Preparing for the 2016 Annual Review

An adviser’s risk assessment should reflect changes to the firm, changes to the regulatory environment, and the results of the testing for the previous year. As the New Year approaches, it is important to keep in mind the hot topics … Read More ›

Simons Says: 2015 Year-End Review

2015 has been a very interesting year for Compliance folks.  Some of the topics receiving big play this past year included: The Department of Labor’s Fiduciary Rule; The SEC’s emphasis on cybersecurity; Financial Crimes Enforcement Network (“FinCEN”) proposed AML Rule … Read More ›

Write the Best Compliance Manual Ever!

Jaqueline M. Hummel, IACCP®, AIFA® Managing Director, Hardin Compliance Consulting December 23, 2015   Cover the Basics An adviser’s compliance manual should cover the ten areas recommended in the SEC’s final release of the Compliance Program Rule.[6] These include policies … Read More ›

Changes to SEC Compliance Reporting Requirements for 2016!!

Privacy Notice… No Changes? No Need to Send! Recently, the President signed into law the “highway bill.” Within it, “Title LXXV – Eliminate Privacy Notice Confusion” states: “SEC. 75001. EXCEPTION TO ANNUAL PRIVACY NOTICE REQUIREMENT UNDER THE GRAMM-LEACH-BLILEY ACT. Section … Read More ›

Required Third-Party Reviews?! At What Cost?

On October 23, 2015, David Grim, the Director of the SEC’s Division of Investment Management, appeared before a subcommittee of the House Financial Services Committee.  A comment he made, which prompted the writing of this article was, “Division staff, working … Read More ›

Simons Says: The Role of the CCO, Version 3.0

On October 14, 2015, Buddy Donohue, a former Director of the SEC’s Division of Investment Management (the SEC Office that develops Rules for Investment Advisers and Investment Companies), and currently the SEC’s Chief of Staff (the senior adviser to Chair … Read More ›

Improving Compliance Adoption

  Historically, Focus 1’s compliance training efforts were centered on an adviser and its CCO’s responsibility of designing and implementing an effective compliance program. As per the Compliance Rule, “An adviser’s chief compliance officer should be competent and knowledgeable regarding … Read More ›

OCIE’s 2015 Cybersecurity Examination Initiative

In April 2014, OCIE announced that it would conduct examinations to identify cybersecurity risks and assess cybersecurity in our industry. In February 2015, OCIE gave us the findings of these examinations, including some of the legal, regulatory, and compliance issues … Read More ›

First-Ever Cybersecurity Enforcement Action!

On September 22, 2015 the SEC charged a St. Louis-based investment adviser with failing to establish proper policies and procedures to safeguard personally identifiable information in advance of a breach. The Firm utilized a web server to house its client … Read More ›