“Really digging in.” That was the phrase used by Ms. Nekia Hackworth Jones, Esq. at the SIFMA C&L Regional Seminar in Charlotte, North Carolina to categorize how the SEC is approaching their upcoming Regulation Best Interest (Reg BI) examinations. The implication is clear – examiners are going to go beyond the cursory review of a […]
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In a recent blog article, we presented an analysis of the magnitude and volume of significant changes to Canadian investment products over a 12-month period. While the data indicated that meeting the Client Focused Reforms (CFR) Know Your Product (KYP) obligations using a manual approach would be impossible, meeting the regulation is manageable provided the […]
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Every business carefully monitors its insurance coverage and cost, which can be significant. Premiums vary based on insurance product, coverage and risk. I recently reviewed a couple of our insurance policies — for cyber-risk and life insurance — and the premiums were about 0.5% of policy coverage. Imagine if you could buy insurance that would […]
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The Client Focused Reforms (CFRs) introduced a higher standard of conduct for wealth management firms and financial advisors, with the goal of putting “investors first.” The regulations explicitly outline a set of enhanced Know-Your-Product (KYP) standards, requiring firms to assess, approve and monitor the securities made available to clients. To help support InvestorCOM’s wealth management […]
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InvestorCOM spoke with David Porteous, Partner at Faegre Drinker and Mitchell Atkins, Principal at FirstMark Regulatory Solutions to discuss the SEC’s and FINRA’s perspectives on the recent Reg BI cases. Parham Nasseri [PN]: With all the rhetoric we’ve seen in recent cases, specifically on the Reg BI front, what do you see as the […]
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The value of deploying the right compliance technology is clear: it will save your firm money, it will align with the rules and regulations it is supposed to support, and it will be highly configurable so you can put your firm’s stamp on it. These are all incredibly valid points that contribute to the value […]
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In 2021, the Canadian Securities Administrators (CSA) introduced the Client Focused Reforms (CFRs) in two phases: first the implementation of the Conflicts of Interest rules, and the remainder came into effect on December 31, 2021. The CFRs are holistic in nature and are based on the fundamental principle that clients’ interests must come first when […]
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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) have been in effect since the start of the new […]
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InvestorCOM recently chatted with Rick Ohlrich, CCO at RFG Advisory to discuss practical steps to meet PTE 2020-02 requirements. Parham Nasseri [PN]: Given that a specific requirement from PTEs FAQs requires an outright disclosure to the investor around why a rollover is in the investor’s best interest – what are some prudent steps you’ve […]
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InvestorCOM recently chatted with Tom Selman, founder of Scopus Financial Group for his insights on how to get ahead of the PTE 2020-02 annual retrospective review process. Parham Nasseri [PN]: Tom, there’s been a notion that now there needs to be this retrospective review process. Just practically, or maybe even strategically, what does this […]
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