The SDDco Client Update
The SDDco Client Update is an action oriented email prepared in-house, tailored to client needs, and sent as an adjunct to our online newsletter. Verified newsletter subscribers receive our Client Update once each month.
The SDDco Client Update is intended to provide general information only. It is not intended as, and should not be taken as, financial, tax, accounting, legal, consulting or any other type of advice specific to you or your firm. Users of the SDDco Client Update should not act or refrain from acting on the basis of information provided on the sddco.com website. Always check with your accountant and/or attorney.
10% owners of foreign businesses are subject to new reporting that was originally due May 29 or June 30, 2015, as required. Of note: the filing deadline for all new filers has been extended to June 30, 2015. If you have not already fulfilled this new obligation, read and act on the info provided below. To identify ownership
The SEC proposed new reporting amendments that would require investment advisers to disclose annually on Form ADV deeper information on the derivatives use in separately managed accounts (“SMAs”)—as they must currently do for pooled investment accounts—and more info on their social media practices and branch offices operations. The proposal also presented changes to the books
A report published in December 2014, following a retrospective review by FINRA of its broker-dealer communications with the public rules, recommended some updates to both FINRA rules and guidance on advertising. As a first step, FINRA has proposed amendments to ease rule requirements under FINRA Rule 2210 (Communications with the Public), FINRA Rule 2213 (Requirements
The National Futures Association (“NFA”) reminds all registered firms to review the contact info on registration docs stored in NFA’s Online Registration System (“ORS”). On an annual basis, firms must review their ORS registration records to: Update any outdated or incorrect information Certify that all info is complete and accurate: confirm addresses, telephone numbers, and email
Effective immediately, fresh revisions to FINRA’s Sanction Guidelines, hike the recommended penalties for areas of broker-dealer misconduct. The updated guidelines—penned by FINRA’s National Adjudicatory Council (“NAC”) committee—prescribe stronger sanctions against those who commit intentional fraud, distort the facts, or make unsuitable recommendations to customers. The new guidelines also amend the overarching principles applied to determining
The National Senior Initiative Report (“Senior Report”) recently issued by the SEC and FINRA, helps broker-dealers in “assessing, crafting, or refining their policies and procedures related to senior investors as they prepare for and enter into retirement.” The Senior Report discusses the observations and practices identified during 44 broker-dealer examinations conducted by the SEC’s Office
Online and on phone, investors can easily access automated, financial planning tools (online calculators), portfolio selection or asset optimization services (recs on allocating 401(k) or brokerage account), and investment management programs (robo-advisors.) Such automated and algorithm-based tools offer investors a low cost investment management solution in a fashion appealing to a click and swipe culture;
Servicing professionals understand the various client care standards that apply to securities advisers and brokers. So should you. Know what conduct to expect from an investment adviser, a retirement plan adviser, a broker-dealer, and a financial planner. Investment Advisers and their Fiduciary Duty “Fiducia” in Latin means trust. Investment advisers are bound by a fiduciary
Last week, the SEC voted to propose new rules that would require a non-U.S. company using U.S. personnel to facilitate a security-based swap transaction in the U.S. to include that transaction in determining whether to register as a U.S. security-based swap (“SBS”) dealer. SEC Chair Mary Jo White said, “The rules will help ensure that
Cyber pirates, initially known for copyright infringement, also attack and plunder for both profit and fun. As such, investment accounts are enticing targets. Last week, the SEC released guidance related to the cybersecurity of registered investment companies (“RICs” or “funds”) and registered investment advisers (“RIAs” or “advisers”). Guidance put forth by the Division of Investment Management (“Division”)