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FINRA’s Exam and Risk Monitoring Reg BI Edition

FINRA 2022 Report – Exam and Risk Monitoring: Reg BI Edition

Today, FINRA published the 2022 Report on FINRA’s Examination and Risk Monitoring Program. For firms that are impacted by Regulation Best Interest (Reg BI), this regulatory report is certainly insightful. It addresses over 20 regulatory areas, adding new topics including Reg BI exam findings and effective practices. Since 2020, InvestorCOM has been helping wealth management […]

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Top 5 Highlights of the New DOL PTE 2020-02 Requirements

Top 5 Highlights of the New DOL PTE 2020-02 Requirements

Wondering how the new DOL PTE 2020-02 requirements apply to investment advisers already acting as fiduciaries? Read on. On January 31, the U.S. Department of Labor (DOL) will start enforcing Prohibited Transaction Exemption (PTE) 2020-02, the new rule for investment advice fiduciaries concerning the rollover and retirement plan advice they provide. Later this year, on June 30, the DOL will start enforcing the documentation and disclosure requirements […]

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Implementing KYP: Client Conversations and Firm Preparedness

Implementing KYP: Client Conversations and Firm Preparedness

Throughout the CFR journey, InvestorCOM has met with regulators, wealth leaders and many compliance experts around the principles-based elements of the reforms. We are proud to have helped dozens of firms meet their KYP requirements with confidence. Reflecting on the approach firms are taking towards implementing a solution for the CFRs, we can group firms […]

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Advisors Require Tech as Pre-trade Obligations Grow

Advisors Require Tech as Pre-trade Obligations Grow

Firms that deliver on digital documentation and disclosure will reduce audit risk The wealth industry has faced an unprecedented wave of new regulations over the last decade, and 2022 may be the most challenging regulatory year yet for firms. In Canada, the client-focused reforms (CFRs) will be in effect in the new year. In the U.S. regulation […]

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Reg BI’s Care Obligation Under Scrutiny by SEC

Reg BI’s Care Obligation Under Scrutiny by SEC

On March 3, 2021, the US Securities and Exchange Commission (SEC) Division of Examinations announced its examination priorities including a greater focus on Regulation Best Interest (Reg BI). Reports from October 2021 suggest the SEC is making good on its promise by sending a large number of broker-dealers Reg BI exam deficiency letters. Reg BI […]

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PTE compliance deadline

A Manual Compliance Process is Not Enough: Fiduciary Rule 3.0 and PTE 2020-02

The window for firms to meet compliance for PTE 2020-02 is getting shorter. In October 2021, the DOL stated that all proper processes need to be in place by January 31, 2022 and documentation and disclosure by June 30, 2022. InvestorCOM hosted a roundtable event “Preparing for PTE 2020-02” which facilitated a collaborative discussion with […]

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How to Recommend Variable Annuities with Confidence

Data and Technology Challenges When Meeting Fiduciary Rule 3.0 Obligations

The PTE 2020-02 deadline is coming up, and firms must ensure that they have the proper processes by January 31 2022, and documentation and disclosure in place by June 30, 2022. To address the industry’s questions and concerns, and to share approaches firms are taking to meeting compliance, InvestorCOM recently hosted a roundtable event “Preparing […]

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Approach Fiduciary Rule 3.0 and PTE 2020-02 with a Long-term Lens

Approach Fiduciary Rule 3.0 and PTE 2020-02 with a Long-term Lens

December 20 is just around the corner, which means time is quickly running out to meet compliance for PTE 2020-02. In preparation for the looming deadline, InvestorCOM recently hosted a roundtable event “Preparing for PTE 2020-02” to address the industry’s questions and concerns, and to share approaches firms are taking to meeting compliance. One interesting insight […]

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Meeting New KYP Requirements Without Restricting Shelves

Meeting New KYP Requirements Without Restricting Shelves

In response to recent know-your-product (KYP) regulations on both sides of the border, some of the industry has focused on reducing product shelves and in some cases eliminating third-party products altogether. The intent of the new regulations is to ensure that advisors consider a reasonable range of alternatives when making a recommendation. By pruning their […]

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When Making Rollover Recommendations, Is Educating Investors Enough

When Making Rollover Recommendations, Is Educating Investors Enough?

When it comes to making best interest rollover recommendations, some financial professionals and their respective wealth management firms are evaluating whether an educational or an advice-based approach is needed to meet the Department of Labor’s (DOL) Prohibited Transaction Exemption (PTE) 2020-02 requirements. For context, the DOL’s PTE 2020-02, “Improving Investment Advice for Workers & Retirees,” is […]

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