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2010 SIFMA Compliance and Legal Conference:
FINRA Priorities
Executive Summary: In May, SIFMA's Compliance & Legal Society hosted their 2010 annual meeting in National Harbor, Maryland. Regulators from FINRA, the SEC, Federal Reserve, Treasury Department, FinCEN, and state securities commissions attended, along with various industry experts and compliance and legal professionals. There were several panels over the two-day seminar discussing... |
By: Nathan Jodat |
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Are the SEC's Examination Procedures for RIAs Changing?
Executive Summary: At the recent 2010 NSCP East Coast Regional Membership Meeting, a representative from the SEC indicated the SEC is looking at Registered Investment Advisory firms who have never been examined by the SEC... |
By: Kristen Hargreaves |
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Custody
Executive Summary: Rule 206(4)-2 of the Investment Advisers Act of 1940 (the "Rule") defines custody as "holding, directly or indirectly, client funds or securities, or having any authority to obtain possession of them." While recent revisions to the Rule have provided further protections for the investing public, questions remain as to how advisers registered with the United States Securities and Exchange Commission... |
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Information Sharing Pursuant to Section 314(b)
of the USA Patriot Act
Executive Summary: Section 314(b) of the USA Patriot Act allows financial institutions to share otherwise confidential information with each other in an effort to identify and report possible terrorist or money laundering activities. By complying with the requirements of Section 314(b) you are given a safe harbor from liability and could possibly reduce your firm's fraud losses and help fight terrorism...
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Obligation of Broker-Dealers to Conduct Reasonable
Investigations
in Regulation D Offerings
Executive Summary: FINRA has found fraud and sales practice abuses in several Regulation D (Reg D) offerings. Reg D offers exemptions from registration requirements, but does not exempt broker-dealers from conducting thorough investigations of securities and other antifraud requirements. FINRA Notice 10-22 reminds members as to their obligation in such offerings.... |
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