Archive for January, 2018

“On the other hand, the delay of the final compliance date from Jan. 1, 2018 to July 2019 means the SEC could roll out its own version of a best-interest standard.” says @HDelux to @ThinkAdvisor, reported by Alex Padalka @FinAd_IQ.

Tuesday, January 16th, 2018

Financial advice firms face a growing list of compliance chores in 2018, including spillover effects of the Department of Labor’s now-delayed fiduciary rule, cybersecurity issues, advisor exam changes and tighter scrutiny of bad brokers, according to ThinkAdvisor.

On the other hand, the delay of the final compliance date from Jan. 1, 2018 to July 2019 means the SEC could roll out its own version of a best-interest standard, Brian Hamburger, head of regulatory consulting firm MarketCounsel, tells the publication.

Read more here.

Four Top Takeaways from the 2017 MarketCounsel Summit. Tim Welsh @NexusStrategy #MSUM17.

Thursday, January 4th, 2018

As the last stop on the conference circuit for the year, the MarketCounsel Summit is known for its high-profile speakers, elegant venues and the premium networking experience it gives advisors, select service providers and industry luminaries.

Read article here.

“…the 18-month delay of the rule’s ‘most critical aspects’ until July 1, 2019, ‘may spell the end of the rule.’ @Think_MelanieW @ThinkAdvisor speaks with @HDelux #MSUM17.

Thursday, January 4th, 2018

For advisors and broker-dealers, one certainty remains constant from year to year: the challenge of keeping pace with a growing compliance checklist. While the Department of Labor’s fiduciary rule will continue to consume advisors’ time in the New Year despite the recent 18-month delay of the rule’s enforcement provisions, other high-priority items for advisors — and regulators — will be ensuring proper cybersecurity controls are in place, lassoing in troubled brokers, adjusting to an updated exam program and dealing with associated regulatory shifts.

Brian Hamburger, head of regulatory consulting firm MarketCounsel, said at the firm’s annual summit in early December in Miami that the 18-month delay of the rule’s “most critical aspects” until July 1, 2019, “may spell the end of the rule.”

Read more here.

M&A Madness. @Think_MelanieW @ThinkAdvisor #MSUM17.

Thursday, January 4th, 2018

Read article here.

“Cybersecurity is clearly the technology hot issue.” Hamburger (@HDelux) and Bernstein speak with @Think_MelanieW @ThinkAdvisor.

Tuesday, January 2nd, 2018

While existing “rules, regulations and risk mitigation measures will continue to consume” advisors’ resources in 2018, say Hamburger and Bernstein, the new year could also bring cybersecurity or anti-money laundering rules or interpretive guidance for advisors.

“Cybersecurity is clearly the technology hot issue,” the MarketCounsel attorneys said. “A big reason for that is cybersecurity is all-encompassing. It impacts an investment advisor’s business continuity planning, data security, red flags, identity theft protection and privacy policies.”  While the SEC, the Financial Industry Regulatory Authority and state regulators “will want to see what investment advisors are doing about their cybersecurity, it is even more important to the firms, themselves, to address it for reputational, liability and business reasons,” Hamburger and Bernstein said.

Read more here.

 

“There will be pressure [on the SEC] to come up with a broker-dealer version of a fiduciary standard.” @Think_MelanieW @ThinkAdvisor features Brian Hamburger (@HDelux) and Dan Bernstein.

Tuesday, January 2nd, 2018

A fiduciary rule proposal by the Securities and Exchange Commission along with planned changes to the Labor Department’s fiduciary rule top the list of attention-getters for advisors and brokers in the new year, but other moves like a new cryptocurrency rule by the SEC and tougher cybersecurity exams (and enforcement actions) may also be on tap.

“Uniform means the same. It does not mean similar”, the two attorneys jointly state.   “There will be pressure [on the SEC] to come up with a broker-dealer version of a fiduciary standard. Watch for the emergence of the ‘best-interest standard,’ a term that is surprisingly confusing with the definition of the fiduciary standard but will not be bolstered by decades of common law.” If the SEC addresses the fiduciary issue “by enforcing the limited broker-dealer exemption that has simply not been enforced over the decades, the DOL will be able to remove themselves from this initiative.”

Read more here.