The Compliance Digest

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

SEC Adopts Rule to Make ETFs “More Accessible”

The SEC announced it has voted to adopt a new rule and form amendments designed to modernize the regulation of ETFs. Read More

SEC Releases Top Six Exam Priorities for 2019

The Report contains many of the same priorities that were included in the 2018 Examination Priorities but with an increased focus on digital assets. Read More

SEC Proposes Limit on Whistleblower Payouts

The SEC is looking to limit whistleblower payouts after doling out tens of millions of dollars in a recent case. The SEC voted 3-2 to propose a limit after an $83 million award was given back in March to three informants – the largest payday in the history of the SEC’s whistleblower program. Read More

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