On December 17, 2020, SEC created the Division of Examinations by renaming the now defunct, Office of Compliance Inspections and Examinations, making it the SEC’s 6th Division joining Enforcement, Corporation
Continue Reading New SEC Division Undertakes 2021 Examination Priorities
Recently, the Office of Compliance Inspections and Examinations (“OCIE”) released an alert to broker-dealers and registered investment advisers regarding the risks associated with credential stuffing. See https://www.sec.gov/files/Risk%20Alert%20-%20Credential%20Compromise.pdf.
Credential stuffing is
Continue Reading The Dark Side Strikes Again: No, Not the SEC, Hackers and Credential Stuffing
The SEC’s Office of Compliance and Inspections (“OCIE”), recently, issued an alert—more like a shot across the bow—to BDs and RIAs regarding its concerns over activities in the industry concerning
Continue Reading SEC Readying to Hammer BDs and RIAs Over COVID19 Compliance Risks
Sadly, the hackers of the world have not let the pandemic get in the way of their nefarious activities. In particular, BDs and RIAs have been primary targets. In our
Continue Reading Cybersecurity: An Issue for BDs and RIAs During this Pandemic
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Unfortunately, in a very short sighted move by the United States Securities and Exchange Commission, its Chairman Jay Clayton announced that the SEC would not extend the compliance date for
Continue Reading Reg BI and Form CRS Are More Important to the SEC Than the Pandemic
Ernie Badway, the Chair of Fox Rothschild’s Securities Industry Group, will be speaking at the National Conference of the National Society of Compliance Professionals. Registration information may be found at:
Continue Reading Ernest Badway to Speak at NSCP National Conference on Regulation BI
Nearly a year ago, FINRA adopted Rule 2165 (Financial Exploitation of Specified Adults) and amended Rule 4512 (Customer Account Information). This new rule and amended rule were ways to address
Continue Reading FINRA’s Further Guidance On Seniors
FINRA recently issued a report regarding its examination findings. FINRA issued this report so that firms can gain insight from the work of FINRA’s examination of other firms.
Among the
Continue Reading What FINRA Found in its Examinations
In Notice to Members 17-38, FINRA has put out for comment a change to Rule 3110 that would allow the remote inspection of certain “qualifying offices” as that term is
Continue Reading What’s The Deal With Branch Office Inspections?
The SEC recently upheld a statutory disqualification that FINRA imposed where the representative filed a false U-4 and falsely answered compliance questionnaires. It appears as though the registered representative