Regulatory Updates from Jaqueline Hummel at Hardin Compliance Consulting LLC.

Topics include:

• Mr. Blue Skies:  A Primer on Form D and Blue Sky filings
• Speak Now or Forever Hold Your Peace — SEC Asks for Help on the Custody Rule
• Keeping up with  FINRA’s 529 Plan Share Class Initiative
• Registration Required If Your Firm Handles Orders in NMS Stocks, OTC Equity Securities, or Listed Options:  Rule 613
• Attention FINOPs – How To Report Operating Leases on FOCUS Filings
• Does Your Firm Publish Quotations in Unregistered Securities of Foreign Private Issuers?
• Modifications to Form N-PORT
• No Action Letter to the Independent Directors Council relaxes certain in-person voting requirements for fund boards
• MSRB Announces Effective Date for Amended Advertising Rules
• NFA to Require Swap Proficiency Testing
• Advisor Slammed for Charging Some Clients More for Same Services
• SEC Share Class Initiative Returning More Than $125 Million to Investors

• Stupid is as Stupid Does

  Read the full update here

February Regulatory Updates from Jaqueline Hummel at Hardin Compliance Consulting LLC.

Topics include:

• OCIE Announces 2019 Examination Priorities
• Regulatory Review 2018
• 11 Key Takeaways for Updating your Compliance Program in 2019
• Investment Advisers Compliance to Do List for 2019
• FINRA Provides Additional Guidance to Enhance your Cybersecurity Program
• Broker-Dealer Compliance to Do List for 2019
• Broker-Dealer 2018 Regulatory Year in Review
• Broker-Dealers! Be Sure to Whitelist noreply@finra.org
• 2019 Annual Entitlement User Accounts Certification Process
• FINRA 2019 Annual Risk Monitoring and Examination Priorities Letter FINRA
• NFA Members Need to Update Cybersecurity Programs
• CPOs required to Implement Internal Controls
• SEC Cries Foul for Failure to Disclose Private Equity Fund Expense Allocation Practices
• Plus Ça Change, Plus C’est La Même Chose: Robo-Advisers and Advertising Issues
• 12b-1 Enforcement Continues

Read the full post here

Many chief compliance officers struggle every year with preparing the annual review and, based on the OCIE’s summary of the most frequently identified exam deficiencies; some are not up to the task.  To help you out, Jaqueline Hummel and Hardin Compliance Consulting LLC suggest the following:

The review should answer these questions:

• Were recommendations from the prior year’s annual review implemented?
• Were the firm’s compliance policies and procedures adequate and followed consistently?
• Are there any operational or compliance risks or weaknesses that need to be addressed?
• Should any changes be made to the firm’s policies and procedures?

Here’s a basic outline for the report:

1. Background
2. Overview of the review process
3. Identify the Principal Risks addressed through Compliance Policies and Procedures
4. Business, Industry and Regulatory Developments
5. Evaluation of the Adequacy and Effectiveness of Compliance Policies and Procedures, and Recommendations

Read her full post here