Is Your Compensation Structure Ready for Reg BI?

If you’re a broker-dealer that is just beginning your Reg BI implementation process, you should quickly review your compensation plan to understand what changes (if any) need to be made to your payout structure to be Reg BI-compliant.  Make sure your payroll team is thinking about how a mid-year amendment is going to work if… READ MORE

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FINRA’s Reg BI Conference – What You Need to Know

With just over six months remaining until the implementation date of Reg BI, we are seeing regulators provide additional guidance to help firms to meet the requirements of the rule, and regulatory expectations.  This week, FINRA hosted its Reg BI Conference in Washington, DC and Oyster’s consultants attended to receive the most up to date… READ MORE

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SEC Publishes Form CRS FAQs

As the effective dates for Reg BI approach, we are starting to see more information and activity around certain aspects of the rule.  This includes some welcome FAQ’s around Form CRS. On November 26, 2019 the staff of the Division of Investment Management and the Division of Trading and Markets released FAQs to help registrants prepare… READ MORE

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“Mad Men” Era Advertising Rule Getting an Update: Amendments Proposed by the SEC

  The SEC has issued a proposal to amend the Advertising Rules, which had their last major revision in 1961.  To put that into perspective, most of the financial advisors in the industry were not born when these rules were established. There were no social media platforms, podcasts, blogs, email or websites. While it is… READ MORE

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Oyster Introduces Weekly “Oyster Stew” Podcast to Keep Industry Members Informed

Oyster Consulting invites you to listen to our weekly podcast “Oyster Stew:  A Broth of Financial Commentary and Insight.”   Each week we will be posting a 15 – 20 minute discussion about what is happening in the industry based on what we see as we work with clients, regulators and other service providers. We… READ MORE

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New CAT FAQs and Reporting Scenarios

On October 8, 2019, Consolidated Audit Trail, LLC and FINRA CAT, LLC added three new Frequently Asked Questions (FAQ’s) to the master FAQ list on the catnmsplan website. FAQ D26 details reporting requirements related to Order Receipt reporting obligations.  Specifically, the new FAQ provides guidance and clarity on contingent order handling instruction flags. The second… READ MORE

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Regulators Continue to Focus on Senior Clients in Exams – Are You Ready?

Registered Investment Advisor (RIAs) should expect SEC exams to contain document request lists and specific questions focusing on how they are protecting seniors and vulnerable adults.  In RIA examinations performed this year by the SEC, document request lists and specific questions asked during the onsite interview process reflected the importance the SEC is placing on… READ MORE

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