RIA Compliance Program Review | Oyster Consulting

Reg BI Enforcement Surge Continues

January 17, 2024

It is clear that securities regulators have stepped up their oversight of Regulation Best Interest (Reg BI). The number of enforcement actions and large fines against individuals and firms that violate sales practice rules has increased and are expected to continue to grow in 2024. FINRA brought over 20 Reg BI actions 2023 after eight […]

The Role of Governance, Risk, and Compliance Software

January 4, 2024

In today’s evolving financial services landscape, wealth management firms must navigate a complex web of regulations, new business strategies and increased data reporting requirements to stay ahead and remain compliant. Governance, Risk, and Compliance (GRC) software is emerging as a key player for meeting these challenges. How GRC Software Enhances Efficiency Centralized Data Management: Compliance […]

NASAA Examination Sweep Results

December 27, 2023

The United States members of North American Securities Administration Association (NASAA) completed 683 routine examinations of state-covered investment advisers from January 1 -July 31, 2023. To review the results from a proper perspective, 72% of the of the advisers had one Investment Adviser Representative (IAR). 580 of the locations had assets under management of $50 […]

New Era of Private Fund Adviser Reforms (Update)

December 19, 2023

‍Private Fund Rule Repeal On June 5, 2024 the New Orleans-based 5th Circuit Court of Appeals, in a 3-0 decision, found that the SEC exceeded its authority by adopting the Private Fund Rule in August of 2023. As of June 6, 2024, An SEC spokeswoman said the regulator is reviewing the decision and will determine […]

Municipal Market (MSRB) Rule Changes

December 6, 2023

Municipal markets play a crucial role in financing local governments and infrastructure projects across the United States. These markets have a rich history, and their regulation has evolved over the years to ensure transparency and fairness. Today, the regulatory framework for municipal markets is more comprehensive and transparent than ever before. The Municipal Securities Rulemaking […]

Dispute Resolution

November 30, 2023

A necessary part of any financial services firm’s business is handling dispute resolution. Whether it’s a complaint from a customer, litigation, regulatory inquiries and investigations, firms need to have a well-thought-out process for handling these disputes. In today’s podcast, Oyster Consulting experts Ed Wegener, Evan Rosser and John Ivan discuss Oyster Consulting’s team of compliance […]

Managing Regulatory Exams

November 15, 2023

8 Steps To Minimize Risk Of An Enforcement Action Firms are frequently, and unnecessarily, surprised when the findings of regulatory examinations turn into enforcement actions. There are practical, effective, and reasonable steps a firm can take to avoid this scenario, including establishing a process that is constantly preparing the firm for a successful examination. Remediate […]

Understanding the SEC Risk-Based Approach

October 4, 2023

The SEC’s Division of Examinations recently issued a Risk Alert, Investment Advisers: Assessing Risks, Scoping Examinations and Requesting Documents. The Alert is intended to assist advisers when preparing for an examination as well as establishing and maintaining an effective compliance program. In this most recent Alert, the SEC explained, as they have in the past, […]

How to Use FINRA Sweeps To Your Advantage

August 31, 2023

Regulatory exams and sweeps are enough to keep any CCO up at night. In today’s podcast, Ed Wegener, head of Oyster Consulting’s Governance, Risk and Compliance team, is joined by Oyster consultant Len Derus. Drawing on Len’s extensive experience with FINRA, including his role managing sweep programs and risk monitoring, this episode sheds light on […]

SEC Reopens Custody Rule Comment Period

August 29, 2023

Last week the SEC reopened the Custody Rule comment period to provide time to determine how the new audit provision in the recent Private Funds Rule impacts the proposal.

Insights: FINRA and SEC Enforcement Trends

August 15, 2023

This blog is part of a continuing series on regulatory and compliance issues discussed at FINRA’s 2023 Annual Conference. During a session at the conference the SEC’s Head of Enforcement and FINRA’s Enforcement Director discussed the top areas of enforcement focus for the upcoming year. The SEC’s Areas of Enforcement Focus include: FINRA’s Areas of […]

FINRA Conference Takeaways: Electronic Communications

August 1, 2023

Several high-profile cases have recently highlighted regulatory interest in digital communications, particularly communications with the public. Panelists at FINRA’s Annual Conference discussed digital communications, including customer disclosures and marketing, off-channel communications, and the use of financial influencers. Disclosures and Marketing Materials In the past, disclosures have been a dry, often unread addition to account documents. […]

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