NSCP Industry Forum November Insights

The industry’s source for the thoughtful analysis of current events

NSCP Members have just wrapped up another monthly touchpoint with our Broker-Dealer and Investment Advisor Forums regarding:

  • FINRA Regulatory Notice 19-35: BD and IA renewals for 2020
  • Cybersecurity alert: Cloud-based email account takeovers
  • SEC issues FAQs regarding disclosure of certain financial conflicts related to Investment Adviser compensation

Beyond that, our members are discussing these topics:

  • Liquidating mutual fund “A” shares and charging a commission
  • Considerations for potential Canadian clients
  • Finger printing for employees of an affiliated RIA

NSCP has also launched two new forums in the Member Center: the Small Firm Forum and the Emerging Leaders Compliance Group.

It’s amazing what we can accomplish when we crowdsource the collective expertise from peers. Join the conversation. Join us.


NSCP Membership Cyber Monday Deal!

Get a 15% discount on NSCP Membership when you join today!

Coming Soon: Our New CSCP Program!

The only designation for both Broker-Dealers and Investment Advisers

Beginning in January 2020, NSCP will be offering a restructured Certified Securities Compliance Professional (CSCP) program in partnership with the University of St. Thomas. CSCP is a graduate-level program for experienced financial services professionals. Upon completion of the academic course and the CSCP certification examination, candidates will be granted the CSCP designation offered by NSCP.

Find out more about the program by reading our article from the October issue of NSCP Currents: “CSCP: Certified Securities Compliance Professional.”

The SEC’s Standard of Conduct Rules – Important Considerations and Best Practices

Don’t miss this Webinar on Wednesday, December 11th from 1:00pm–2:00pm EST

Join Bloomberg Law analysts Peter Rasmussen, Preston Brewer, Patty Tehrani, and former NY DFS superintendent, Maria T. Vullo, for a webinar on the SEC’s standards of advice package (including Reg BI, Form CRS, and related efforts). The panelists will also discuss best interest efforts focusing on New York’s Insurance Regulation 187 and the impact of New York’s regulation on the sale of annuities and life insurance products in the broader marketplace.

The panel will examine:

  • Overview of the rule
  • Special considerations related to Reg BI and Form CRS
  • Changes to policies and procedures and other compliance considerations
  • Best practices for compliance

The webcast will also highlight state insurance department efforts with a focus on NY’s Insurance Regulation 187, finalized in July 2018, which expands suitability requirements and establishes a uniform standard of care for agents and brokers that requires them to act in the best interest of consumers when making a recommendation with respect to a proposed or existing annuity or life insurance policy, and sets forth supervision requirements for insurers. The annuities requirements took effect August 1, 2019, and the life insurance standard takes effect February 1 of next year.

Impact of Current State Regulatory Initiatives on Your Practice: “Speaking from the Other Side”

Don’t miss this Webinar on Tuesday, December 3rd from 2:00pm–3:00pm EST

Four former state securities regulators, who met while working together through NASAA, will discuss current state law initiatives. Join us to learn what you need to know for your practice or in-house compliance responsibilities.

Topics will include:

  • The standards of care debate: Regulation BI, State and NASAA perspectives, State AG litigation, and what’s next
  • State privacy and data protection laws
  • Senior and vulnerable investors and Senior Safe Laws: the interaction between federal and state frameworks
  • Early indications of a nascent NASAA regulatory initiative on continuing education for investment adviser representatives

A. Valerie Mirko, Partner, Baker Mackenzie, Financial Regulation and Enforcement Practice Group (Former General Counsel, NASAA)

John Cronin, Vice President, Head of State Government Relations, LPL Financial (Former Division Director of the State of Vermont)
Carolyn Mendelson, Senior Compliance Consultant, Hardin Compliance Consulting, LLC (Former Assistant Counsel, Pennsylvania Department of Banking and Securities)
Keith M. Woodwell, Of Counsel, Clyde Snow & Sessions (Former Director of the Utah Securities Division)

Webinar participants will also receive a list of recent key state enforcement cases, new guidance and advisory positions, and additional relevant issues to consider in their compliance agendas.

