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 Securities and Exchange Commission ("SEC") plan to move forward with the Form CRS (ADV Part 3) deadline, advice on how to RIAs can handle the coronavirus disruption, and the incoming surge of Covid-19 cybersecurity threats.

As registered investment adviser ("RIA") firms transition to alternative workplace options in response to the Coronavirus pandemic, it’s important for RIA firms to be cautious of the overwhelming amount of email phishing attacks surfacing which exploit public fears about the virus and also attempt to take advantage of employees working from home. Presently, all businesses, and investment advisers in particular, are being targeted by a wide variety of email phishing attacks.

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") COVID-19 ("coronavirus") relief, increased cybersecurity risks, and compliance challenges related to remote work. 

During this time more than ever, registered investment advisors ("RIA") firms are being required to test their business continuity plans ("BCP") to see if they hold up not only for a one or two day disruption but for potentially months on end. In dealing with a global pandemic, advisors need not only address how their advisory business is being disrupted but also by extension how their clients, personnel, and suppliers/vendors are being impacted. 

In the registered investment adviser ("RIA") community, COVID-19 has raised more than public health concerns. With the number of states issuing stay-at-home orders to help slow the spread of coronoavirus, many investment advisory firms have shifted to a work from home model. Cloud-based software provides the ability to continue running a business in the event of an emergency by allowing access to critical company systems from any location, but working remote also creates a new set of considerations around issues like cybersecurity. With the switch to remote work, many RIA firms have seen a significant increase in attempted cyber criminal activity. 

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 growing cybersecurity threats amid the coronavirus COVID-19 outbreak, the Securities and Exchange Commission's ("SEC") postponing Form ADV submissions, and the importance of succession planning.

Increased safety precautions and guidelines around COVID-19 have catalyzed the adoption of remote conferencing and other cloud-based software for registered investment adviser ("RIA") firms to continue managing business operations from remote locations. As this may be a dramatic shift for many firms, ineffective use of videoconferencing and other cloud-based software may lead to operational challenges, employee disengagement, and decreased levels of productivity. To help RIA firms maintain connectivity during extended remote work periods, we are sharing how RIA in a Box uses Zoom, Slack, and LastPass to successfully stay connected company-wide with our entire team now working remotely. 

The U.S. Securities and Exchange Commission (SEC) announced that registered investment advisers ("RIAs") and exempt reporting advisers ("ERAs") impacted by the COVID-19 coronavirus with a traditional December fiscal year end date will have until May 14, 2020 (45 days after the original due date) to file Form ADV amendments, including the important annual updating amendment. The normal deadline for firms with a December fiscal year end to file the annual updating amendment is March 30, 2020.

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 impacts of the coronavirus ("COVID-19") on RIA firms, business continuity plans ("BCP"), and the latest in Financial Technology ("FinTech"). 

As many registered investment adviser ("RIA") firms consider and revisit their work from home and remote work policies, it is more important than ever to make sure that your firms has the proper systems and business continuity plan ("BCP") in place. Cloud-based software provides the ability to continue running a business in the event of an emergency by allowing access to critical company systems from any location. While we often think about most emergencies as only a day or two, often we don’t consider catastrophic interruptions that may last months. It is important to make sure your BCP addresses those situations. Some considerations when reviewing your BCP should include: (1) communication strategy; (2) regulatory considerations; (3) tech stack; and (4) cybersecurity. Here is a quick breakdown of what to think about in each of the four categories.