For NSCP, the start of the year provides an opportunity to reprioritize the initiatives for the year ahead. As first quarter 2018 comes to a conclusion, we want to reflect on the many accomplishments of our Members and Volunteers over the past three months.
NSCP News & Updates
Listen to our latest episode, “An Inside Look into the FinOp Role.” The article was written by Janice Parise, Partner of SDDco Group.
Your First line of Defense
With the trend towards more regulation, the FinOp is on the front lines, serving as an integral liaison with the FINRA coordinator on a day-to-day basis, the regulatory examiners during an exam, and the independent auditors. To be able to liaise effectively, the FinOp must be well versed in the firm’s activities, operations, and financial information. They need to be able to provide “color” and fully explain details regarding the firm’s activities and supporting documentation for financials and net capital computations.
NSCP recently partnered with Kirkland & Ellis to conduct a series of in-person events discussing the new Form ADV requirements. NSCP would now like to offer you the recorded version of this great workshop.
Don’t miss this Webinar on Tuesday,
February 27 at 4:00 pm EST
The SEC’s recently announced share class initiative is a dramatic new step in the SEC’s ongoing scrutiny regarding recommendations of mutual funds by registered investment advisers. Firms will want to consider whether they are eligible and wish to take advantage of the Initiative and self-report violations.
This webinar will provide some practical considerations and discuss:
- Enforcement actions involving Rule 12b-1 fees and share class selection
- Steps to take
- Collateral consequences
Notice of Survey – Responses due by 3/31/2018
NASAA Survey Regarding Continuing Education for Investment Adviser Representatives
Investment adviser representatives play an important role in the financial lives of millions of Americans, yet unlike most financial services professionals they are not independently required to meet a continuing education requirement to maintain their licenses to work with investors.
State securities regulators are considering closing this investor protection gap by consulting with industry to develop a responsive and relevant continuing education program to help investment adviser representatives more safely and competently serve their clients.
NASAA and its members are in the early phases of this initiative and are conducting a nationwide stakeholder survey to determine the next phase of this important project, which could ultimately result in the adoption of a NASAA Model Rule regarding continuing education for investment adviser representatives (IAR-CE).
This type of regulatory initiative benefits greatly from extensive internal and external input. Your responses would inform any decision to move forward. Should a decision be made to move forward, the input gathered from internal and external stakeholders would help shape the method, format and content for the continuing education requirement.
Just in time for Form ADV Updates, tune in to our most recent episode “The Sides of “May”: When is “May” Deemed False and Misleading” by Elizabeth M. Knoblock and Patricia Flynn
|“As we approach the Form ADV annual amendment season, we suggest you proactively scrub your disclosure documents for any potentially misleading uses of the word. Consider avoiding words like “may,” ”might” or “could,” when it is clear that the situation being disclosed already exists…”|
The Future of Compliance.
It’s what we’re talking about this Spring.
Be heard. Your regional regulatory authorities assemble to field your questions, concerns and offer you the information you need to prepare for the year ahead.
Get the practical insights you need to tackle the issues of tomorrow.
Members will receive NSCP Currents, the go-to resource for over 2,000 NSCP members and is positioned as the premier compliance publication of the financial services industry. The monthly journal features articles written by colleagues and other highly respected, industry professionals, tackling problems common to financial service firms.
NSCP Currents offers compliance professionals:
- real-world interpretations of securities regulations and their impact to compliance programs,
- actionable advice on regulatory and industry initiatives, and
- best-practices, practical tools and functional resources to assist in fulfilling compliance responsibilities.
Each year, NSCP takes a moment to look back at the prior year and at the contributions that brought our publication, NSCP Currents to life. In 2017, one endless topic of conversation was Cybersecurity.
SEC Releases 2018 Examination Priorities. Details available below.
Have thoughts on this year’s focus areas, or wish to confidentially share a recent examination experience?
We’ve launched the NSCP MemberVoice, an anonymous and safe avenue for our Members to share their thoughts, stories, and experiences with regulators, and issues in complying with financial services regulatory requirements.
From Our Director
“NSCP members have full access to a community of like-minded people, exceptional experiences, practical and compelling content, and essential tools that empower and inspire.”
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