Newswire

Don’t let the numbers fool you, @WSJ, @jeaneaglesham, and davidamichaels.

August 29th, 2017

A recent study conducted by the Wall Street Journal has found a significant reduction in the amount of penalties assessed by financial regulators for the first six months of 2017 as compared to the first six months of 2016 (Regulators’ Penalties Against Wall Street Are Down Sharply in 2017).  Citing a combination of change of […]

New Trend Toward Transparency in Expungement Awards

August 29th, 2017

CRD records are like credit reports – you want them to be as clean as possible, and at least where there is derogatory information reported, it needs to be accurate to avoid doing unnecessary harm.   As FINRA continues to push for widespread use of its BrokerCheck database and pressure for increased disclosures continues to build, […]

The Value of Greater Transparency in FINRA Expungement Awards @newsfromIN @MarkSchoeff

August 22nd, 2017

CRD records are like credit reports for financial advisors – you want them to be as clean as possible, and at least where there is derogatory information reported, it needs to be accurate to avoid doing unnecessary harm.   As FINRA continues to push for widespread use of its BrokerCheck tool to background check brokers, and […]

@BarronsOnline features @danbernstein on “Firms Hitting the Brakes on Fiduciary Work”

August 21st, 2017

Barron’s writes: With a lengthy delay likely for the DOL fiduciary rule’s next set of requirements, brokerages are set to delay some of the compliance adjustments they’d planned, writes InvestmentNews.  Specifically, steps around broker compensation and product lineups are likely to be delayed, industry experts tell the publication.  “They now get to push [compliance] off […]

UBS Fails to Block RIA’s Client Solicitation

August 17th, 2017

The Protocol for Broker Recruiting is a well-worn path to independence, permitting advisors to leave one Protocol member firm to join another.  So long as they follow the rules of the Protocol and act in good faith, the payoff is big – advisors can leave their firms with limited client information tucked under their arms, […]

@newsfromIN features @danbernstein: Broker-Dealers and RIAs change course in anticipation of DOL fiduciary rule delay

August 17th, 2017

Broker-dealers and registered investment advisers are pivoting in the wake of news that the Department of Labor is likely to get a lengthy delay in the implementation date of its fiduciary rule.  “They now get to push [compliance] off into the horizon, and the horizon is kind of beyond vision,” said Daniel Bernstein, chief regulatory […]

@HDelux to @RIABiz: “Our Passion Defines Us”

August 16th, 2017

Recently, Brian spoke with RIABiz and had an opportunity to discuss attorney qualifications: “If an attorney can’t roll up their sleeves, remove the walls and share their passion about the success of our clients and their endeavors, we just don’t have a place for them here,” says Brian Hamburger, president and CEO of the Hamburger […]

Third-Party Exams: SEC Apparently Drops the Initiative

August 10th, 2017

It appears that the SEC will not pursue a third-party compliance examination requirement for investment advisers in the foreseeable future.  In 2016, the SEC staff had recommended that the Commission consider requiring third party examinations of investment advisers as a way to increase the number of advisers examined each year.  Many industry groups had opposed […]

DOL Requests to Further Delay Fiduciary Rule

August 9th, 2017

The US Department of Labor (the “DOL”) is seeking to extend the remaining implementation of the Fiduciary Rule that was scheduled to go into effect January 1, 2018 (“Phase 2”) by 18 months.  Phase 2 would include full implementation of the Best Interest Contract Exemption (the “BIC” Exemption).  In addition, certain fiduciaries could avoid the […]

SEC Sends Reminder Regarding Revisions to Form ADV Part 1

August 2nd, 2017

On August 2, 2017, the SEC sent out a reminder email to advisers that beginning on October 1, 2017, all investment advisers filing Form ADV must use the revised version of Part 1A.  Advisers that amend their ADV (Part 1 or 2) after September 30, 2017 will need to answer the new / revised questions. […]