November Regulatory Updates from Cari Hopsfenperger at Foreside.
- A reminder about the importance of cybersecurity (hygiene, best practices, and vigilance) and to visit CISA (https://www.cisa.gov/cybersecurity-awareness-month) for valuable (and free) resources to help you reduce your exposure to these threats
- NASAA Reports Top Enforcement Trends for 2020: Precious Metals Swindles, Online Investment Scams, Dodgy Private Offerings, and Self-Directed IRA Rip-Offs
- SEC Regional CCO Virtual Outreach
- DOL Agrees to Back Off on Enforcement of Compliance with ERISA Fiduciary Obligations for Rollover Advice until January 31, 2022
- The 2022 Renewal Program is Underway. November marks the beginning of the annual renewal cycle for broker-dealers, registered representatives, investment advisors, and investment advisor representatives (IARs)
FINRA Annual Renewal Overview
IARD Renewal Program Overview
- FINRA “Encourages” Members to Consider Updating Their AML Programs
- FINRA, NASAA, and SEC Urge Investors to Establish a Trusted Contact to Increase Investor Protection
- Out of Sight, Out of Mind – Advisor Continued to Charge Clients Fees for No Services After IARs Departed
- “Probability of Human Error is Considerably Higher than That of Machine Error” ~Kenneth Appel
- A Precarious House of Cards and a Royal Flush of Violations
Read more here.