Category Archives: Regulatory

Emoji Enforcement: Surely you can’t be serious

From Brian Rubin in NSCP Currents: 

During this year’s annual FINRA conference, a panel of officials announced that in connection with retaining and supervising electronic messages, firms might have to begin reviewing emojis to determine whether they constitute reportable customer complaints.

FINRA’s proclamation appears to be problematic for firms. First, FINRA didn’t announce whether technology exists to find, let alone, translate emojis.  Second, emojis are constantly being added.  Finally, the meaning of emojis depends on context and the “space-time continuum,” including the generation bracket of the sender and recipient.  For example, the thumbs up emoji 👍used to mean, “good job,” but for Gen Z-ers, it’s more of an insult about something you botched, rather than a positive sign, and sometimes it means, “sure, whatever” in response to something you’ve said.  Without industry consultation about these issues, it’s easy to predict what will happen next: 😡.

Read more here.

Costly 13F Filing Violations, ChatGPT Policy Considerations, Insight Into New Fiduciary Rule Proposal: Lessons Learned & Worth Reading for March 2023

ACA Group’s Lessons Learned and thought leadership:

Additional thought leadership and Insights can be found here.

Shortened Settlement Cycles, Form ADV Amendments and Hackers Impact Derivatives Market: Regulatory Update for March 2023

March Regulatory Updates from Cari Hopfensperger at ACA Group:

Plus, To Do Checklists for March and April 2023, and more here.

SEC’s amendments to Rule 10b5-1 and new state privacy laws — ACA Regulatory Updates

February Regulatory Updates from Cari Hopfensperger at ACA Group:

Topics include:

  • News for All Firms
    • SEC Amends Rule 10b5-1 Restricting Insider Trading
    • State Privacy “Class of 2023” – Several New Privacy Laws Taking Effect
  • News for Investment Advisers
    • 10 States Now Require IARs to Complete Annual Continuing Education
    • Form 13F Amendments to Make Data More Usable Take Effect
  • News for CPOs/CTAs
    • NFA Reminds Members to Confirm Exemption Status of Entities They Do Business With
  •  Lessons Learned
    • SEC Fines Service Provider $5 Million for Securities Fraud: Service Providers Beware!
    • I’m Ready for My Close-Up: Former PM Leverages Investment to Get His Daughter in the Movies
    • Adviser Keeps Revenue Sharing on the Down Low – and Gets SEC Smackdown

Read more here.