Compliance Bricks and Mortar for February 23

These are some of the compliance-related stories that caught my attention this week. FINRA warns public about fake . . . FINRA by Richard L. Cassin The Financial Industry Regulatory Authority (FINRA) warned about con artists posing as FINRA to make phony investment pitches. Scammers are using FINRA’s name and logo in letters that say

The Limit of Whistleblowers

The Supreme Court just decided a case that limits the whistleblower anti-retaliation provisions in Dodd-Frank. The Court handed down its decision in Digital Realty Trust v. Somers. Dodd-Frank defines “whistleblower” as a person who provides “information relating to a violation of the securities laws to the Securities and Commission.” 15 U. S. C. §78u–6(a)(6). A

Read on Your Phone

I had given up on trying to access the SEC’s online resources through my phone a long time ago. Frankly, it was hard to use with a full computer screen at times. It was nearly impossible to use on my phone’s small screen. But the site has been evolving. Broc Romanek pointed out that the

Compliance and the Olympics

I’m a  big fan of the Winter Olympics. I’ve been spending many hours watching coverage of curling, snowboarding, cross-county skiing and the biathalon, so far. A story about compliance at the Olympics caught my attention. Samsung, the big South Korean company, made a limited edition of its Galaxy Note 8 for the PyeongChang 2018 Olympic

Compliance Bricks and Mortar for February 9

These are some of the compliance-related stories that recently caught my attention. Asset Managers Show Less Concern About Compliance by Ben DiPietro More than three-quarters of respondents said the reduced regulatory concern meant compliance issues are not as significant as they were in the past; 52% said they are more focused on reputational risk the

SEC Exam Priorities for 2018

The Securities and Exchange Commission’s Office of Compliance Inspections and Examinations announced its 2018 examination priorities. This year, the examination priorities are broken down into five categories: Compliance and risks in critical market infrastructure; Matters of importance to retail investors, including seniors and those saving for retirement; FINRA and MSRB; Cybersecurity; and Anti-money laundering programs. The

The SEC is Open on March 31

That headline is incorrect. I can’t speak for the entire SEC, especially with Congressional funding in jeopardy between now and then. However, The IARD system is operating on March 31. If you have to file your Form ADV, it is due to be filed by March 31. Back in 2013, March 31 fell on a

Compliance Bricks and Mortar for Groundhog Day

These are some of the compliance-related stories that recently caught my attention Misplaced Regulatory Moves, Up Close by Matt Kelly in Radical Compliance Like manna from heaven, every time you write about some grand plan from government, fate sends an example of how harebrained bureaucracy can be in practice. And so today we have an

The Department of Justice Threw Out the Use of Guidance Documents

President Trump has set de-regulation as one of his priorities. We saw this in his Executive Order that required the repeal of two regulations before enacting a new regulation. The Department of Justice is embracing this mandate. Associate Attorney General Rachel Brand issued a memorandum  limiting the use of agency guidance documents in affirmative civil enforcement

SEC Says “NO” to Cryptocurrency ETFs and Mutual Funds

When Bitcoin was rapidly increasing in value, there were lots of people looking to invest in that space. The SEC has repeatedly raised concerns about fund sponsors creating a fund or ETF focused on cryptocurrency. In a letter to the Investment Company Institute and Securities Industry and Financial Markets Association, the SEC said don’t even think