FINRA Seeks Feedback on Business Continuity Plans

FINRA is currently seeking feedback on its Business Continuity Rule, including if firms have activated their business continuity plans and whether the costs of creating, maintaining or updating such a plan outweigh the benefits.  Feedback is due April 26, 2019. What makes an effective Business Continuity Plan? An effective plan can create loyal customers by… READ MORE

Communicating Your Clearing Platform Decision

Once you’ve completed your analysis and selected a clearing provider, it’s time to implement the broad communication component of your change management strategy to define how the decision will be delivered and received by your various teams.  Your communication plan should consider all audiences (clients, vendors, sales force, home office, regulators).  There are many appropriate… READ MORE

FINRA Issues FOCUS Report Guidance – Operating Lease Reporting

On March 19, 2019 the Financial Industry Regulatory Authority (FINRA) issued Regulatory Notice 19-08, providing guidance on reporting operating lease assets and liabilities on their Focus reports. Background On October 23, 2018, the SEC issued a no action relief letter (the Letter) stating that, absent relief, the right-to-use asset would be a non-allowable asset in… READ MORE

Oyster Consulting Hires Compliance, Risk and Audit Specialist

Financial Services consulting firm responds to industry need for compliance and operations outsourcing expertise   Brian Moran recently joined Oyster Consulting as a Director, expanding our ability to help industry members address risk, legal, operational, financial, sales practice and compliance issues with expertise in Trust Regulations, Federal Banking, OCC, and FDIC, SEC and FINRA Rules…. READ MORE

Former FTB Advisors CCO Joins Oyster Consulting

  Oyster responds to industry need for operations and compliance experts   Nikki Brinkerhoff recently joined Oyster Consulting as an Associate Director, expanding Oyster’s Operations and Compliance practices. The move increases the firm’s ability to help industry members optimize operations and compliance functions, as well as design and implement technology solutions to improve operational excellence, improve… READ MORE

Reg BI Article Published by Oyster Director Evan Rosser

In April 2018, the SEC presented its long awaited rule proposal Regulation Best Interest (“Reg BI”) as a three-part regulatory package aimed at reforming the way that investment professionals serve retail investors. If enacted as proposed, Reg BI would impose upon broker-dealers an obligation to act in a retail customer’s “best interest” when recommending securities… READ MORE

Senior Consultant Bob Tuch Publishes Senior Safe Act Article

Oyster Consulting Senior Consultant Bob Tuch recently contributed his article, “Protection of Seniors from Financial Exploitation – Congress Enacts the Senior Safe Act” to Practical Compliance & Risk Management for the Securities Industry, a Wolters Kluwer publication.  The Senior Safe Act provides immunity from liability to covered financial institutions and certain employees and representatives of… READ MORE