Each week we’re giving you our weekly report highlighting the top compliance news articles from various industry news publications. We have selected the most relevant and important news articles related to registered investment adviser (RIA) compliance and regulatory issues. Check back each week for the latest list of top stories.
Here’s our top investment adviser compliance articles for the week of July 18, 2015:
- Regulators to Industry: Quit Stonewalling on Exams (Author- Kenneth Corbin, onwallstreet.com)
Examiners expect the firms they visit to be open and honest, however, many times this is not the case. Kenneth Corbin gives us the rundown on what makes a registered investment adviser (RIA) firm examination easier and less painful for all parties involved.
2. DOL Comment Letter Dump: Top Firms Finally Weigh In (Author- Megan Leonhardt, WealthManagement.com)
The comment period for the Department of Labor’s (DOL) Fiduciary rule has come to an end and the comments have been released. Megan Leonhardt provides a complete summary of the top financial firms’ comments and recommendations.
- Email Hack Costs Cetera Advisor His Career (Author- Ann Marsh, FinancialPlanning)
Cybersecurity has been a major topic of discussion lately and investment advisors have are constantly being reminded of the potential issues that may arise. A recent case has given us a good example of why advisors must be extremely careful when emailing with clients and never simply relying upon email instructions due to the risk of email phishing.
- DOL ‘Flexible’ on Fiduciary Rule, Perez Says (Author- Melanie Waddell, ThinkAdvisor)
The Department of Labor (DOL) has yet to make any final decisions on the Fiduciary rule but is taking into consideration all of the comments that have been submitted. Melanie Waddell reports on the DOL’s plans now that the 90-day comment period has come to a close.
- FINRA, SIFMA ‘Best Interest’ Standards Don’t Go Far Enough (Author- Megan Leonhardt, WealthManagement.com)
Many industry group like the Securities Industry and Financial Markets Association (SIFMA) and the Financial Industry Regulatory Authority (FINRA) are not convinced that the fiduciary proposal will be fair for advisors working with smaller investors. Megan Leonhardt gives us the details on FINRA and SIFMA’s concerns.
- Dodd-Frank Act’s 5th anniversary: What’s been done, what’s left to do (Author- Alessandra Malito, InvestmentNews)
It has been five years since the Dodd- Frank Act was signed, but it has still not been fully implemented by regulators. Alessandra Malito explores why some of the more significant rules have not yet been completed and what is expected to happen next.
- How to Get More Complete Information From Your Client (Author- Wendy Lanton, WealthManagement.com)
When it comes to getting the best and most accurate advice on your investments, communication is key. Wendy Lanton gives us some examples of what can happen if clients do not disclose all necessary information truthfully, and also shares tips on how to avoid these issues.
Be sure to check back next Friday for next week’s top articles!