The Compliance Digest

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

SEC Launches Investor Protection Search Tool

Move over BrokerCheck – the SEC has recently launched an online search feature that enables investors to research whether the person trying to sell them investments has a judgement or history of enforcement actions. Read More

Municipal Advisor Charged with Fiduciary Violation

Earlier this month, the SEC announced it charged a registered municipal advisor and its owner with defrauding their client, a Texas school district, in connection with multiple municipal bond offerings. Read More

Top Six Fee/Expense Compliance Issues for RIAs

The SEC’s exam division recently released a Risk Alert detailing the top six compliance failures relating to fees and expenses charged by investment advisors, as identified through client deficiency letters. Read More

FINRA Pressed for Sexual Harassment Data at Firms

Senator Elizabeth Warren wants regulators to make sure Wall Street isn’t dodging the #MeToo movement. Last month, the Massachusetts Democrat and two other senators asked FINRA and the SEC for data on the prevalence of sexual harassment abuse in the industry. Read More

SEC Exam Priorities to Focus on MSRB/FINRA

The SEC's Office of Compliance Inspections and Examinations (OCIE) has published its 2018 examination priorities. To no one’s surprise, it will continue to focus on the protection of retail investors and ensuring that registrants are appropriately disclosing or resolving conflicts of interest. Additionally, the OCIE will pay particular attention to developments in cryptocurrencies, initial coin offerings (ICOs) and the oversight of FINRA and MSRB firms. Read More

Clayton Reveals SEC’s 2018 Agenda in One Word

In a speech at the Practicing Law Institute’s 49th Annual Institute on Securities Regulation in New York last week, SEC Chairman Jay Clayton used one word to describe his agency’s plan to deter, mitigate and eliminate fraud in the near and long-term future... Read More

SEC Prioritizing Investment Adviser Compliance

As the number of registered investment advisers continues to increase, the SEC is set on stepping up its scrutiny of this fast growing class of investment professionals. 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

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 Reports Record-Breaking Enforcement Actions

On October 12, 2016 the SEC announced its enforcement results for the 2016 fiscal year, which touted a recording breaking year. Not only did the SEC increase the number of enforcement actions this past year but it also obtained judgments totaling more than $4 billion in disgorgement and penalties. Read More