NICE Actimize Named "Best Compliance" Technology Provider by 2021 WealthBriefing European Awards 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.
SEC settled charges against GWFS Equities for failing to file Suspicious Activity Reports. SEC alleged that from September 2015 through October 2018, GWFS knew that unauthorized entities attempted to gain access to the retirement accounts of retirement plan participants.
SEC Warns Broker/Dealers on Anti-Money Laundering 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.
Each year, the SEC’s Division of Examinations (f.k.a. OCIE) (the “
Division”) releases its priorities for the upcoming year, providing SEC registrants with a helpful tool to assist in managing, reviewing, and updating their compliance programs. The 2021 Examination Priorities (the “
2021 Priorities”), which were released last month, indicate a greater focus on conflicts of interest for broker-dealers (“
BDs”) and registered investment advisers (“
RIAs”); a special emphasis on disclosure of climate and environmental, social, and governance (“
ESG”)-related risks; and concern about risks related to financial technology (“
FinTech”) investments, including digital assets.
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The 2021 Priorities offer another indication of the Division’s sharpening focus on the investment management industry. Despite the significant increase in the number of RIAs and disruptions due to the pandemic, the 2021 Priorities report that the Division still managed to examine 15
INTRODUCTION
The U.S. Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA) have each published their annual examination priorities for 2021, signaling areas of scrutiny that broker-dealers should expect in upcoming regulatory exams. Both sets of priorities offer a road map of the issues of concern to regulators and provide guidance on what market participants – particularly broker-dealers – can do to anticipate those concerns and mitigate regulatory risks. Given the shared focus of both the SEC and FINRA in certain areas, broker-dealers should pay close attention to aspects of their businesses where these shared priorities overlap. This alert explores several of these areas of mutual concern, namely (i) information protection and cyber security, (ii) anti-money laundering policies, and (iii) sales practices, especially as they relate to Regulation BI obligations. We conclude by offering some practical takeaways to help broker-dealers mitig