This is only a Test: Municipal Advisor Representative Qualification Examination (Series 50)

October 28, 2015

By Jane Abramczyk, Manager of BD Services   Municipal Advisor Professional Qualification   The Securities and Exchange Commission (SEC) approved amendments to Municipal Securities Rulemaking Board (MSRB) Rule G-3 which concerns qualification examination requirements for individuals who provide municipal advisory services to state and local governments. The SEC has appointed FINRA to provide test administration […]

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National Compliance Services and Regulatory Compliance join forces to form full-service compliance consulting powerhouse

October 27, 2015

NEW YORK, Oct. 27, 2015 /PRNewswire/ — National Compliance Services Inc. (NCS) and Regulatory Compliance LLC, two of the nation’s longest-serving regulatory compliance consulting leaders, announced today they have signed a definitive agreement to merge.  This strategic combination creates a single source of compliance consulting services and solutions for registered investment advisers (RIAs), broker-dealers (BDs), […]

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Restructuring Qualification Examinations

October 21, 2015

By René Beaulieu, Compliance Consultant   FINRA has proposed restructuring its qualification examination process to create a generalized Securities Industry Essentials Examination (SIE) and a specialized knowledge examination specific to a registration category or job function.  The Securities Industry Essential Exam (SIE) would be a prerequisite to becoming registered with a FINRA member firm, but […]

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2016 Renewal Program

October 16, 2015

Presented by: Kathryn Langridge, Senior Broker Dealer Consultant and Gail Musco, Supervisor, CRD Services For a general overview of year-end compliance reminders and compliance checklists for broker-dealer and investment adviser firms, please register for our webinar.  http://regulatorycompliance.com/webinars/   As the end of year approaches, many Chief Compliance Officers find themselves wondering if they have addressed all of […]

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The New Age of Regulatory Element Training

October 12, 2015

Presented by: Laura Crosby-Brown, Director   Way back in the beginning of time when the continuing education rules were new and the old-time representatives were grandfathered, none of us would have ever imagined that FINRA would do away with the grandfathering and subject all registered representatives to trudging into a testing center every three years […]

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A Research Report on Research Reports

October 9, 2015

By Beverly Fetcko, Director   Click Here to Download our Comparison Chart   Quiet periods, information barriers, retaliation, supervision…what is the common denominator for these terms?  Answer:  FINRA Rule 2241.  If you don’t recognize that rule – then look to NASD Rule 2711 and Incorporated NYSE Rule 472 which pertained to member firms’ equity research […]

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Proposal for Investment Adviser AML Program—This is Just the Beginning

October 2, 2015

By J. Michael Dryton, Senior Compliance Consultant   The Financial Crimes Enforcement Network (FinCEN) has proposed new regulations defining an investment adviser as a “financial institution” under the Bank Secrecy Act (“BSA”). If adopted, this proposal would require advisers:   to establish an anti-money laundering (AML) program (including appointment of an AML Officer) to monitor […]

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Payments to Unregistered Persons – Now Permitted?

September 28, 2015

By Katie Langridge, Senior Broker Dealer Consultant   Rumor has it that payments to unregistered persons, including foreign finders, may now be permitted?  Not so fast! These payments are still prohibited in most situations. Let’s take a look at the details of Consolidated FINRA Rule 2040 to learn more.   According to the rule, which […]

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Mandatory Filing Notice for Financial Service Providers with Foreign Sales of $3 Million or More

September 21, 2015

By Doug Kamin, Senior Compliance Consultant   The U.S. Department of Commerce’s Bureau of Economic Analysis (BEA) administers the Benchmark Survey of Financial Services Transactions between U.S. Financial Services Providers and Foreign Persons on Form BE-180 (BE-180). The mandatory survey is conducted once every five years and measures international trade in financial services. If your […]

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The SEC on Cybersecurity: Another Alert, Another Sweep

September 20, 2015

Presented by Eric Hess, Hess Legal Counsel, LLC   Introduction   Last week, the SEC’s Office of Compliance, Examinations and Inspections (“OCIE”) released its third cybersecurity National Examination Program Risk Alert [http://www.sec.gov/ocie/announcement/ocie-2015-cybersecurity-examination-initiative.pdf ]  (the “September Alert”) inside of eighteen months, heralding in a second round of cybersecurity sweeps and greater general examination focus.  Moreover, with […]

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