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
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
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
FINRA is expanding its permissive registrations to include all associated persons, including those working solely in a clerical or ministerial capacity. Previously, firms were only allowed to register or maintain the registrations of certain types of job functions (e.g., technology department employees). These changes take effect October 1, 2018. Registered individuals will be subject to… READ MORE
Financial services consulting firm responds to fintech demands with new leadership Hamilton, Bermuda, September 25, 2018 — Oyster Consulting announced today that Dale C. Jackson, joined Oyster Consulting (Bermuda) as its Managing Director. Mr. Jackson’s experience in compliance, business development, and within the Bermuda Government will help him grow the firm as Bermuda’s regulatory… READ MORE
FINRA is restructuring its Representative level qualification exams (e.g., Series 7 and 79) to eliminate the redundancies that currently exist in the examination process. Beginning October 1, 2018, new representatives will need to take a new exam, the Security Industry Essentials (SIE) exam. In addition, new representatives will need to take a top-off exam in… READ MORE
In addition to the changes to its Principal Financial Officer and Principal Operations Officer designations, FINRA is establishing three new registration categories: Compliance Officer, Investment Banking Principal, and Private Securities Offering Principal. These categories become effective October 1, 2018. All Chief Compliance Officers (CCOs) on Schedule A of the Form BD will have the CCO… READ MORE
