If you are a risk and compliance professional in financial services, you know that there is a ton of free information out there to help you do your job. So why would you work with consultants?Read More
This is a recent conversation we had over what broker-dealers can use to help them comply with their annual supervisory compliance requirements. As you know, FINRA 3130 is the annual certification from the CEO certifying that your firm complies with all the rules and regulations. And, FINRA 3120 requires testing of controls that are put...Read More
Recently, we took a look at FINRA’s May 2020 disciplinary actions and found that there were 3 cases relating to violations of FINRA 5210. Of the 3 firms, fines were from $30,000 to $150,000. The rule provides: “No member shall publish or circulate, or cause to be published or circulated, any notice, circular, advertisement, newspaper article,...Read More
In March, 2020, FINRA fined $45,000 and censured a retail broker for lack of procedures to identify red-flags related to low-priced securities trading. Similarly, disciplinary actions were brought against 2 introducing brokers in 2018 where both were fined heavily, over $1M, for not having supervision and oversight of low-priced securities to detect pump-n-dump schemes, and...Read More
In FINRA’s February monthly Disciplinary Actions report, there were 3 actions related to UITs. Before we dive into each of these cases and discuss some lessons learned, it’s important to note that UIT’s were in FINRA’s 2018 Examination Priorities. Listen to our session on some key take-aways or read our transcript below. Hi everybody. This...Read More
The SEC provided an updated timeline on April 20 to provide extensions for CAT target go-live dates. https://www.sec.gov/news/press-release/2020-92 Here is an updated timeline. In summary, go-live dates that were originally planned for early 2020 have been moved back 2 months but subsequent dates remain unchanged. updated CAT timeline For those already with OATS reporting obligations,...Read More
This is a webinar presented by ALLIA Consulting to inform and generate ideas on how to optimize broker dealer compliance in reviewing the latest regulatory updates from FINRA and SEC, CAT requirements, and AML for broker dealers. https://vimeo.com/389131349 Please download our service page to see how we can help.Read More
Before year-end, as everyone is preparing to take some much-deserved time off, CCOs should take some time to plan for what will be awaiting them in the New Year.Read More
Not ready for the holidays yet? How about attending a workshop hosted by me and two of my financial services colleagues who all have lots of experience in Compliance for Broker Dealers and Asset Managers. #brokerdealercompliance #fscompliance We are looking for your feedback on the topics that would be most relevant to you. Please fill...Read More
The SEC continues to identify issues related to compliance with the Investment Advisers Act of 1940’s Advertising Rule. The latest risk alert from the Office of Compliance Inspection and Examinations notes that some of the most frequent issues are related to Performance reporting. Among other Advertising Rule areas, investment advisers should review performance processes and...Read More
