RIA Compliance and Practice Management Blog

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 Paycheck Protection Program ("PPP") reopening, advisor marketing practices, and the Securities' and Exchange Commission's ("SEC") Whistleblower Rules.

Here's our top investment adviser compliance articles for the week of January 8th, 2021:

Throughout the year, the Securities and Exchange Commission's ("SEC") Office of Compliance Inspections and Examinations ("OCIE") releases various risk alerts flagging compliance risks and concerns related to registered investment adviser ("RIA") firms Risk alerts are typically issued as a result of a large number of compliance deficiencies uncovered during regulatory examinations. To help keep you and your firm up-to-date, RIA in a Box releases blog posts summarizing risk alert announcements and rule changes as they occur.

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") new modernized marketing rule, tougher industry regulations expected in the new year, and Paycheck Protection Program ("PPP") loans.

Here's our top investment adviser compliance articles for the week of January 1st, 2021:

In 2020, we published over 100 blog posts on a variety of registered investment adviser ("RIA") practice management and regulatory compliance topics. Our most popular posts relate to practice management and regulatory topics including business continuity plans, examination priorities, the new Form CRS, and Form ADV filings. Over 2,000 RIA firms rely on us not only for regulatory compliance consulting support and software, but also for guidance on how to best grow and scale an advisory firm. 

On December 22, 2020, the Securities and Exchange Commission (“SEC”) finalized changes to the Investment Advisers Act of 1940 to adopt a modernized registered investment adviser ("RIA") marketing rule. The new rule creates a single rule to replace the current Advertising (Rule 206(4)-1) and Cash Solicitation (Rule 206(4)-3) rules. New related amendments to the Books and Records Rule (Rule 204-2) and Form ADV were also finalized. The Form ADV will now require RIA firms to provide additional information related to their marketing practices to assist the facilitation of the SEC’s examination and enforcement capabilities.

On December 16th, 2020, the Securities and Exchange Commission (“SEC”) Office of Compliance Inspections and Examinations (“OCIE”) released a new risk alert that discusses the results of recent examinations that focused on Rule 13h-1. This rule was adopted to help the SEC identify and obtain "information on market participants that conduct a substantial amount of trading activity, as measured by volume or market value, in national market system ("NMS") securities (such persons are referred to as "Large Traders")," the alert explains further. According to OCIE staff observations, many investment advisers were not in compliance with Rule 13h-1 due to lack of knowledge or not knowing the rule exists. The risk alert is meant to assist registered investment adviser ("RIA") firms and broker-dealers in "reviewing and enhancing their compliance programs with respect to their Large Trader obligations."

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 ("SEC") amendments to the advertising and marketing rules, the recent SEC's recent risk alert on non-compliance with Rule13h-1, and firms' adoption of digital tools throughout the past year.

Here's our top investment adviser compliance articles for the week of December 11th, 2020:

One of our company's longstanding commitments is investing time and resources to make the RIA in a Box MyRIACompliance^® platform the industry leading compliance technology offering for registered investment adviser ("RIA") firms. We put the client first by delivering innovative software and expert advice. Since 2005 we have taken pride in partnering with our clients to establish and support the highest quality registered investment adviser firms in the country.  At RIA in a Box, we release new MyRIACompliance^® software features and enhancements on a daily basis to meet the growing compliance challenges that investment advisers continue to confront.

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 Form CRS, the Securities and Exchange Commission's ("SEC") upcoming vote on modern advertising rules, and continuing education amendments. Here's our top investment adviser compliance articles for the week of December 4th, 2020:

On November 24, 2020, North American Securities Administration Association ("NASAA") members elected to adopt an investment adviser continuing education requirement with the goal of ensuring that advisors receive proper and updated training on the securities business relevant to their duties and obligations. The rule was originally proposed in February 2020 and was open to the public for comments until the middle of April. To seek further feedback, NASAA conducted a survey in September 2020 and requested comments regarding a proposed amendment in October 2020.

While many financial service professionals are subject to a continuing education requirement, investment advisers have not had such a requirement in the past. Meanwhile, investment advisers maintain an impactful role on the financial health of many individuals and households across the country. Concerned with this dynamic, NASAA sought data on the topic in 2017. Overwhelmingly, NASAA Members viewed an Investment Adviser Continuing Education ("IAR CE") as a necessity. With this in mind, NASAA designed a framework for such a requirement.