Broker-Dealer Compliance Challenges During the Pandemic: Best Practices and Views to the Future

[Originally broadcast on April 23, 2020]

Description: This webinar features a panel of Chief Compliance Officers and compliance leaders to discuss the crisis confronting our industry and its impact on distribution, operations and compliance programs. Panelists shared both challenges and best practices.

The session covered both macro and micro issues, including:

• How can an extended downturn impact the industry? Will the migration to advice from commission turn around now that there are fewer “assets” to gain advice revenue?
• Early indications may be that the SEC and FINRA are considering relaxing requirements – including back office supervisory work that requires someone be in office, branch office exams conducted remotely, and more. Are there other opportunities to do so?
• Virtual branch exams: FINRA has provided guidance to postpone, but several firms have decided to move forward with risk-based virtual exams without FINRA relief.
• What are firms doing to ensure that procedures are being updated for the new “normal” and to ensure the compliance of advisors and broker-dealer staff?
• Cybersecurity concerns have been compounded by employees working at home. What best practices are emerging?
• Reg BI: Given that the SEC has decided to maintain its June compliance date, how are firms handling the requirement given the limitations of working remote?
• In light of the current crisis, have you seen evidence that strategic initiatives to drive efficiency, improve compliance and supervision, and respond to new requirements have or will slip?