SEC Outlines Path to Digital Asset Custody for Broker-Dealers

On December 23, 2020, the SEC issued a request for comment regarding the application of the Customer Protection Rule to digital asset securities. With the request for comment, the SEC also issued a statement indicating that, if a broker-dealer operates under specific circumstances set out in the statement, it would not seek enforcement action on… READ MORE

5 Things to Know about Remote Branch Inspections

In a much-anticipated notice, FINRA announced the implementation of the temporary guidance allowing firms the ability to conduct branch office inspections on a remote basis. While this is a big relief for compliance officers wondering how they were going to complete branch inspections in a period of safety concerns and social distancing, it is important… READ MORE

New Podcast Mini-Series! Regulators – Behind the Scenes

This week we are launching our new Oyster Stew podcast mini-series, Regulators – Behind the Scenes.  Join former regulators Patrick M. Dennis, Jeffrey Hiller, Bill Reilly, Evan Rosser and Ed Wegener  as they share their experiences and perspectives as former state and federal regulators around regulatory exams and issues.  Some things you just won’t learn from a textbook, like managing your relationship with… READ MORE

Variable Annuities – Still Under the Regulatory Microscope

Recent FINRA settlements make clear that regulators continue to see the sales and supervision of variable annuities as a priority, especially when it comes to switches or exchanges between products. Because of their complexity and costs, firms must ensure that recommendations of variable annuities are suitable for (and now in the best interest of) clients,… READ MORE

New Podcast: Preparing for Modern Regulatory Exams

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

Former FINRA Regulator and Innovator Joins Oyster Consulting

Financial Services consulting firm expands Governance, Risk and Compliance team Oyster Consulting welcomes Ed Wegener to the firm as a Managing Director with the Governance, Risk and Compliance team. Ed brings a deep knowledge of compliance, risk management and supervisory controls requirements and best practices for broker-dealers and alternative trading systems.  His vast experience as… READ MORE