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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Prior to the Reg BI implementation deadline, many saw the principled-based regulation as the most significant enhancement of conduct standards since the passing of the Securities Act. Fast forward to today, and the Securities and Exchange Commission (SEC) has conducted several fact-finding exercises, onboarded key personnel and begun to take noticeable enforcement action. In short, […]
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Over the past decade, the wealth management industry has grappled with a fair share of regulatory change. For many, the mushrooming regulatory change is no longer an exception, but an expectation. In the past year, many wealth managers and financial professionals were focused on meeting the requirements of Regulation Best Interest (Reg BI). In summary, […]
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ON-DEMAND WEBINAR With Reg BI examinations and enforcement actions expected to increase in 2021, firms are looking to meet the Care Obligation’s requirement of assessing “reasonably available alternatives”. In this on-demand webinar, our panel of experts will take a deeper dive into a consistent and repeatable process for assessing costs and a reasonable range of […]
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Recently, InvestorCOM had the pleasure of speaking with Tom Selman, Founder of Scopus Financial Group and former Executive Vice President of FINRA’s Regulatory Policy Division. In this dialogue, Tom discusses the emergence of Reg BI, what we’ve learned to date, and what firms should focus on. *** Parham Nasseri (PN): Tom you’re a […]
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On March 3, the SEC’s Division of Examinations (DOE) released its eighth annual publication, highlighting the 2021 examination priorities. The report outlined the key risks, trends, and priorities to improve compliance and enhance investor protection. While much of the priorities resembled last year’s report, the 28 pages serve as a healthy reminder for those functioning […]
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With more than six months since the Regulation Best Interest (Reg BI) compliance deadline, a heightened sense of anticipation is brewing around what wealth firms should expect in 2021. In retrospect, the Reg BI journey thus far has been riddled with uncertainty around what steps broker-dealers (B-Ds) needed to take to ensure compliance. During this […]
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It has been six months since Reg BI’s best interest standard went into effect. Initially, the regulators required that firms make “good faith” and reasonable efforts to ensure the principles of the regulation were in place. However, the SEC recently shifted gears. Starting January 2021, the SEC will move beyond good faith expectations and expand […]
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Given the winds of political change and the SEC’s October 26 roundtable on Regulation Best Interest, regulatory and industry experts from Scopus Financial Group and Celent provide an insightful conversation on: The macro outlook: The impact of political change on Reg BI and the wealth management industry Industry responses to Reg BI and common […]
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Meeting Reg BI’s care obligations may require financial advisors to consider one million data points per day Since the introduction of Regulation Best Interest (Reg BI) by the SEC earlier this year, there are several important changes for Broker-Dealers (B-D’s) and their representatives. The overarching goal of Reg BI is to enhance the broker-dealer standard […]
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