 Examination Priorities
OCIE Announces 2019 Examination Priorities WHAT HAPPENED? On December 20, 2018, the SEC’s Office of Compliance Inspections and Exams (“OCIE”) announced its 2019 examination priorities. Key areas include cybersecurity, [...]
ShareFile Accounts to Switch to Multi-Factor Authentication
ShareFile Accounts to Switch to Multi-Factor Authentication WHAT HAPPENED? The SEC’s Office of Compliance Inspections and Exams (“OCIE”) has announced that cybersecurity will continue to be a focal point [...]
OCIE Issues Risk Alert Outlining New Recommendations for Electronic Communications
OCIE Issues Risk Alert Outlining New Recommendations for Electronic Communications WHAT HAPPENED? On December 14th, 2018, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) released a Risk Alert [...]
Reminder: LAST DAY to Submit IARD Form Filings is December 27
Reminder: LAST DAY to Submit Form Filings is December 27 WHAT DOES THIS MEAN FOR ME? This is a reminder that the last day to submit form filings via [...]
SEC Charges Dual Registrant with Deficient Compliance Infrastructure
SEC Charges Dual Registrant with Deficient Compliance Infrastructure WHAT HAPPENED? On December 12th, 2018, the Securities and Exchange Commission (the “SEC”) released an Administrative Order to Cease and Desist [...]
SEC Charges Adviser for Lacking Cybersecurity Procedures
SEC Charges Adviser for Lacking Cybersecurity Procedures WHAT HAPPENED? On September 26th, 2018, the Securities and Exchange Commission (SEC) announced its charges against a broker-dealer and registered investment adviser [...]
SEC Charges Broker with “Cherry-Picking”
SEC Charges Broker with "Cherry-Picking" WHAT HAPPENED? On Wednesday, September 12th, the Securities and Exchange Commission (SEC) charged a broker with allegedly misusing client account information to allocate gainful [...]
SEC Charges Adviser for Failures to Disclose Conflicts of Interest
SEC Charges Adviser for Failures to Disclose Conflicts of Interest WHAT HAPPENED? On September 13th, 2018, the Securities and Exchange Commission (SEC) released its charges against a Registered Investment [...]