RIA Compliance and Practice Management Blog

RIA Compliance Insights from the 2018 NASAA Enforcement Report

Posted by RIA in a Box

Oct 16, 2018 11:08:00 AM

NASAA_Enforcement CasesOn October 10, 2018, the North American Securities Administrators Association ("NASAA") released its 2018 enforcement report which summarizes securities industry enforcement actions at the state level across the country. The report looks at actions take against broker dealer firms and individual registered representatives, registered investment adviser ("RIA") firms and individual adviser representatives, and unregistered firms and individuals. This most recent annual report details 4,790 investigations leading to 2,105 enforcement actions overall across 51 jurisdictions at the state level. While the report shows that more enforcement actions were taken against unregistered individuals and firms compared to registered broker dealer and RIA firms, there are still relevant insights for RIA firms to review in order to help improve their compliance programs.

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Topics: RIA Compliance

Top RIA Compliance News Articles for the Week of October 5, 2018

Posted by RIA in a Box

Oct 12, 2018 5:24:18 PM

NASAA RIA cyber security model rule

Each week we’re giving you our weekly report highlighting the top compliance news articles from various industry news publications. We have selected the most relevant and important news articles related to registered investment adviser ("RIA") compliance and regulatory issues. This week's recap focuses on increased number RIA enforcement actions in 2017, budget challenges with the Securities and Exchange Commission ("SEC") RIA examination program, and the benefits of financial planning.. Check back each week for the latest list of top stories.

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Topics: RIA Compliance

When does an RIA firm need to file a Form 13F with the SEC?

Posted by RIA in a Box

Oct 8, 2018 3:17:19 PM

Investment adviser 13F Edgar filing assistanceThe primary regulatory filing requirement for a registered investment adviser ("RIA") firm is the Form ADV. The Form ADV Part 1 and Part 2 is filed via the online Investment Adviser Registration Depository ("IARD") system. However, as we have previously discussed, some RIA firms may also need to submit additional filings such as the Section 13(d), 13(f), 13(g), 13(h), or Form 3,4, or 5. These additional filings are submitted to the Securities and Exchange Commission ("SEC") via the Electronic Data Gathering, Analysis, and Retrieval ("EDGAR") system. In this post, we highlight when an RIA firm may be required to submit a Form 13F filing to the SEC.
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Topics: RIA Compliance

Top RIA Compliance News Articles for the Week of September 28, 2018

Posted by RIA in a Box

Oct 5, 2018 3:11:36 PM

NASAA RIA cyber security model rule

Each week we’re giving you our weekly report highlighting the top compliance news articles from various industry news publications. We have selected the most relevant and important news articles related to registered investment adviser ("RIA") compliance and regulatory issues. This week's recap focuses on more new RIA firms being started, cybersecurity, and increased Securities and Exchange Commission ("SEC") examination focus around advisor rollover fees. Check back each week for the latest list of top stories.

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Topics: RIA Compliance

A Recap of the 2018 RIA in a Box Annual Company Gathering

Posted by RIA in a Box

Oct 4, 2018 1:48:56 PM

RIA in a Box company photoLast week, the entire RIA in a Box team gathered in Cleveland, Ohio for our annual company retreat. Each year we try to create an agenda filled with a myriad of team building activities, and this year was no exception. From go-karting to a contest to develop a new MyRIACompliance feature, we had a jam packed 48 hours.

