Cari Hopfensperger from Hardin Compliance Consulting LLC shares these important deadlines and to-dos:
On June 5, the U.S. Securities and Exchange Commission (SEC) approved its highly anticipated package of rulemakings and interpretive guidance relating to the standards of care applicable to financial professionals when making recommendations and providing investment advice to retail investors.
Included in this package was the SEC’s new Regulation Best Interest, which will likely require transformative changes for much of the retail brokerage industry.
With an effective date of June 30, 2020, what concrete steps should broker-dealers consider taking as they work toward compliance by the deadline?
For a compliance officer, finding the right software to manage the compliance program is tough. The initial ask is to find an affordable system that can automate manual processes, allow collaboration and oversight between compliance staff and supervised persons, record compliance testing and monitor results, send reminders when deadlines are looming, and preserve the integrity of your records by incorporating an audit trail. The system should be easy to use, administer and customize.
Current “software as a service” offerings provide affordable, customizable programs that can be used by all types of registered investment advisers, including private equity and hedge fund managers, retail advisers and institutional asset managers.
Read my top ten considerations in selecting a compliance program management system here.
September Regulatory Updates from Jaqueline Hummel at Hardin Compliance Consulting LLC.
Topics include:
On August 21, 2019, in a 3-2 vote, the SEC voted in favor of publishing guidance regarding the proxy voting responsibilities of investment advisers. The guidance, structured in a question-and-answer format, provides examples to help facilitate IAs’ compliance with their proxy voting responsibilities under the Investment Advisers Act of 1940, as amended (Advisers Act), and Rule 206(4)-6 thereunder. Importantly, the SEC encourages IAs and proxy advisory firms (PAFs) to review their policies and practices before next year’s proxy season to ensure they are consistent with the guidance.