The Compliance Digest

Get expert compliance tips and up-to-date regulatory news.


DOL Publishes FAQ on Fiduciary Rule

The Department of Labor has released its second wave of frequently asked questions regarding the forthcoming fiduciary rule. While the first announcement was intended for financial advisors impacted by the rule, this list was written for a completely different audience – retirement investors. Read More


FINRA Issues Suspension Over Firm Element Training

In this month’s FINRA Disciplinary Actions Notice, a registered representative was suspended from association with any FINRA member in any capacity for three months due to the entry of findings that she instructed her assistant to complete her Firm Element continuing education coursework on her behalf. Read More


SEC Releases Risk Alert on Investment Adviser Exams

Last week, the SEC’s Office of Compliance Inspections and Examinations released a Risk Alert announcing an upcoming examination initiative that focuses on the supervisory practices of SEC-registered investment advisers and how they monitor advisory personnel in disparate branch locations. Read More


Representative Fined $10K for Bribing Exam Proctor

A representative from Gig Harbor, Washington submitted an AWC in which he was assessed a deferred fine of $10,000 and suspended from association with any FINRA member in any capacity for two years due to the entry of findings that when he was a candidate for the Series 7 exam, he offered $2,000 to an exam proctor for her assistance to help him pass the exam. Read More


Why Training is the Best Compliance Remedy

If you were given the choice between two different pilots – one that is trained, the other not – which one would you choose? The answer seems like a pretty simple one, doesn’t it? So why would you treat your firm’s training plan any differently? Read More


FINRA Notice: 2017 Report Filing Due Dates

In an Information Notice released Monday, December 5, 2016, FINRA outlined several due dates for annual filings in 2017. This list included deadlines for firm's Annual Audit, Financial and Operational Combined Uniform Single (FOCUS), Form Custody, and supplemental FOCUS Report filing obligations. Read More


Takeaways from the FINRA Small Firm Conference

On November 9, 2016, FINRA kicked off its annual "Small Firm Conference" in Phoenix, Arizona. Keynote speakers included FINRA’s CEO Robert Cook as well as the DOL’s Chief Operating Officer of DOL Employee Benefits Security, Tim Hauser. Read More


Mary Jo White: A New Model for SEC Enforcement

Last Friday, SEC Chairwoman Mary Jo White gave a speech at the New York University School of Law Program on Corporate Compliance and Enforcement, during which she addressed how her agency has transformed the way it enforces federal securities laws. Read More


SEC Issues $20 Million Whistleblower Reward

The SEC recently issued a $20 million award in a case involving a tipster who came to the agency early on, enabling it to secure a “near-total recovery” of investor funds in a matter. Read More


Your Questions to the DOL Fiduciary Rule Answered

The Department of Labor has released its first series of Frequently Asked Questions (FAQ) regarding the fiduciary rule. In total, there were 34 questions and answers, most of which circled around the rule’s Best Interest Contract Exemption. Read More