Demonstrate Your Expertise: Submit an Article to NSCP Currents!

Are you interested in having your company featured in front of thousands of legal and compliance professionals next month? Do you want to help take your career to the next level? Get your name out there and show off your industry expertise by submitting an article to NSCP Currents!

The Publications Committee is currently seeking commentary on the following topics:

  • Reg BI
  • FINRA Notice 19-18 and Potential Red Flags List
  • Conflicts of Interest
  • ERISA Regulations
  • Due Diligence of 3rd Parties
  • Multi-Branch Advisors
  • Important Soft Skills for Industry Professionals
  • Suitability/Regulation Best Interest
  • Tech Terms for Compliance Officers (101)
  • Technology – Cybersecurity, FinTech, RegTech, Artificial Intelligence and Cryptocurrency

Articles in NSCP Currents highlight the best of what’s happening in our industry, and yours could be next. We look forward to hearing from you!

NSCP Industry Forum Insights

The industry’s source for the thoughtful analysis of current events

NSCP Members have just wrapped up another monthly touchpoint with our Broker-Dealer and Investment Advisor Forums regarding:

  • SEC “cherry picking” case against CCO
  • Adviser improperly charged fees to inactive accounts
  • NASAA annual enforcement report
Beyond that, our members are discussing these topics:
  • State blue sky registration
  • Annual due inquiry under Custody Rule
  • Approval for outside business activities

It’s amazing what we can accomplish when we crowdsource the collective expertise from peers. Join the conversation. Join us.

It’s Not Too Late to Get Continuing Education Credits Before the End of the Year

Register now for the NSCP National Conference.

Check out the conference agenda for a wide variety of educational topics.

2019 NSCP National Conference
Hilton Baltimore, Maryland
October 21-23, 2019

Introducing Proxfinity: Our New Networking Tool

Leave the National Conference feeling like you learned more than you ever thought possible and created relationships to last a lifetime.

Have you ever wanted to start a conversation with someone at an event, but didn’t know what to say? Have you wanted to make a long-lasting, memorable impression with a fellow industry professional? This year at the 2019 NSCP National Conference, we’re introducing a new way to network.

Proxfinity is a small device that attaches to your name badge and visually alerts you when you are within 5 to 10 feet of another participant who shares a common interest. Finding new friends and expanding your network of peers has never been easier or more rewarding!

Quarterly Member Bulletin

Third Quarter 2019: NSCP in Action

As the third quarter of 2019 concludes, we want to reflect on the many accomplishments of our Members and Volunteers over the past three months.

So what happened?

Our members discussed these topics in the Compliance Forum:

  • CC broker statements
  • Annual compliance meeting and training suggestions
  • Personal securities transactions reporting for non-traders

Topics from our monthly Broker-Dealer and Investment Advisor Forum touchpoints included:

  • FINRA fines representative for impersonating a client in calls to mutual fund company
  • States announce new sweep on cryptocurrencies
  • FINRA requests comment on rules and issues relating to senior investors

This quarter’s Municipal Advisor and Private Funds Forum touchpoints discussed:

  • MSRB G-40 advertising implementation issues
  • Web-scraping: HIQLabs, Inc. v. LinkedIn Corp
  • New bill extending SOL

NSCP launched the Regulation Best Interest Working Group, a Member Center forum that meets biweekly to address requirements under the four prongs of the Regulation Best Interest Package.

NSCP also spent the third quarter preparing for this year’s NSCP National Conference in Baltimore from October 21-23! There’s still time to register!

As always – our priority is YOU. With the support of our working Committees, we are reviewing and redefining the experience our Members have on their professional journey. At our core, NSCP remains dedicated to creating a professional community,  “For Compliance – By Compliance.”

It’s amazing what we can accomplish when we crowdsource the collective expertise from peers. Join the conversation. Join Us.