Best of Blogs: Regulation and Compliance


Karla Paxton, Client Engagement Manager, ByAllAccounts

Understanding Your Responsibilities Regarding the New SEC approved Supervision Rules
By Karla Paxton, Client Engagement Manager, ByAllAccounts

Home Offices and FINRA members do you know what your responsibilities are regarding the SEC approved Supervision rules that go into effect on December 1st. Having a way to systemize and automate the supervision will be key to having good supervisory procedures in place. The home office is ultimately responsible for all the actions of the advisor. Registered Reps/Advisors are now looking at their clients overall financial picture; they are monitoring, reporting and advising on holdings that may not be on the Broker Dealer’s suggested investments.  This along with monitoring the advisors trades and their communications (email and phone calls) increases the amount of oversight that is required by the home office.

 Peter McGratty CFA, VP Business Development, Pinnacle Advisor Solutions 

Regulators Propose Rule Requiring Succession Plans
By Peter McGratty CFA, VP Business Development, Pinnacle Advisor Solutions

You may have vacationed this summer, but your regulators did not!  The North American Securities Administrators Association (NASAA) opened a public comment period running from August 1 to September 30th on a rule that would require financial advisors to put a succession plan in place. Some compliance consultants believe this new rule may be on the fast track and could be finalized before year-end. If so, the rule would be adopted on a state-by-state basis over the course of the next two years. Previously this plan was optional. Soon, it may be mandatory. Stay tuned.

 Amy Sitnick, Senior Marketing Manager, SEI Advisor Network

5 Key Compliance Steps for RIAs Using Social Media
By Amy Sitnick, Senior Marketing Manager, SEI Advisor Network

A few weeks ago, I was participating in our Social Media Lounge at our Strategic Advisor Council national conference and was approached by an advisor. He and colleagues were interested in getting active on social media, but here’s where he is different from many advisors that I speak with: he’s a Registered Investment Advisor (RIA). Unlike broker dealer-affiliated advisors, RIAs have to create their own policies and procedures for social media. To make matters murkier, the Securities and Exchange Commission has provided little guidance on social media, but there are some things that are a given. 


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