The United States Department of Labor (“DOL”) has had a very active summer regulating the securities industry. Yes, you heard it right, the DOL has made certain pronouncements that have considerable effect on the securities industry.
Initially, the DOL allowed 401(k) plans to invest in private equity funds so long as they are managed by
Acknowledging the self-promotion aspect of this blog, we wanted to invite you to attend Josh Horn’s seminar at the NSCP National Conference in Atlanta. Josh’s presentation is on Monday, October 29, 2018, at 1:55 p.m. and lasts 75 minutes. Josh, along with Tanya Kerrigan, General Counsel & CCO, Boston Advisors, will be speaking on “Testing
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 the myriad of issues dealing with senior clients.
With nearly a year gone by, FINRA has now published responses to frequently asked questions involving Rules
The SEC recently put out an Investor Bulletin on wrap fees. Although this guidance is steered toward consumers, there are lessons to be learned by firms who offer such programs.
The SEC specifically posed the question of what does the fee cover. Included in that list of possibilities are:
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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 defined by FINRA. In its Notice to Members, FINRA highlighted the point that technology and a changing industry mandate reconsideration of requiring mandatory, in-person inspections.
The SEC recently announced an enforcement initiative that will target retail investor harm. The agency’s task force will use data analytics to find widespread problems regarding fee disclosures and unsuitable investment recommendations. In addition to data analytics, the SEC will rely upon tips, complaints and referrals that come into the SEC.
This heightened analysis of
FINRA is considering a number of changes to its arbitration procedure. For a good discussion on the subject, see this article.
For a nice discussion on the SEC’s cyber-security alert, please see this link.
FINRA is ever-increasing its focus on rogue brokers. For the latest on this issue, check out this recent post.
FINRA has recently issued a notice to members regarding to the enhancement of confirmation disclosures. Here is a link to that notice.