Increase in Dispute Filings and Regulatory Enforcement natlawreview.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from natlawreview.com Daily Mail and Mail on Sunday newspapers.
Report From FINRA Board of Governors Meeting – December 2023 streetinsider.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from streetinsider.com Daily Mail and Mail on Sunday newspapers.
The Financial Industry Regulatory Authority (FINRA) recently proposed several rule changes aimed at "provid[ing] greater transparency and consistency" with respect to the arbitrator list selection process.
For Investment Advisers and Broker-Dealers
DOL issues Cybersecurity Guidance. On April 14, 2021, the U.S. Department of Labor (“DOL”) Employee Benefits Security Administration (“EBSA”) issued cybersecurity guidance directed towards ERISA plan sponsors and ERISA fiduciary advisors. While the guidance appears similar to SEC’s advice, there is one noticeable difference: the DOL says firms “should” have a reliable annual third-party audit of security controls. As part of this audit, EBSA expects to see audit reports, audit files, penetration test reports, and any other analyses or reviews of cybersecurity practices. EBSA also wants documented corrections of any weaknesses identified in the independent third-party analyses. What are the implications to firms subject to this guidance? Will the DOL consider it a breach of fiduciary duty if a firm does not hire a third party to conduct an audit of its security controls? Can a firm do this assessment internally? Time will tell