News & Insights: Compliance Administration

Composite Minimums: Common Issues

Establishing a composite minimum helps define discretion. Since these composite minimums are tied to discretion, they may be composite specific.

Use of "May" in Form ADV Deemed Negligent by D.C. Circuit Court

D.C. Circuit Court of Appeals in Robare Group, Ltd. v. SEC ruled against RIA for failing to properly disclose a fee arrangement.

SEC Adopts Rules and Interpretations Including Form CRS and Regulation Best Interest

The SEC adopted a package of rules and interpretations intended to increase transparency for retail investors in their relationships with investment advisers and broker-dealers. The package includes Regulation Best Interest, the Form CRS Relationship Summary, and two new interpretations of the Advisers Act of 1940.

Form CRS: What You Should Know

In April 2018, the SEC released a proposed rule requiring investment advisers to provide a relationship summary to prospective clients. Form CRS, or Form 3, is intended to give retail clients simple information about investment advisers, written clearly, and concisely.

FINRA Cites Unreasonable Email Review

On April 12, 2019, the Financial Industry Regulatory Authority (“FINRA”) issued a settlement with a Salt Lake City-based broker-dealer, due to poorly designed and implemented email review procedures.

FINRA’s 2019 Entitlement User Accounts Certification

The FINRA Entitlement Program requires an annual review specifically evaluates that users have an ongoing need to access FINRA applications, may access only applications which are essential to job functions, and that users are authorized to access sensitive information, if necessary.

OCIE Warns Advisers and Broker-Dealers of Regulation S-P Compliance Issues

Regulation S-P requires registered investment advisers, investment companies, and broker-dealers to provide notice to customers and maintain written records of policies and procedures related to information privacy.

Reminder: Annual Brochure Delivery Obligation

For Advisers with a fiscal year ending Dec. 31, the annual brochure delivery deadline is approaching on April 30.

IARD and PFRD Systems Inaccessible 3 weekend in April

The SEC announced that the IARD and PFRD systems will be unavailable during three weekends in April, plus Good Friday.

BB&T Subsidiary Must Pay $5.7 Million After Policy Violation

The SEC ordered BB&T Securities to pay $5.7 million following Valley Forge Asset Management’s intentional overcharging of clients.

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