Compliance Newsflash – May 29, 2019

May 29, 2019

NASAA, SEC and FINRA Issue Senior Safe Act Fact Sheet to Help Promote Greater Reporting of Suspected Senior Financial Exploitation

On May 23, 2019, FINRA announced that in recognition of the one-year anniversary of the passage of The Senior Safe Act, the North American Securities Administrators Association (NASAA), the U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) have issued a fact sheet to help raise awareness among broker-dealers, investment advisers, and transfer agents of the Act and how the Act’s immunity provisions work. The Senior Safe Act Fact Sheet provides information on the immunity and training provisions of the Act, as well as additional resources from NASAA, the SEC and FINRA.

For more information, click here.

SEC OCIE Issues Guidance on Advisors’ and Broker-Dealers’ Cloud-Based and Other Network Storage of Customer Data

On May 28, 2019, Akin Gump reported that on May 23 the Securities and Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert describing its observations in past examinations of weaknesses and best practices for addressing security risks associated with network storage of customer data.This Risk Alert fits with the SEC’s increased focus on compliance in the face of evolving technology and cybersecurity threats, which prompted warnings within the past year on topics such as electronic messaging, email spoofing attacks and privacy-related matters.

For more information, click here.