To keep things interesting, this year we added a new twist to the agenda: our inaugural color wars competition. We divided the company into four teams: blue, green, red, and orange. Each team competed as a group against the other teams in a series of events. At RIA in a Box, we strongly encourage our employees to take an active role in local communities and to pursue personal interests outside of the office. As part of this initiative, each team competed to earn dollars which would be donated by RIA in a Box to a charity of their choice. Each team chose the following charities: Blue - St. Jude Children's Research Hospital, Green - Graffiti HeArt, Red - American Cancer Society, and Orange - Smile Train

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Topics: RIA Compliance, RIA Technology, RIA Operations

Top RIA Compliance News Articles for the Week of September 21, 2018

Posted by RIA in a Box

Sep 28, 2018 3:28:24 PM

NASAA RIA cyber security model rule

Each week we’re giving you our weekly report highlighting the top compliance news articles from various industry news publications. We have selected the most relevant and important news articles related to registered investment adviser ("RIA") compliance and regulatory issues. This week's recap focuses on the proposed cybersecurity model rule from the North American Securities Administrators Association ("NASAA"), a review of President Trump's deregulatory push, and the Securities and Exchange Commission's ("SEC") proposed Regulation Best Interest ("Reg BI"). Check back each week for the latest list of top stories.

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Topics: RIA Compliance

NASAA Releases Proposed RIA Information Security Model Rule

Posted by RIA in a Box

Sep 27, 2018 10:29:30 AM

NASAA Proposed RIA Cybersecurity RuleOn September 23, 2018, the North American Securities Administrators Association ("NASAA") released a request for public comment regarding a proposed registered investment adviser ("RIA") model rule related to information security and privacy. There are three key elements of the new proposed rule: 1) a requirement to adopt policies and procedures related to information security, 2) a requirement to deliver the firm's privacy policy to clients annually, and 3) including the failure to establish, maintain, and enforce information security policies and procedures to the enumerated list of unethical business practices. Comments on the proposed rule are due on or before November 26, 2018. 

This public comment period is a great opportunity for individual RIA firms to help shape future legislation. This effort allows RIA firms to help steer the industry away from being required to follow a rule they feel is onerous or overly financially burdensome. As RIA compliance consultants, we believe this is an exceptional opportunity for the over 17,000 state-registered investment advisory firms to take an active role in future investment adviser regulation

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Topics: RIA Compliance, RIA Technology, RIA Operations

Top RIA Compliance News Articles for the Week of September 14, 2018

Posted by RIA in a Box

Sep 21, 2018 5:03:28 PM

number of broker dealer firms continues to decline

Each week we’re giving you our weekly report highlighting the top compliance news articles from various industry news publications. We have selected the most relevant and important news articles related to registered investment adviser ("RIA") compliance and regulatory issues. This week's recap focuses on social media cybersecurity, the Securities and Exchange Commission's ("SEC") proposed Regulation Best Interest ("Reg BI"), and potential scams in the wake of Hurricane Florence. Check back each week for the latest list of top stories.

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Topics: RIA Compliance

Number of RIA Firms Grew By 20% while Broker Dealer Firms Declined By 24% from 2008 to 2017

Posted by RIA in a Box

Sep 18, 2018 10:52:26 AM

Number of broker-dealer firms continues to decline each yearRecently, the Financial Industry Regulatory Authority ("FINRA") published its first annual industry snapshot which contains insightful data ranging from the total number of FINRA-registered representatives to the most common types of marketing materials submitted by FINRA-registered broker-dealer ("BD") firms. In addition, the detailed report discloses the total number of broker dealer and registered investment adviser ("RIA") firms from 2008 to the end of 2017. In this blog post, we analyze the total number of firms highlighted in this report combined with other publicly available data on the number of RIA firms registered historically with the Securities and Exchange Commission ("SEC") to understand the relative growth in the number of broker-dealer firms compared to state and SEC-registered RIA firms over the past ten years.

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Topics: RIA Operations, RIA Compliance

Top RIA Compliance News Articles for the Week of September 7, 2018

Posted by RIA in a Box

Sep 14, 2018 3:07:42 PM

number of broker dealer firms continues to decline

Each week we’re giving you our weekly report highlighting the top compliance news articles from various industry news publications. We have selected the most relevant and important news articles related to registered investment adviser ("RIA") compliance and regulatory issues. This week's recap focuses on business continuity plans, proposed Regulation Best Interest ("Reg BI"), and three types of succession strategies. Check back each week for the latest list of top stories.

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Topics: RIA Compliance

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