The pandemic has changed how firms operate as offices close and staff work from home. Regulators have also had to change their examination practices to accommodate these changes. In this episode, Oyster Managing Director Ed Wegener, a former SVP and Midwest Regional Director of FINRA, shares his insider views on: the changes in the regulator’s… READ MORE
The SEC’s Office of Compliance Inspections and Examinations (OCIE) has issued a Risk Alert to provide broker-dealers with information about the scope and content of its initial examinations for compliance with Regulation Best Interest (Reg BI). For additional information about the requirements of Reg BI, please see our blog entitled SEC Adopts Reg BI. After… READ MORE
In case you’re wondering what the regulators will be focusing on this year, they let you know when they publish their annual Exam Priorities Letters. This week’s episode of Oyster Stew is Part 1 in a series discussing the SEC and FINRA 2020 Exam Priorities Letters. Oyster Consulting CEO Buddy Doyle, Director Evan Rosser and… READ MORE
The Office of Compliance Inspections and Examinations of the Securities and Exchange Commission (OCIE) released their 2020 Examination Priorities Letter on January 7, 2020. While every area is important, when you read this in context of prior releases, most of the priorities are the same; however, there are some evolving priorities as well. Regulation Best… READ MORE
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
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
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
