December Regulatory Updates from Cari Hopsfenperger at Foreside.

Topics include:

• SEC Withdraws Several No-Action Letters related to Marketing Rule.
• 2021 Compliance Outreach Program Regional Seminars for Investment Advisor and Investment Company Senior Officers. 
• Risk Alert – Observations from Examinations in the Registered Investment Company Initiatives
• The Renewal Process Continues 
• FINRA Annual Renewal Overview
• IARD Renewal Program Overview

Read more here.

November Regulatory Updates from Cari Hopsfenperger at Foreside.

Topics include:

• 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.

October Regulatory Updates from Cari Hopsfenperger at Foreside.

Topics include:

• Mississippi Adopts Model Rule for investment advisor representative (IAR) Continuing Education
• Mark Your Calendars: The IARD and CRD Renewal Programs Have Begun; Renewal Payments Due December 13, 2021:  To get detailed information about the 2022 Annual Renewal Programs, including the complete timeline, payment methods, helpful tips, and FAQs, click the following links:

  FINRA Annual Renewal Overview

  IARD Renewal Program Overview

• Required Reading:  FINRA’s and NFA Notices on Vendor Oversight and Due Diligence
• The SEC Finds Advisors Response to Phishing Attacks, a Day Late and a Dollar Short
• Advisor Experiences the Horror of Failure to Supervise Remote IARs
• Firm Principals Pay the Price for Riskless Principal Trades
• New Technology but Same Old Conflicts
• “Keeping it in the Family” is a Bad Compliance Strategy
• The First of Many Cases on Breach of Duty – IAR Fined and Suspended, and RIA is Punished for Failing to Perform Suitability Analysis

Read more here.