Whitepaper Provides Overview of New and Updated Regulations from Key Financial Service Sector Regulators, including the SEC, FINRA, DOL and NASAA
New York, August 03, 2023 — A COMPLY™ announcement shared that the company has published its 2023 Regulatory Rundown, a comprehensive review of recent regulatory changes and enhancements as well as enforcement expectations from most financial services regulatory agencies. COMPLY is the leading provider of compliance software, consulting and education resources for the financial services sector. The white paper aims to empower compliance professionals across the sector with insights to navigate the intricacies and nuances of the recent changes with confidence, avoiding violation and driving continued growth.
The rules selected and outlined in this guide include those proposed, adopted and enacted since 2022. New and proposed rules from the Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA), Department of Labor (DOL) and North American Securities Administrators Association (NASAA) are detailed in this publication. Summaries of regulations were taken from the original proposal text, or the webpage dedicated to that regulation, as of August 01, 2023. COMPLY’s team of experts meticulously researched and analyzed the material to distill the most relevant rules and information for this publication.
The past few years have seen a wave of changes to financial services regulations and increased scrutiny, which COMPLY Chief Regulatory Officer John Gebauer has classified as an unprecedented period of regulatory rulemaking. In fact, Gebauer predicts between 5 – 10 rule proposals are likely to pass by the end of the year, many of which will have as big of an impact as the SEC’s Marketing Rule.
Such significant rule adoptions could present challenges for the industry. In fact, while analyzing the level of impact regulatory updates could bring about, COMPLY proprietary data based on market surveys found:
- 60% of the polled audience stated proposed cybersecurity risk management rules caused the most concern for their firm.
- And 53% of the polled audience are unsure whether their current tech stack will sufficiently support their ability to meet heightened regulations and scrutiny.
“Past periods of heightened rulemaking have occurred in the aftermath of a crisis or scandal and were meant to correct systemic issues or bad actions that contributed to the calamity,” explained Gebauer. “The confounding aspect of the current rulemaking blitz is that there is no singular event or trend that would justify the magnitude by which regulators are proposing to reshape the financial markets. Regardless, the next few years promise to bring significant regulatory change and increased obligations for financial service firms, which will require new resources and supporting technologies to efficiently fulfill.”
The 2023 COMPLY Regulation Rundown is available for free download.
COMPLy will also be hosting a live webinar on August 23 at 2 p.m. Eastern, providing firms with practical steps to ensure preparation for regulatory updates and amendments. Registration is open now!
About COMPLY
As a global market leader in regulatory compliance solutions, COMPLY combines the power of regulatory technology, services and education to empower Chief Compliance Officers (CCOs) and compliance professionals to easily navigate the regulatory landscape. COMPLY enables firms to scale their growth, while remaining vigilant in their compliance efforts, by providing solutions designed to manage the burden of complex compliance tasks. Our deep bench of industry expertise – which includes expansive knowledge in technology enablement and regulatory compliance protocols and processes from our product portfolio offerings ComplySci, RIA in a Box and NRS — supports more than 7,000 clients, including private equity firms, hedge funds, broker-dealers, registered investment advisers and other financial service sector participants.
COMPLY continually supports clients in their work to proactively address core compliance challenges – minimizing risk, addressing critical priorities and meeting new demands as the industry evolves and the firm scales.
###
Media Contacts
Donald Cutler or Lorene Yue
Haven Tower Group
424-317-4864 or 424-317-4854
