RIA Compliance and Practice Management Blog

SEC Requests Comment on Potential RIA Personnel Licensing and CE Requirements

Posted by RIA in a Box

Apr 23, 2018 7:41:58 AM

Continuing Education Requirements for Investment AdvisersOn April 18, 2018 the Securities and Exchange Commission ("SEC") released a new request for comment for potential new "licensing and continuing education requirements for personnel of SEC-registered investment advisers." This request for comment comes in tandem with a new rule proposal that would introduce a new Form ADV Part 3 known as the Form CRS and additional requests for comment relating to "delivery of account statements to clients with investment advisory accounts; and financial responsibility requirements for SEC-registered investment advisers, including fidelity bonds." 

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Topics: RIA Operations, RIA Compliance

Top RIA Compliance News Articles for the Week of April 13, 2018

Posted by RIA in a Box

Apr 20, 2018 4:05:22 PM

SEC best interest standard broker dealer rule proposal for RIA firms

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 a series of new Securities and Exchange Commissions ("SEC") rule proposals that would impact broker dealers and RIA firms. Check back each week for the latest list of top stories.

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Topics: RIA Compliance

SEC Proposes a new RIA Form ADV Part 3 Requirement: the Form CRS

Posted by RIA in a Box

Apr 18, 2018 11:29:55 PM

RIA Form CRS Disclosure RequirementToday, the Securities and Exchange Commission ("SEC") released a new rule proposal that includes a new requirement for registered investment adviser ("RIA") firms to provide a brief relationship summary to retail investors known as the Form CRS. In particular, the new proposed Form CRS would require RIA firms to inform retail investors about the type of relationship and services, fiduciary status, fees and costs, comparison to services available from a broker-dealer, conflicts of interest, disciplinary information, SEC contact information, and "key questions to ask." The new proposed Form ADV Part 3 would be in addition to the currently required Form ADV Part 1 and Part 2 Brochure. 

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Topics: RIA Operations, RIA Compliance

SEC Risk Alert Identifies Most Common RIA Fee Billing Compliance Issues

Posted by RIA in a Box

Apr 17, 2018 9:40:31 AM

April 2018 SEC RIA Risk Alert: fee billing issuesOn April 12, 2018, the Securities and Exchange Commission ("SEC") Office of Compliance Inspections and Examinations ("OCIE") released a new National Exam Program Risk Alert listing the most commonly found registered investment adviser ("RIA") advisory fee and expense compliance issues in recent regulatory examination deficiency letters. SEC OCIE staff notes, "advisers should review their practices, policies, and procedures to ensure compliance with their advisory agreements and representations to clients in light of the fee and expense issues noted in this Risk Alert." In particular, this risk alert focuses on deficiency letters issued over the past two years while conducting over 1,500 investment adviser examinations and follows a February 8, 2017 SEC risk alert highlighting the most common RIA audit deficiencies unrelated to advisory fees and expenses.

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Topics: RIA Operations, RIA Compliance, RIA Technology

Top RIA Compliance News Articles for the Week of April 6, 2018

Posted by RIA in a Box

Apr 13, 2018 4:52:47 PM

solo advisor RIA compliance

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 Department of Labor ("DOL") fiduciary rule, the Securities and Exchange Commissions ("SEC") potential three new standard of conduct recommendations, and the SEC's risk alert on the most common advisory fee billing issues. Check back each week for the latest list of top stories.

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Topics: RIA Compliance

Top 2017 NASAA RIA Compliance Deficiencies: Brochure Delivery

Posted by RIA in a Box

Apr 11, 2018 6:21:49 PM

Form ADV narrative brochure delivery compliance deficiencies

Last October, the North American Securities Administrators Association ("NASAA") released its 2017 Investment Adviser Coordinated Examinations Report. The biannual report is a must read for registered investment adviser ("RIA") firms. We recommend that the Chief Compliance Officer ("CCO") of all investment advisory firms review the regulatory exam summary report to determine if any compliance changes need to be implemented at their firm.

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Topics: RIA Compliance

Top RIA Compliance News Articles for the Week of March 30, 2018

Posted by RIA in a Box

Apr 6, 2018 4:07:54 PM

solo advisor RIA compliance

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 Department of Labor ("DOL") fiduciary rule, the CFP Boards potential revision of the their fiduciary standard, and wirehouse advisors going independent. Check back each week for the latest list of top stories.

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Topics: RIA Compliance

Top 2017 NASAA RIA Compliance Deficiencies: Supervision

Posted by RIA in a Box

Apr 3, 2018 8:31:57 PM

2017 state investment adviser compliance supervision deficiencies

Last October, the North American Securities Administrators Association ("NASAA") released its 2017 Investment Adviser Coordinated Examinations Report. The biannual report is a must read for registered investment adviser ("RIA") firms. We recommend that the Chief Compliance Officer ("CCO") of all investment advisory firms review the regulatory exam summary report to determine if any compliance changes need to be implemented at their firm.

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Topics: RIA Compliance

Top RIA Compliance News Articles for the Week of March 23, 2018

Posted by RIA in a Box

Mar 30, 2018 12:48:05 PM

solo advisor RIA compliance

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 Department of Labor ("DOL") fiduciary rule, the current and future solo advisor "golden age", and proper fee disclosures. Check back each week for the latest list of top stories.

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Topics: RIA Compliance

Top 2017 NASAA RIA Compliance Deficiencies: Cybersecurity

Posted by RIA in a Box

Mar 27, 2018 2:29:24 PM

top information security ria compliance deficiencies

Last October, the North American Securities Administrators Association ("NASAA") released its 2017 Investment Adviser Coordinated Examinations Report. The biannual report is a must read for registered investment adviser ("RIA") firms. As RIA compliance consultants, we recommend that the Chief Compliance Officer ("CCO") of all investment advisory firms review the regulatory exam summary report to determine if any compliance changes need to be implemented at their firm.

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Topics: RIA Compliance

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