FINRA and the SEC have both indicated a greater level of scrutiny and higher level of expectation of compliance with Regulation Best Interest. Of note is their focus on the Care Obligation requirement that representatives assess “reasonably available alternatives” when making a recommendation. Regulators will expect firms to have a process for assessing their product… READ MORE
SEC’s Division of Examinations (formerly OCIE) has released their Examination Priorities Report for 2021. While the release is not much of a departure from recent years, some of the older topics have been re-framed to include newer risks and practices. Among “relatively new” topics, the Division will be focusing on Fintech and Innovation, including Digital… READ MORE
The 2021 Report on FINRA’s Examination and Risk Monitoring Program is designed to provide broker-dealers with important information that highlights the regulator’s priorities and annual insights regarding the scope and content of their upcoming examinations. The Report also identifies key areas each broker-dealer should consider as they assess the effectiveness of their firm’s compliance program…. READ MORE
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Since FINRA began publishing its annual examination priorities letter in 2006, each year cybersecurity and the protection of customer information have been identified as a top priority. The 2021 Report on FINRA’s Examination and Risk Monitoring Programs is no exception. As evidence of its concerns about cybersecurity risk, FINRA has hired a number of individuals… READ MORE
For years, FINRA has been encouraging its members to take a risk-based approach to exams and compliance. This year, FINRA has released a new, consolidated annual report to help firms improve their risk and compliance programs. Yes, this report is longer than previous exam priorities letters, and yes it has a different format, but there… READ MORE
Osborne adds operations, clearing and integration depth to help firms stay competitive RICHMOND, Va., February 2, 2021 — Oyster Consulting announced today that David Osborne has joined the Strategic Planning and Execution team. With 30 years in the financial services industry, David Osborne’s leadership experience in operations, risk, vendor management and correspondent-related services bolsters Oyster’s… READ MORE