End of 2023 Sets Tone for Admission and Voluntary Self-Remediation in 2024
Last year was a whirlwind of regulatory enforcement actions, and the final quarter of 2023 proved to be more of the same. By looking at the fines and penalties regulatory agencies are imposing on financial services firms and individuals, we can discover trends regulatory agencies like FINRA, SEC and CFTC are prioritizing for 2024.
Inadequate supervision of MNPI A financial services firm was rece...
SEC Pay to Play Rule 206-4-5
The SEC Pay-to-Play Rule, Rule 206(4)-5 under the Investment Advisers Act, prohibits investment advisers from engaging in certain activities related to political contributions to state and local government officials. Key aspects of the Pay-to-Play Rule include: Prohibited Contributions: Investment advisers and their covered associates are banned from making political contributions to state or local government…
FINRA 2024 Annual Regulatory Oversight Report: Impact on Digital Communications Practices
As anticipated, FINRA has just published its 90-page annual oversight report — previously titled as FINRA Examination and Risk Monitoring Program— reflecting its supervisory, regulatory, and enforcement priorities for 2024. While it covers a wide variety of operational, financial management, and reporting areas, it also addresses digital communications practices, which we’ll hig...
What Are Financial Firms Saying About 2023’s Regulatory Squeeze?
Over the past year, we’ve referenced the many
, many
headlines
of record-breaking fines being levied against financial services firms for failure to meet recordkeeping requirements.
Firms are reading the same articles – and feeling adrift about how to shore up their communications compliance strategies.
We recently surveyed regulated firms to get a ‘lay of the land&rs...
Generative AI and Compliance
White PaperGenerative AI and ComplianceRisk mitigation across use cases The potential impact of generative AI on financial services is almost impossible to compute. It can completely change how we search, categorize, alert and investigate unstructured information.
We’re seeing widespread interest in the industry to explore the potential benefits of generative AI. But until business execut...
Compliance Survey Report
ReportAn Unprecedented Year in EnforcementsHow financial services firms are responding to changes in digital communications compliance It was tough for financial services firms to find their compliance footing in 2023. Record-breaking fines, in-office vs. remote culture clashes, readily available generative AI technologies, growing cybersecurity and data privacy concerns, and an unprecedented volu...
Smarsh Unveils Enhanced Risk Detection Scenario Catalog, Major Leap Forward in Communications Surveillance
Smarsh Unveils Enhanced Risk Detection Scenario Catalog, Major Leap Forward in Communications Surveillance In production at an unmatched scale, regulatory-grade AI solution Enterprise Conduct strengthens customers’ ability to surface risk, eliminate noise and powers faster time-to-value PORTLAND, Ore., Jan. 3, 2024 – Smarsh®, the global leader in digital communications compliance and intelligence, today unveiled significant…
Electronic Communications Checklist for RIAs
ChecklistRIA Compliance Checklist for Electronic Communications Use this checklist to review your compliance programs and ensure your firm meets recent Securities and Exchange Commission (SEC) requirements such as the Marketing Rule
.
The requirements for electronic communications recordkeeping
, storage and supervision can be daunting. Yet, without demonstrating reasonable supervision, RIAs pu...
Sarbanes-Oxley Act (SOX)
The Sarbanes-Oxley Act (SOX) of 2002 is a United States federal law aimed at strengthening financial record-keeping and reporting practices for corporations. It mandates rigorous reforms to existing securities regulations, imposes stringent penalties on wrongdoers, and enhances accountability in financial reporting. SOX Compliance Requirements Key provisions include: Corporate Responsibility: Requires senior corporate officers to certify…
FINRA Rule 4530 Customer Complaints
FINRA Rule 4530 delineates the crucial reporting obligations for limited corporate financing brokers, emphasizing the importance of timely submissions, executive representative updates, and maintaining fidelity bond coverage. This rule is a cornerstone in the regulatory framework designed to uphold compliance and investor protection within the financial sector. Rule 4530 Requirements Key reporting mandates under this…
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