SEC and CFTC issue penalties for non-compliance with approved communication channel requirements Recent developments involving compliance breaches and off-channel communications have brought the topic into the spotlight. Two significant cases, one by the Commodity Futures Trading Commission (CFTC) and another by the Securities and Exchange Commission (SEC), underscore the importance of adhering to regulatory standards in this area. In this blog post, we dive into the details and implications of these recent enforcement cases and how firms can leverage training and technology to reduce non-compliance risk. CFTC’s Message: Unapproved Communication Methods Lead to Penalties The CFTC has taken a firm […]
Continue readingMore TagRegEd’s Advertising Compliance Solution Surpasses 5 Million Submissions
RegEd’s Enterprise Advertising Review achieves new milestone, propelled by continuous product innovation including the integration of AI and other advanced capabilities. RegEd, a leading provider of compliance solutions for financial services firms, has announced its Advertising Review Solution has surpassed 5 million review submissions. Following significant investment in expanding the solution’s capabilities, RegEd has continued to secure adoption by the leading firms in the industry, including six of the ten largest broker-dealers and four of the five largest banks in the US. The solution’s total submissions since inception increased by more than 25% in 2022, surpassing five million submissions just […]
Continue readingMore TagRegEd Announces Next-Generation Trade Supervision and Account Monitoring Solution to Advance Investor Protection
RegEd SmartCompli, Powered by InvestEdge, Delivers the Most Advanced, Comprehensive Solution in the Industry Today RegEd announced SmartCompli, which employs advanced technology and a proprietary data model that aggregates and normalizes trade, account and KYC data, from all major clearing and custody firms, as well as direct business. SmartCompli is integrated with RegEd’s market-leading Xchange Registration solution, enabling instant validation of advisor credentials to ensure that trades are made compliantly. This eliminates the need for firms to manage data exports on a continuous basis. Joe DiAngelo, EVP Sales at RegEd discussed the typical challenges confronting the industry. “Today firms have […]
Continue readingMore TagFAQs for IAR CE: What to Know About NASAA’s Investment Adviser Representative Continuing Education Model Rule
Several states have adopted and implemented investment adviser representative continuing education (IAR CE) requirements, while many other states continue to join them in implementing these new requirements. Once implemented, Investment adviser representatives have until the compliance date to meet IAR CE requirements if they conduct advisory business in a state that has adopted the North American Securities Administrators Association (NASAA)’s Investment Adviser Representative Continuing Education Model Rule. As an approved IAR CE provider, RegEd answers some of the most common questions that IARs and firms have about these first-time requirements. To see a map of adopted states, visit here. Implementing […]
Continue readingMore TagNew States Adopt NASAA IAR CE Model Rule, California Expected To Join
Investment adviser representatives (IARs) are required to meet Investment Adviser Representative Continuing Education (IAR CE) requirements annually if registered in a state that has adopted the North American Securities Administrators Association (NASAA)’s Investment Adviser Representative Continuing Education Model Rule. There are currently eleven (11) states that have adopted and implemented the IAR CE requirement. An additional four (4) states have adopted the IAR CE model rule with an implementation date of Jan. 1, 2024, among them is the state of Florida. More states, including California, are expected to adopt IAR CE requirements this year. With the possible addition of California, […]
Continue readingMore TagSEC Releases Risk Alert on Adviser Marketing Rule Outlining Key Areas of Focus for Examinations
The Securities and Exchange Commission (SEC) recently published a risk alert highlighting additional areas of focus in relation to the amended Marketing Rule. In 2020, Rule 206(4)-1 under the Investment Advisers Act of 1940 was amended to modernize rules that govern investment adviser advertisements and payments to solicitors. The first risk alert was published September of 2022 and detailed performance advertising, substantiation, policies and procedures, and books and records requirements. In addition to the initial Marketing Rule exam areas of review, the recent alert emphasizes three key areas of additional emphasis: testimonials and endorsements, third-party ratings, and Form ADV. The […]
Continue readingMore TagFINRA Introduces New Remote Inspections Pilot Program
Three-Year Pilot Program Seeks to Modernize Inspection Process for OSJs, Branch Offices, and Non-Branch Locations The Financial Industry Regulatory Authority (FINRA) has withdrawn its original remote inspection pilot program from 2022 and proposed a new pilot initiative. This revised program aims to bring the inspection process for Office of Supervisory Jurisdiction (OSJ), branch offices, and non-branch locations into the modern era. The proposed pilot program is currently open for public comment. Risk Assessments and Preaudit Questionnaires The pilot program, which is set to last for three years if approved by the Securities and Exchange Commission (SEC), would require participating firms […]
Continue readingMore TagRegEd Hosts Tenth Annual Client Conference
The conference agenda featured sessions united around best practices to tackle pressing challenges in today’s demanding business and regulatory environment. RegEd, the leading provider of compliance technology solutions to the financial services industry, hosted its tenth annual RegEd Compliance Alliance (RCA) Client Conference in Fort Lauderdale, FL on April 3rd – 5th, 2023. Compliance, licensing and registration, and operations professionals from the nation’s leading financial services firms gathered at the conference to share best practices, build critical knowledge across a range of topics, and interact with regulators and industry experts. The conference included substantive sessions, panel discussions and expert presentations […]
Continue readingMore TagFrank Brienzi Appointed as CEO of RegEd
Seasoned industry veteran to take the reins and lead RegEd to its next level of growth as John Schobel assumes board position to focus on strategic imperatives and M&A. RegEd, the market-leading provider of enterprise regulatory compliance solutions to insurance companies and financial services firms, is pleased to announce that Frank Brienzi, an industry executive with 35 years’ experience driving growth in large and mid-market companies, will assume the role of CEO of RegEd. RegEd is a portfolio company of Gryphon Investors, a leading middle-market private equity firm. Brienzi is a highly accomplished business leader with significant CEO experience. […]
Continue readingMore TagLicensing Technology and Evolving Expectations
Less That Does More The financial services industry expects dramatically more from the technology that supports it. Once paper-based, systems are now a single application with a frictionless experience for users. The best licensing and registration operations have the ability to aggregate real-time data from multiple sources, provide straight-through processing for a host of functions, and support multiple channels. Intuitive and Interactive Just five years ago, firms said agents were resistant to technology and still preferred paper. Today, that has completely changed. Agents and advisers want interactive systems that have to be online, intuitive, and completely frictionless. They have a […]
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