Compliance Newsflash – July 31, 2019

August 1, 2019

SEC warns RIAs to increase supervision of staff with disciplinary histories

On July 23, 2019, InvestmentNews reported that the Securities and Exchange Commission warned registered investment advisers Tuesday to step up their supervision of staff who have disciplinary histories. The agency’s Office of Compliance Inspections and Examinations released a report on the results of examinations of 50 RIAs – who manage about $50 billion for approximately 220,000 clients – in 2017 as part of a supervision initiative. The SEC sent deficiency letters to almost every advisory firm it reviewed.

For more information, click here.

SEC: Transition from LIBOR has taken on ‘urgency’

On July 25, 2019, Compliance Week reported that the Securities and Exchange Commission recently issued guidance to registrants telling them preparing for new reference rates to underpin trillions of dollars in financial contracts is becoming a matter of some “urgency.” Commission staff is “actively monitoring the extent to which market participants are identifying and addressing these risks,” the guidance says. 

For more information, click here.