Compliance
Cottage Industry Springs Up Around Compliance In Use Of Social Media
- Details Category: Regulatory
The entrance of social media outlets like Twitter, LinkedIn, and Facebook have posed a challenge to industry firms. How can they take advantage of these huge new marketing and community building media and stay compliant with regulatory guidelines? New challenges give birth to entrepreneurial ideas and this time is no exception.
Congressional Pressure Is Building For Fiduciary Redefinition
- Details Category: Regulatory
The Department of Labor (DOL) is feeling Congressional heat on the length of time it is taking to redefine fiduciary duty. Its collaboration with the SEC, timing of the redefinition, and the inclusion of IRA accounts under the fiduciary umbrella are top areas of concern. Congress has the view that businesses need to know what to do.
The SEC Is Updating Its Technology Systems To Better Detect Fraud
- Details Category: Regulatory
SEC chair Mary Shapiro told the Securities Industry and Financial Markets Association’s (SIFMA) compliance and legal society conference that investigations will become more comprehensive. The SEC is updating its website which will offer more information to investors and make the review process simpler for firms.
A combined qualitative and quantitative approach will alert the agency to firms that are most suspect. New data gathering capabilities will fuel the combined approach and are already producing results. Four hedge funds suspected of inflating returns and misleading inves
Are Registered Reps Capable Of Acting In A Fiduciary Manner?
- Details Category: Regulatory
The term ‘financial advisor’ is a title that remains unregulated. Most clients still have no idea what being a fiduciary means or if their advisor or rep is one. Knowing when an advisor is acting as a fiduciary and when he or she is acting in a brokerage capacity doesn’t mean a loss of that client’s business.
More Comment Time Needed For Fiduciary Redefinition
- Details Category: Regulatory
The Financial Services Institute (FSI) is trying to get more time to comment on the proposed redefinition by the Department of Labor (DOL) regarding fiduciary responsibility. FSI claims some of the data requested by the DOL is not applicable to the issue. It also says the DOL has set deadlines either with very short notice or at times when FSI staff is light due to upcoming holidays.
The first attempt at redefinition was scrapped due to an outcry from several industry organizations including the FSI over the prohibitive increase in expenses to investors. As well, the criteria in the
