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CSA/CIRO Notice on Firms

CSA/CIRO Notice on Firms’ Conflicts of Interest Practices

The Canadian Securities Administrators (CSA) and the Canadian Investment Regulatory Organization (CIRO) published a joint Staff Notice (31-363) on August  3, 2023 summarizing their review of firms’ Conflicts of Interest practices as it relates to the Client Focused Reforms. Of the 172 firms the CSA, IIROC and the MFDA reviewed, no deficiencies relating to conflicts […]

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DOL’s Retrospective Review Current State of Compliance in the Industry

DOL’s Retrospective Review: Current State of Compliance in the Industry

Recently, InvestorCOM spoke with industry experts from Oyster Consulting LLC and Davenport & Company LLC to discuss the practical side of the DOL’s retrospective review process that zeros in on the approach firms are taking to meet the requirement. ==   Parham Nasseri [PN]: Ed, what are you seeing in the industry and what is […]

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SEC Staff Bulletin Care Obligation

SEC Staff Bulletin: Care Obligation

InvestorCOM spoke with Issa Hanna from Eversheds Sutherland, Jim Sommerfield from Wintrust Wealth Management and Richard L Chen to discuss the SEC’s guidance on reasonably available alternatives (RAA), and how firms should assess RAA early in the process of formulating recommendations for products. This is part two of a conversation. For part one, please visit […]

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2023 FINRA Annual Conference Insights on Reg BI

2023 FINRA Annual Conference: Insights on Reg BI

This year’s FINRA Annual Conference, themed ‘Future Focused’, provided a great opportunity for the wealth management community to exchange ideas on today’s most timely compliance and regulatory topics. The conference covered several topics with conversations often revolving back to Regulation Best Interest (Reg BI). This article captures some key themes and observations from the conference. […]

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SEC Staff Bulletins and Risk Alerts Reg BI

SEC Staff Bulletins and Risk Alerts: Reg BI

Recently, InvestorCOM spoke with Jim Sommerfield from Wintrust Wealth Management, Issa Hanna from Eversheds Sutherland, and Richard L Chen from Richard L Chen PLLC to discuss the SEC’s guidance on reasonably available alternatives for advisors and broker-dealers. — Parham Nasseri [PN]: Let’s start with the SEC’s March 2022 Bulletin around account type recommendations. In this […]

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Advisors Require Tech as Pre-trade Obligations Grow

An Argument as Old as Technology Itself: Buy vs Build

The question of buy versus build is debated in hundreds of wealth management firms across the country every year. While there is merit in building in-house technology solutions across various parts of a business, we believe that when it comes to compliance technology, there is strength in leveraging a commercial solution. We spoke with Rob […]

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SEC Staff Bulletin Account Recommendations

April ’23 SEC Staff Bulletin: Key Highlights

Since 2020, the wealth industry has been looking for guidance from the US Securities and Exchange Commission (SEC) on the application of Regulation Best Interest’s (Reg BI) Care Obligation and the Reasonably Available Alternatives (RAA) requirement. During this same period, many firms have found the RAA requirement to be a significant area of Reg BI […]

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Market Uncertainty or Market Opportunity

Market Uncertainty or Market Opportunity?

How do you react when faced with market uncertainty or a crisis? Do you capitulate, ride it out, or go on offense? The current state of heightened market volatility coupled with the banking crisis has put many into the “uncertainty” category; some may even feel we are on the brink of a pending crisis. For […]

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SIFMA CL San Diego 2023

SIFMA C&L: Emerging Regulations, Reg BI and Market Volatility

It was great to see the compliance and legal community back together at SIFMA's Compliance & Legal (C&L) Annual Seminar in San Diego this month. With more than 1700 attendees, the continued growth and resilience of our industry is truly remarkable. The sessions were jam-packed with insights surrounding regulatory priorities, emerging market risks and the necessity [...] Read More
SEC Staff Bulletin Account Recommendations

SEC Staff Bulletin: Account Recommendations

InvestorCOM recently chatted with David Porteous from Faegre Drinker, Ed Wegener from Oyster Consulting LLC, and Tom Selman from Scopus Financial Group to discuss the SEC and FINRA’s focus on Reg BI’s Care Obligation. — Parham Nasseri [PN]: The SEC’s notice around account type recommendations dates back to March 29, 2022 and sets clear expectations […]

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