RIA Compliance and Practice Management Blog

How Small RIA Firms Can Benefit from RIA Compliance Software

Posted by RIA in a Box

Jun 1, 2020 10:45:00 AM

compliance software for small RIA firms

As RIA compliance consultants, we regularly talk to thousands of current and prospective registered investment adviser ("RIA") firms about their business model, needs, and future business plans. Some of these conversations center around a growth plan to expand their business while others are focused on helping an advisor protect the practice they have built after years of hard work. Many times these conversations revolve around the compliance responsibilities an advisory firm will face based on the firm's size, business model, and the current states it conducts business in which it is registered or notice filed.

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Topics: RIA Compliance

Top RIA Compliance News Articles for the Week of May 22nd, 2020

Posted by RIA in a Box

May 29, 2020 3:09:23 PM

Top_Compliance_Articles_of_the_week-17Each 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 benefits of compliance software, the importance of business continuity planning, and how Paycheck Protection Program ("PPP") loans could potentially complicate business for the wealth management industry in the long run.

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Topics: RIA Operations, RIA Compliance, RIA Technology

The Oklahoma Securities Commission Announces Form CRS Requirement

Posted by RIA in a Box

May 26, 2020 5:10:12 PM

Oklahoma Securities Commission Form CRS ADV Part 3

Earlier this month. the Oklahoma Securities Commission announced they will require Oklahoma-registered investment advisers ("RIAs") to follow the Securities and Exchange Commission's ("SEC") Form CRS filing requirements. According the Oklahoma Securities Commission, "Pursuant to Section 1-406 of the Oklahoma Uniform Securities Act of 2004 ('OUSA') and 660:11-7-11 and 660:11-7-20 of the Rules of the Oklahoma Securities Commission and the Administrator of the Department of Securities ('Rules'), entities registering or registered as investment advisers under the Act must file the Form CRS Relationship Summary as a part of the Form ADV filing requirement. The SEC has mandated that investment advisers registered federally must file before June 30, 2020. Oklahoma-registered investment advisers should meet this same deadline."

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Topics: RIA Operations, RIA Compliance, RIA Technology

Top RIA Compliance News Articles for the Week of May 15th, 2020

Posted by RIA in a Box

May 22, 2020 2:34:09 PM

Top_Compliance_Articles_of_the_week-17Each 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") plans for remote work and Form CRS exams, compliance solutions for Chief Compliance Officers ("CCOs"), and how advisors can use video.

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Topics: RIA Operations, RIA Compliance, RIA Technology

After Creating the Form CRS: Key RIA Compliance Program Considerations

Posted by RIA in a Box

May 20, 2020 9:15:00 AM

RIA Complinace Program Form CRS changesMany of our previous blog posts covering the new Form CRS ("ADV Part 3") requirement for registered investment adviser ("RIA") firms have focused on the key considerations when creating the new Form CRS including the five required items. However, as the risk alert issued on April 7, 2020 by the Securities and Exchange Commission ("SEC") Office of Compliance Inspections and Examinations ("OCIE") highlights, drafting the new Form CRS is only the initial step of the new regulatory requirement. SEC-registered RIA firms that serve retail investors which are subject to this new regulatory requirement also need to focus on the filing, posting, and delivery of the new Form CRS as well as new bookkeeping requirements that may require advisory firms to make significant changes to their compliance programs. 

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Topics: RIA Operations, RIA Compliance

Top RIA Compliance News Articles for the Week of May 8th, 2020

Posted by RIA in a Box

May 15, 2020 3:32:58 PM

Top_Compliance_Articles_of_the_week-17Each 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") issuing a sweep of public companies who have applied for or received a Paycheck Protection Program ("PPP") loan, the Financial Industry Regulatory Authority's ("FINRA") lack of guidance on branch examinations during COVID-19, and the steps to take to create a succession plan. 

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Topics: RIA Operations, RIA Compliance, RIA Technology

RIA Books and Records Requirement: Financial Statements

Posted by RIA in a Box

May 11, 2020 9:16:48 AM

RIA financial statement regulatory requirements Registered investment adviser ("RIA") firms of every size are required to keep true, accurate, and current books and records related to financials. This is a requirement of both firms who are registered with the Securities and Exchange Commission ("SEC") and state-registered firms. The Chief Compliance Officers ("CCO") needs to understand the financial requirements its firm held to and avoid compliance deficiencies related to financials by following regulatory guidelines, best practices, and keeping required financial records where necessary. 

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Topics: RIA Operations, RIA Compliance

Top RIA Compliance News Articles for the Week of May 1st, 2020

Posted by RIA in a Box

May 8, 2020 3:38:42 PM

Top_Compliance_Articles_of_the_week-17Each 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") recent guidance on Paycheck Protection Program ("PPP") loans, Regulation Best Interest ("Reg BI") implementation deadline, and the Financial Industry Regulatory Authority's ("FINRA") and the North American Securities Administrators Association's ("NASAA") online test-taking service. 

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Topics: RIA Operations, RIA Compliance, RIA Technology

RIA Compliance Considerations for Paycheck Protection Program Loans

Posted by RIA in a Box

May 4, 2020 8:48:59 AM

RIA PPP Loan DisclosureWith the advent of the CARES Act in response to the Coronavirus Disease 2019 (COVID 19), businesses throughout the United States are trying to figure out how to react in a number of ways, particularly financially. Part of that equation for a small business, including a registered investment advisers (RIA) firm, is determining whether to apply for the Paycheck Protection Program (PPP) established by the U.S. Small Business Administration.

In order to obtain a loan under the PPP, an eligible small business must (among meeting other requirements) certify on the application that “[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations” of the firm. This requirement has left many investment advisers wondering if this threshold – “necessary to support the ongoing operations”– means that the RIA firm must make a disclosure regarding its financial situation to its clients.

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Topics: RIA Operations, RIA Compliance

Top RIA Compliance News Articles for the Week of April 24th, 2020

Posted by RIA in a Box

May 1, 2020 3:38:56 PM

Top_Compliance_Articles_of_the_week-17Each 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 focus on the recent release of the North American Securities Administrators Association's ("NASAA") annual report, a rise in cybersecurity deficiencies, and the Securities and Exchange Commission's ("SEC") guidance for advisors on disclosing PPP loans on their Form ADV. 

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Topics: RIA Operations, RIA Compliance, RIA Technology

RIA in a Box LLC is not a law firm, investment advisory firm, or CPA firm. RIA in a Box LLC does not provide legal advice or opinions to any party or client. You should always consult your relevant regulatory authorities or legal counsel if applicable.

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