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Top RIA Compliance News Articles for the Week of March 1, 2019

Posted by RIA in a Box

Mar 8, 2019 11:37:31 AM

TruClarity start an RIA office space

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 Securities and Exchange Commission's ("SEC") examination program and forthcoming guidance, the SEC's Regulation Best Interest ("Reg BI") rule, and why RIAs should expect examiners to scrutinize fees. Check back each week for the latest list of top stories.

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Topics: RIA Compliance

How RIA Firms Can Protect Against Social Engineering Cyber Attacks

Posted by RIA in a Box

Mar 5, 2019 10:08:28 AM

RIA Cybersecurity social engineering hack

Sophisticated bad actors looking to gain access to a registered investment adviser ("RIA") firm’s sensitive and non-public information may look to target the firm's individual staff members directly via a cyber attack method called social engineering. In this type of targeted attack, cyber criminals will research an individual staff member online looking for publicly available information that may help them answer the individual's personal security questions, decipher their usernames and passwords, or launch an email phishing attack specifically targeted at that individual based on what information has been discovered. If an RIA firm staff member is not careful, a hacker may be able to find his or her high school mascot, mother’s maiden name, date of birth, childhood street address, place of birth, children’s school, dog’s name, or even best friend’s name. This becomes a lot easier when an individual does not make a concerted effort to protect their own personal information online.

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Topics: RIA Operations, RIA Compliance, RIA Technology

Top RIA Compliance News Articles for the Week of February 22, 2019

Posted by RIA in a Box

Mar 1, 2019 3:23:05 PM

TruClarity start an RIA office space

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 Securities and Exchange Commission's ("SEC") Regulation Best Interest ("Reg BI") rule, brewing state fiduciary-related legislation, and the possible secession of local Financial Planning Association ("FPA") chapters across the country. Check back each week for the latest list of top stories.

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Topics: RIA Compliance

SEC RIA Regulatory Enforcement Focus: Cybersecurity

Posted by RIA in a Box

Feb 25, 2019 10:20:00 AM

SEC RIA Regulatory Enforcement Area Focus CybersecurityOn September 26, 2018, the Securities and Exchange Commission ("SEC") Division of Enforcement announced that it settled claims with a registered investment adviser ("RIA") firm that "agreed to pay $1 million to settle charges related to its failures in cybersecurity policies and procedures surrounding a cyber intrusion that compromised personal information of thousands of customers." In particular, the SEC charged the advisory firm with "violating the Safeguards Rule and the Identity Theft Red Flags Rule, which are designed to protect confidential customer information and protect customers from the risk of identity theft." This recent enforcement action is of particular note as it was the first SEC enforcement action to charge a firm with violations of the Identity Theft Red Flags Rule.

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Topics: RIA Operations, RIA Compliance

Top RIA Compliance News Articles for the Week of February 15, 2019

Posted by RIA in a Box

Feb 22, 2019 3:28:58 PM

TruClarity start an RIA office space

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 cybersecurity, regulatory exams for dual registrants, choosing office space when starting an RIA firm, and advisory fees. Check back each week for the latest list of top stories.

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Topics: RIA Compliance

Nebraska Releases Registered Investment Adviser Cybersecurity Report

Posted by RIA in a Box

Feb 20, 2019 9:22:53 AM

Cybersecurity Report for RIA FirmsRecently, the Nebraska Department of Banking and Finance ("NDBF") released the results of its 2018 Cybersecurity Survey of Registered Investment Adviser ("RIA") firms registered with the state of Nebraska. The NDBF notes, "that Nebraska advisers were taking steps to address cybersecurity threats, but that firms also could improve their practices. The survey focused on several cybersecurity issues, including devices, Wi-Fi access, passwords and encryption, and anti-virus/anti-malware protections." While this report is focused on information security issues for state-registered firms in Nebraska, we believe the insights are highly relevant to all state and federally-registered investment advisory firms across the country. As RIA compliance consultants, we recommend that the Chief Compliance Officer ("CCO") of all investment advisory firms review Nebraska's cybersecurity report to determine if any information security-related compliance changes need to be implemented at their firm.
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Topics: RIA Operations, RIA Compliance, RIA Technology

Top RIA Compliance News Articles for the Week of February 8, 2019

Posted by RIA in a Box

Feb 15, 2019 3:03:54 PM

joel bruckenstein cybersecurity

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 cybersecurity, the Securities and Exchange Commission's ("SEC'") Regulation Best Interest Proposal ("Reg BI"), and RIA custody rules. Check back each week for the latest list of top stories.

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Topics: RIA Compliance

The 3 RIA Cybersecurity Elements: People, Technology, and Vendors

Posted by RIA in a Box

Feb 11, 2019 3:18:57 PM

RIA Cybersecurity TechnologySince 2015, the U.S. Securities and Exchange Commission ("SEC") Office of Compliance Inspections and Examinations ("OCIE") has specifically listed cybersecurity as a registered investment adviser ("RIA") annual examination priority. Most recently, the SEC once again highlighted cybersecurity as a regulatory examination priority for 2019. In particular, the SEC OCIE staff noted, "Specific to investment advisers, SEC OCIE will… continue to focus on, among other areas, governance and risk assessment, access rights and controls, data loss prevention, vendor management, training, and incident response.” These six areas of focus for information security were first enumerated in a September 15, 2015 SEC RIA risk alert and have remain unchanged since.

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Topics: RIA Operations, RIA Compliance, RIA Technology

Top RIA Compliance News Articles for the Week of February 1, 2019

Posted by RIA in a Box

Feb 8, 2019 3:04:20 PM

sec 2019 RIA audit priorities

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 cybersecurity, the Securities and Exchange Commission's ("SEC'") Regulation Best Interest Proposal ("Reg BI"), and advisor fee strategies. Check back each week for the latest list of top stories.

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Topics: RIA Compliance

RIA Firms Need to Review these 4 SEC Risk Alerts from 2018

Posted by RIA in a Box

Feb 5, 2019 9:15:00 AM

2018 Top SEC RIA Risk AlertsIn 2018, the U.S. Securities and Exchange Commission ("SEC") Office of Compliance Inspections and Examinations ("OCIE") issued a series of registered investment adviser ("RIA") risk alerts. There are four particular risk alerts that are most relevant to traditional retail wealth management investments advisers: fee billing, best execution, cash solicitation, and electronic messaging. Risk alerts are generally issued based upon SEC OCIE staff observations and are designed to help RIA firms better "(i) assess their supervisory, compliance, and/or other risk management systems related to these risks, and (ii) make any changes, as may be appropriate, to address or strengthen such systems." 

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Topics: RIA Compliance

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