Adam Schaub Vice President, Platform Product Management RegEd, Inc. It is that time of year again when firms have wrapped up their 2021 CE programs and are ready to reflect and plan their 2022 programs. For many firms, this entails dusting off the 2021 Needs Analysis and Written Training Plan, and adjusting for the current year. If planning Firm Element is a new task for you, it is recommended that you create a framework that can be reused in subsequent years. FINRA’s Guide to Continuing Education Requirements has a basic outline of the expected areas that should be reviewed and considered by […]
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SEC: Investment Advisers Can ‘Tailor’ Cybersecurity Policies and Procedures to Fit Their Business
Though the SEC has proposed requiring cybersecurity policies and procedures for investment advisers for the first time, it has also provided firms flexibility in addressing the general elements to be covered. “We recognize that there is not a one-size-fits-all approach to addressing cybersecurity risks. As a result, the proposed cybersecurity risk management rules would allow firms to tailor their cybersecurity policies and procedures to fit the nature and scope of their business and address their individual cybersecurity risks,” the SEC wrote in recently proposed cybersecurity risk management rules. Advisers and funds would also have to report any significant cybersecurity incidents […]
Continue readingMore TagRegEd Experts to Bring Licensing Insights and Regulatory Updates to SILA Heartland Chapter Meeting
RegEd will share best practices in licensing and registration and relevant regulatory updates with Securities & Insurance Licensing Association members. At Wednesday’s SILA Heartland Chapter meeting, Michael Pouliot, head of sales for RegEd’s Enterprise Xchange Contracting, Licensing, and Registration solution, will offer SILA members ways to drive licensing and registration efficiencies that create a competitive advantage. Also, Brandi Brown, senior vice president of regulatory affairs for RegEd, will give a regulatory overview to attendees. SILA’s members include licensing experts whose occupations encompass all aspects of insurance licensing and securities registration. “Licensing and registration regulations can be complex and are increasingly dynamic,” Brown said. […]
Continue readingMore TagFINRA Publishes 2022 Report on Exam and Risk Monitoring Program
The newly released 2022 Report on FINRA’s Examination and Risk Monitoring Program reflects an evolving securities industry. “Today’s securities industry landscape is highly dynamic in terms of business models, technologies, products, and compliance practices. This report looks at these significant changes through the lens of FINRA’s commitment to investor protection and market integrity so that firms’ compliance programs can benefit from our findings about emerging and ongoing issues,” stated Greg Ruppert, executive vice president, member supervision, in a press release announcing the release of FINRA’s 2022 exam report. Exam findings in key areas Focus areas highlighted in the report include: FINRA’s initial findings from its […]
Continue readingMore TagSEC Cybersecurity Policy: New Rules for Investment Advisers Possible
The next evolution in SEC cybersecurity policy could come Wednesday when commissioners consider whether to propose new rules for registered investment advisers and investment companies. Commissioners will consider staff recommendations for addressing cybersecurity risk management for investment advisers and investment companies as one of the agenda items for their Feb. 9 meeting. The commission will also consider related amendments to certain rules regarding adviser and fund disclosures under the Investment Advisers Act of 1940 and the Investment Company Act of 1940 under the same agenda item, according to the SEC’s meeting agenda. SEC Chair Gary Gensler has asked staff to […]
Continue readingMore TagRegEd Subject-Matter Experts to Share Regulatory Updates and Industry Insights at SILA Chapter Event
RegEd Representatives will Present at a Meeting of the Buckeye Chapter of the Securities & Insurance Licensing Association Raleigh, N.C., Jan. 25, 2022 — RegEd will provide Securities & Insurance Licensing Association members with insights into the latest regulatory changes and trends, as well as opportunities, challenges and best practices impacting licensing and registration professionals in the financial services industry. At Wednesday’s SILA Buckeye Chapter meeting, Brandi Brown, senior vice president of regulatory affairs for RegEd, will give a regulatory overview to attendees. Also, Michael Pouliot, head of sales for RegEd’s Enterprise Xchange Contracting, Licensing, and Registration solution, will offer SILA […]
Continue readingMore TagFINRA CEO to SIFMA Audience: Protecting Investors and Addressing Workplace Evolution are Priorities for 2022
Investor protection remains atop FINRA’s priorities for 2022. “There will be a theme around retail-investor protection,” CEO Robert Cook said, during a recent webinar hosted by SIFMA. And FINRA will proceed with some existing initiatives as well as launch new efforts in 2022, he told SIFMA President & CEO Kenneth Bentsen, Jr., in a virtual Q&A session. FINRA will also revisit rules and regulations in light of changes brought about by the COVID-19 pandemic and the industry’s shift to remote work, Cook noted. In doing so, the regulator could modify or extend some short-term responses to make them long-term changes. […]
Continue readingMore TagFINRA Weighs Lasting Impact of Remote Work
FINRA is preparing for a “new normal” in which firms will work remotely even after the pandemic passes. For example, FINRA is considering changing how it defines “branch office” and “office of supervisory jurisdiction” for supervision and inspection purposes based on industry feedback. “Many” commenters that responded to a request for feedback on lessons learned during the COVID-19 pandemic urged the regulator to revisit the definitions under FINRA Rule 3110 because firms have shifted to remote work. “Several commenters expressed concern that without amendments, personal residences of many associated persons will need to be registered (and inspected) to facilitate remote […]
Continue readingMore TagFINRA Extends Remote Branch Inspections Until End of 2022
FINRA has proposed to extend temporary relief allowing firms to conduct their 2022 branch inspections remotely through year-end. If approved by the SEC, the extension of FINRA Rule 3110.17 would extend COVID-related branch office inspection relief that is now scheduled to end on June 30. “The proposed additional six-month extension would provide further clarity to firms on regulatory requirements and account for the time needed for many firms to carefully assess when and how to have their employees safely return to their offices in light of vaccination coverage in the U.S. and transmission levels of the virus, including any emergent […]
Continue readingMore TagSEC Examiners: Advisers Should Review Policies and Procedures for Calculating Advisory Fees
SEC examiners have recommended that investment advisers “review routinely, refine, and improve, as appropriate, their fee billing policies, procedures, and practices and address new risks as they are identified” to ensure that they are calculating advisory fees correctly. They also should review their disclosures to confirm that clients are aware of all fees and expenses and related material conflicts of interest, examiners have suggested. Examiners made the recommendations after identifying deficiencies related to the advisory fees charged by most of the approximately 130 investment advisers that it examined in a nationwide initiative. The deficiencies “often resulted in financial harm to […]
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