Follow Up: Proposed Standards of Conduct for BDs and IAs

First, an update on the proposed Standards of Conduct for Broker-Dealers and Investment Advisers. Several thousand comments were received by the announced end of the comment period, and the SEC’s website is reflecting comments received after the comment period closed. … Read More ›

Focus Perspective: National Exam Program Risk Alerts

On July 11, 2018, the SEC’s Office of Compliance and Examinations (“OCIE”) issued the third Risk Alert for the 2018 fiscal year, “Compliance Issues Related to Best Execution by Investment Advisers,” following “Overview of the Most Frequent Advisory Fee and … Read More ›

The SEC’s Four-Year Goals

On June 19, 2018, the SEC published a draft strategic plan for comment that outlined the Commission’s goals for the next four fiscal years, 2018 through 2022, and asked the public for comments on those goals. The core principles that … Read More ›

Focus Perspective: SEC’s Proposed Fiduciary Rule

Last month we talked about the SEC’s proposed Fiduciary Rule (as compared to the DOL’s proposed Fiduciary Rule), but since the proposals do not place a fiduciary obligation on the broker-dealer, I like SEC Commissioner Hester Peirce’s reference to a … Read More ›

SEC Risk Alert: Regarding Fee and Expense Issues

  Most Frequent Advisory Fee and Expense Compliance Issues Identified in Examinations of Investment Advisers The Office of Compliance Inspections and Examinations (“OCIE”) of the U.S. Securities and Exchange Commission’s National Exam Program issued a Risk Alert on April 12, … Read More ›

Simons Says: Is the DOL Fiduciary Rule Dead?

Timothy M. Simons, CFA, CIPM, CSCP Member Focus 1 Associates LLC March 28, 2018   Is the DOL Fiduciary Rule Dead? The correct answer is, “pretty much.” On March 15, 2018, the Fifth Circuit Court of Appeals, vacated (that means … Read More ›

Focus Perspective: 2018 Examination Priorities!

  Our Perspective: We are glad that OCIE has identified their examination priorities for FY 2018, but somewhat disappointed that there is so little change from prior years. Cryptocurrency, ICOs, and Blockchain are fairly new, but the market is still … Read More ›