Broker Dealers

Digital Assets – Where Are We Now?

Last week, JP Morgan announced the launch of “JPM Coin.”  We thought it would be good to recap our posts over the past year on the topic of cryptocurrencies and coin offerings and update you on the current state of this market.   As 2018 began, the market capitalization for cryptocurrencies and other digital assets had reportedly exceeded… READ MORE

Should You Be Thinking about Your Clearing Platform?

Constantly changing market factors, evolving regulations, and advancements in technology have resulted in competitive challenges that are causing forward-thinking firms to determine the appropriate process, technology, financial and strategic investments to stay ahead or even just keep up. In a rapidly changing environment, the analysis to decide if it’s best to invest in your current platform or consider a different path should not be ignored or pushed too far into the future. One of… READ MORE

NASAA & FINRA Reports Point to Regulatory Expectations for Heightened Supervision

FINRA’s 2019 Risk Monitoring and Examination Priorities Letter was released last week. While the letter’s second paragraph lists areas of focus which are detailed throughout the report, the third paragraph includes a brief statement about how FINRA will focus on risk related to associated persons with a “problematic regulatory history”.  Where there was not a… READ MORE

FINRA Notice 19-04 – 529 Share Class Self-Report Initiative

On January 28th, 2019 the Financial Industry Regulatory Authority (FINRA) released Regulatory Notice 19-04, calling attention to FINRA concerns that firms may have failed to reasonably supervise share class selection in 529 plans.  Specifically,  customers may have  purchased an “inappropriate” share class. FINRA encourages firms to review their controls and determine if any clients were… READ MORE

SEC Exam Priorities – Regulatory Focus in 2019

  The SEC’s Office of Compliance Inspections and Examinations (“OCIE”) released its 2019 Examination Priorities on December 20, 2018. While most of the topics are familiar, there are a few new items of note. OCIE has divided its priorities into four categories:     Retail Investors, Including Seniors and Those Saving for Retirement OCIE will… 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