Resources/ Updates - February 2017

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.

Feb26

Clarity on Custody for Investment Advisers in SLOAs

Staff of the Investment Management Division of the SEC (“IM staff”) clarified in a reply to the Investment Adviser Association (IAA) on February 21, 2017, that an investment advisor is considered to have regulatory custody of client assets when the client gives authority—even limited authority—to transfer assets to a designated third party. IAA assistant general

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Feb24

A Double Dose of Robo-Adviser Guidance

Robo-advisers represent a fast-growing trend within the investment advisory industry. Two new informational bulletins shed light on the expectations and obligations of this fintech investment vehicle for providers and users. IM Guidance Update A Securities and Exchange Commission (SEC) bulletin addresses the obligations of robo-adviser professionals—registered investment advisers giving investors algorithm-generated portfolio advice directly to

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Feb21

SEC & NYU Host Crowdfunding Dialogue Feb. 28th

Note: the event video of the February 28th seminar will be posted soon. The U.S. Securities and Exchange Commission (SEC) and New York University (NYU) will host a free crowdfunding symposium on Tuesday, February 28, 2017, to discuss securities crowdfunding and market regulations. Evert location is SEC headquarters, 100 F Street, NE in Washington, D.C. A

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Feb19

MSRB Plans to Update Municipal Dealer and Advisor Advertising Reqs

The Municipal Securities Rulemaking Board (MSRB) seeks comment on its plan to update municipal securities dealer advertising rule and create similar advertising standards for municipal advisors. The MSRB solicits feedback on draft amendments to MSRB Rule G-21, on advertising, and on new draft MSRB Rule G-40, on advertising by municipal advisors. Draft amendments to Rule

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Feb16

SEC Approves Certain BD Retail Mark-Up/Mark-Down Disclosures

The SEC approved amendments to FINRA Rule 2232 (Customer Confirmations) that will require member firms to disclose additional transaction-related info to retail customers for trades in certain fixed income securities. Effective May 14, 2018, amended Rule 2232 will require broker-dealer members to: Disclose the amount of mark-up or mark-down it applies to trades with retail

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Feb16

FINRA Wants Feedback on Rule Exception for Projected Perfomance

FINRA wants feedback on proposed amendments to its Communications with the Public Rule that would create an exception to its prohibition on projecting performance. If approved, changes to Rule 2210 would enable broker-dealers (“firms”) to distribute projected performance info to investors via a “customized hypothetical investment planning illustration that includes the projected performance of an

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Feb09

FINRA Podcasts in January 2017 ~ for Broker-Dealers

FINRA issued three broker-dealer podcasts in 2017: (1)  Understand what FINRA staff looks for when assessing a firm’s risk. A Few Minutes With FINRA: Nine Risks That Inform FINRA’s Examination and Surveillance Program (2)  Revisit the latest FINRA notices, compliance resources, and news from January 2017. FINRA’s Monthly Podcast ~ January 2017 (3)  Learn about

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Feb09

SEC Reveals Top 5 Compliance Issues in Adviser Exams

OCIE, the Office of Compliance Inspections and Examinations, published a Risk Alert covering common compliance issues identified in deficiency letters following an investment adviser examination.  The top five compliance topics addressed in this Risk Alert are deficiencies or weaknesses involving: (1) Compliance Rule; (2) Regulatory Filings; (3) Custody Rule; (4) Code of Ethics Rule; and

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Feb08

SEC Annual Report Filing ~ Simplified for Broker-Dealers

The SEC staff issued a no-action letter on January 27, 2017, to update and simplify for broker-dealers the electronic filing process of certain annual reports via the Electronic Data Gathering, Analysis and Retrieval (EDGAR) system.  This no action letter replaces a 2015 no-action letter enabling broker-dealers and OTC derivative dealers to continue to file required annual

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