Dec 12, 2018 | News

SEC and FINRA: RIAs and Broker Dealer Updates

By Any Other Name: Those registered investment advisors who thought the Fiduciary Rule was dead should think again. The Department of Labor’s so-called Fiduciary Rule having died earlier this year is making a comeback in a different version. But more importantly are the SEC’s advice standards, which include Reg. BI and Customer Relationship Summary.

Also, here’s more information for IAs on best execution rules

Other SEC final rules include 17 CFR Parts 240 and 242, which requires “a broker-dealer, upon request of its customer, to provide specific disclosures related to the routing and execution of the customer’s NMS stock orders submitted on a not held basis for the prior six months, subject to two de minimis exceptions. The Commission also is amending the current order routing disclosures that broker-dealers must make publicly available on a quarterly basis to pertain to NMS stock orders submitted on a held basis, and the Commission is making targeted enhancements to these public disclosures. In connection with these new requirements, the Commission is amending Regulation NMS to include certain newly defined and redefined terms that are used in the amendments.”

Bitcoin et al: And what about cryptocurrency regulation? It’s all over the place, with each regulator carving out a piece of ground.

If you are a Broker Dealer or RIA in need of assistance with year end certified or SEC Custody audits, or are in need of compliance assistance please call Mike Coglianese at 630-461-5841 or email