Whitepapers

Ignore the SEC’s Advertising Risk Alert at Your Own Risk

The SEC periodically publishes Risk Alerts to highlight compliance problems identified by its Office of Compliance Inspections and Examinations (“OCIE”). Registered Investment Advisers (“RIAs”) should take note of these risks as they strengthen their compliance policies and procedures. On September 14, 2017, OCIE released a Risk Alert, which identified the most frequent Advertising Rule compliance issues uncovered by examiners during their examinations.

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SEC Announces Initiative to Fight Cyber Threats and Protect Retail Investors

On October 26, 2017, Stephanie Avakian, Co-Director of the SEC’s Enforcement Division, gave a speech which discussed the Commission’s initiative related to retail investor protection and cybersecurity. The speech gave an overview of how the SEC is allocating resources to further address two of its more critical priorities, protecting retail investors and combating cyber threats.

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Article: Cyber SAR – Does the Securities and Futures Industry Get It?

In October, 2016, Department of Treasury’s Financial Crimes Enforcement Network (FINCEN) published an advisory (the “October Advisory”) directing financial institutions to start reporting “cyber-enabled crime and cyber-events” through SARs, making the reporting of those connections mandatory. The significance of the “cyber-enabled crime” restatement for firms is its guidance on what cyber-crime related data must be included in the SAR: the broadening of the reporting requirement to include “cyber-events.”

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The DOL’s Fiduciary Rule: Impact on Financial Advisers

On April 8, 2016, the Department of Labor (“DOL”) released the final version of its regulation that defines who is a fiduciary under the Employee Retirement Income Security Act of 1974 (“ERISA”).  The “Conflict of Interest Rule” broadens the scope of retirement investment professionals who are deemed ERISA fiduciaries and broadens the categories of service providers who will become ERISA fiduciaries with respect to employee benefit plans and Individual Retirement Accounts (“IRAs”), as defined under the Internal Revenue Code of 1986 (the “Code”).

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