Lessons from Regulatory Notice 20-16: Transition to Remote Work and Remote Supervision

FINRA recently released a regulatory notice to help firms understand how their peers are responding to the COVID-19 outbreak.  In this Regulatory Notice (Notice), the FINRA staff shared certain observations based on discussions with member firms about steps taken to transition personnel to a remote work environment.  The observations were not offered as recommended practices… READ MORE

SEC Examinations that Focus on Compliance with Regulation Best Interest

The SEC’s Office of Compliance Inspections and Examinations (OCIE) has issued a Risk Alert to provide broker-dealers with information about the scope and content of its initial examinations for compliance with Regulation Best Interest (Reg BI).  For additional information about the requirements of Reg BI, please see our blog entitled SEC Adopts Reg BI. After… READ MORE

SEC Examinations that Focus on Compliance with Form CRS Requirements

Form CRS and its related rules (“Form CRS”) require SEC-registered broker-dealers and investment advisers to deliver to retail investors a brief customer or client relationship summary (relationship summary) that provides information about the firm.  The SEC’s Office of Compliance Inspections and Examinations (“OCIE”) has issued a Risk Alert to provide firms with information about the… READ MORE

SEC Adopts Reg BI

The SEC Adopts Regulation Best Interest (Reg BI) and Additional Rules and Interpretations that Address Relationships Between Retail Investors and Investment Professionals Regulation Best Interest On June 5, 2019, the SEC adopted a new rule, referred to as Regulation Best Interest (“Reg BI”), that establishes an express best interest obligation applicable to broker-dealers (“BDs”) when… READ MORE

Need an Expert Witness? Here’s What to Look For

Selecting the right expert witness can affect the duration and outcome of your case.  In addition to providing testimony, expert witnesses can help you evaluate the strengths and weaknesses of a case before it ever goes to trial, review deposition testimony of fact witnesses, account statements, client agreements and procedures, and provide rebuttal reports. Attributes… READ MORE

Passage of the Senior Safe Act Will Provide Protection for Senior Investors

The Senior Safe Act (SSA) has been signed into law to provide protection for senior citizens from financial exploitation.  The SSA is designed to enable investment professionals and others to work more effectively with law enforcement officials by protecting them from liability when suspected financial exploitation is reported under the circumstances described below. The SSA… READ MORE

SEC Fiduciary Standards Update

The SEC Proposes Rules and Interpretations to Address Relationships Between Retail Investors and Investment Professionals The Securities and Exchange Commission (Commission) has been considering issues relating to retail investor relationships with investment professionals for several years.  A study was undertaken following passage of the Dodd-Frank Act, resulting in certain recommendations in a 2011 report.  However,… READ MORE