Compliance Newsflash – August 1, 2018

August 3, 2018

August 1, 2018

DLA is committed to keeping our clients and friends updated on relevant news and topics in the industry by distributing a weekly Compliance Newsflash. We hope this provides you with helpful and insightful information for you and your firm! Join our mailing list by clicking here: DLA Newsflash Registration.

FINRA Requests Comment on Fintech Innovation in the Broker-Dealer Industry

On July 30, 2018, FINRA issued a Special Notice seeking comment on how it can support financial technology (fintech) innovation consistent with its mission of investor protection and market integrity. The announcement builds on an initiative FINRA launched last year to improve communication with the securities industry around fintech. In addition, FINRA requests comment on certain fintech areas, including the provision of data aggregation services, supervisory processes concerning the use of artificial intelligence, and the development of a taxonomy-based machine-readable rulebook. The Notice requests comment by October 12, 2018. Under FINRA360, FINRA has enhanced resources dedicated to this rapidly developing area of the industry, establishing an Innovation Outreach Initiative last year to foster an ongoing dialogue with the securities industry and to better understand fintech innovations and their impact on the industry. As part of this dialogue, a number of market participants expressed a desire for FINRA to solicit broader feedback regarding the effects of any FINRA rules or administrative programs on fintech innovation. The Special Notice is intended to provide an opportunity for such feedback.

For more information,  click here.


Kristin Snyder Named Deputy Director of OCIE

On July 25, 2018, the Securities and Exchange Commission announced that Kristin Snyder has been named Deputy Director of the agency’s Office of Compliance Inspections and Examinations (OCIE). Ms. Snyder has been with the SEC for 15 years.  She has served as the Co-National Associate Director of OCIE’s Investment Company/Investment Adviser examination program since August 2016 and as the Associate Regional Director for Examinations in the SEC’s San Francisco office since November 2011.  She will continue in both of these roles while also assuming this additional leadership role in OCIE.  As Deputy Director, Ms. Snyder will oversee many of the office’s strategic initiatives and serve as the regional advisor to OCIE Director Peter B. Driscoll.

For more information, click here.