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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2022-08-03T18:50:00
SEC staff in a bulletin issued Tuesday said adhering to the Investment Advisers Act and Reg BI regarding conflicts of interest is neither a “check-the-box” or “set it and forget it” exercise but instead a “robust, ongoing process that is tailored to each conflict.”
SEC staff in a bulletin issued Tuesday said adhering to the Investment Advisers Act and Reg BI regarding conflicts of interest is neither a “check-the-box” or “set it and forget it” exercise but instead a “robust, ongoing process that is tailored to each conflict.”
“All broker-dealers, investment advisers, and financial professionals have at least some conflicts of interest with their retail investors,” the staff said in the bulletin. “Specifically, they have an economic incentive to recommend products, services, or account types that provide more revenue or other benefits for the firm or its financial professionals, even if such recommendations or advice are not in the best interest of the retail investor. This can create substantial conflicts of interest for both firms and financial professionals.”
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News and analysis for the well-informed compliance or audit exec.
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2023-04-21T17:46:00Z By Kyle Brasseur
Staff at the Securities and Exchange Commission issued a bulletin addressing standards of conduct for broker-dealers and investment advisers in addressing their care obligations under Regulation Best Interest and the Investment Advisers Act.
2023-01-31T20:04:00Z By Aaron Nicodemus
The Securities and Exchange Commission issued a risk alert listing deficiencies its examiners found in broker-dealers’ compliance with Regulation Best Interest.
2022-06-16T21:15:00Z By Aaron Nicodemus
Western International Securities and five of its brokers have been charged by the Securities and Exchange Commission with violating Regulation Best Interest when they sold high-risk debt securities to investors who weren’t aware of the risks.
2024-07-24T15:50:00Z By Aaron Nicodemus
Financial institutions holding Russian sovereign assets that have not reported them to the Treasury Department’s Office of Foreign Assets Control are now required to do so by Aug. 2.
2024-07-23T12:29:00Z By Ruth Prickett
Compliance officers should take note of proposed laws in the U.K. with the newly elected Labor government setting the legislative agenda in the King’s Speech last week, promising consultations on enhanced employee rights and a higher minimum wage.
2024-07-22T15:50:00Z By Aaron Nicodemus
Four federal banking regulators have joined the Treasury Department’s Financial Crimes Enforcement Network in issuing a notice of proposed rulemaking that would require financial institutions to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs.
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