Happy Friday, readers! This weekend’s mailing focuses on the always timely topic of regulatory compliance. Below you will find our latest coverage of the DOL, SEC, FINRA and state-based regulators. These entities have all been busy so far in 2019, and they are putting new examination priorities into place to reflect ongoing shifts in the investment advice and brokerage industries. Don’t forget to check the most-read section as well. Our readers are clearly paying a lot of attention to these topics, and rightly so.
During a webcast hosted by ACA Compliance Group, Allison Charley, a former SEC examinations office leader, explained the regulator’s internal process for picking audit targets; other speakers noted the SEC’s increased focus on suitability issues and cybersecurity.
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“Invitation to correct” letters state, “the 15th business day is not a safe harbor and is included in the regulation only as an outside limit of the time that may be considered for segregation of assets.”
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In a Q&A with PLANADVISER, Mirella deRose draws on her experience leading FINRA enforcement in describing what she sees as the most important elements of the regulator’s recently published member priorities list for 2019.
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Alan Wolper, an attorney with significant experience helping advisers and brokers navigate FINRA and SEC examinations, says the recently published FINRA 2019 priorities list is interesting, but ultimately not all that informative when it comes to helping advisers avoid the most pressing compliance issues.
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The bipartisan bill enjoys broad industry support; among other provisions, it would add flexibility for small businesses to join multiple employer plans.
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Though retirement plans can allow individuals to self-certify that they qualify for a penalty-free coronavirus-related distribution, should the IRS discover otherwise during a future audit, a participant can be subject to substantial penalties.
