Last month, the Securities & Exchange Commission (“SEC” or the “Commission”) instituted cease and desist proceedings against PNC Investments LLC (PNCI), a registered investment adviser and broker-dealer, due to violations
On May 2, 2018 the Securities and Exchange Commission announced the launch of an additional online search feature that is designed to enable investors to research whether the person trying
In an April 18th Press Release from the Securities and Exchange Commission (SEC) they are seeking public comment (over the next 90 days following publication in the Federal Register) regarding
Pursuant to an order issued April 16, 2018, the SEC (“Commission”) has fined registered Investment Adviser Arlington Capital Management, Inc. (“Arlington”) $125,000 for making false and misleading advertisements in violation
This biggest issue with the financial services industry is the fact that investment advisers are required to operate at a disadvantage; advisers are defined as a fiduciary while broker dealers
Last month, the SEC instituted cease and desist proceedings against an AML Officer and CEO of a New York-based investment adviser and broker-dealer due to violations of the Securities Exchange
An important part of the implementation of any compliance program is the supervision of the firm’s employees and associated persons. A firm’s compliance manual should address policies and procedures that
Today the SEC announced that three advisers have settled charges for breaching fiduciary duties. Per the SEC, PNC Investments LLC, Securities America Advisors Inc., and Geneos Wealth Management Inc. failed
In 13 years acting as an auditor in the securities regulation industry it was surprising to find out how few in the industry conducted, and documented, due diligence of the
FINRA is requesting comments on a proposed new rule for outside business activities and private securities transactions of registered persons. This proposed rule would replace FINRA Rule 3270 (Outside Business
The Securities & Exchange Commission (“SEC” or the “Commission”) instituted cease and desist proceedings against Financial Fiduciaries, LLC, (“Financial Fiduciaries”) a registered investment adviser located in Wausau, Wisconsin, and Thomas
Thomas Buck, a dually registered Investment Adviser Representative who worked at Merrill Lynch for 33 years prior to being terminated in 2015, now faces prison following his guilty plea on
In case you missed it, earlier this month FINRA announced a consolidation of examination responsibilities previously divided among three different programs responsible for business conduct, financial, and trading compliance. With…
As the industry events slow down for the holidays, we thought of sharing our notes from conferences we attended throughout the year. There were several conferences, like the October 2019…
The annual renewal season for firms has begun. It’s time to ensure that you and all representatives are registered appropriately in every jurisdiction needed. Unlike the proverbial lump of coal…
The end of the year is the perfect time to get your firm’s compliance filing and processes in order. To help, we put together a list of important year-end compliance…
In late September, the SEC announced settlements with 17 investment advisers for disclosure failures regarding their mutual fund share class selection practices. This action adds to the original 79 firms…
We’re pleased to announce that we’ve made the RegTech100, an annual list of 100 of the world’s most innovative RegTech companies. The third annual list recognizes the tech companies transforming…
If you’re a legally registered investment adviser (IA), then you know the end of the year means concentrating on regulatory audits. The North American Securities Administrators Association (NASAA) 2019 IA…
In late October, we held our first Red Oak User Conference at the Omni Hotel in Austin, Texas. With the team usually on the road meeting with customers or attending…
Remember that time you started a new relationship, and at the beginning, you thought it was ok not to disclose your previous relationships? Then as things became serious, you were…
Let’s face it; form filing isn’t likely to be voted the most exciting task to do in your firm. Due to frequent changes within the organization and its employees, filing…
Dually registered investment adviser/broker-dealers are fairly common in the industry. This type of arrangement allows for the registered entity to offer both transactional and fee-based services, theoretically, based on the…
Due to the high level of trust clients place in Investment Advisers, the fiduciary duty of an Adviser can’t be overstated. That’s why when we hear about an Adviser purposefully…
