Compliance Newsflash – September 19, 2018

September 20, 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.

SEC Staff to Host Roundtable on Regulatory Approaches to Combating Retail Investor Fraud

On September 18, 2018, The Securities and Exchange Commission announced that its Division of Trading and Markets will host a roundtable on Sept. 26 on combating retail investor fraud. The Commission staff is interested in views from a broad range of market participants, regulators and industry experts concerning potential steps that might be taken to enhance the ability of regulators, broker-dealers and others to combat retail investor fraud.

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SEC Advice Rule Contains a Huge Hole

On September 15, 2018, some brokers will be forbidden to use the title financial adviser or advisor, another few hundred thousand will still be able to do so. The Securities and Exchange Commission’s goal of tackling investor confusion won’t be met for people working with the growing number of dually registered advisers. The title ban does not apply to those registered as both brokers and advisers – even when that person has their broker hat on.”Our proposal would not prohibit dually registered firms or dually hatted financial professionals from using ‘adviser’ or ‘advisor’ in their names or titles, even in circumstances where the firm or financial professional provides brokerage services to a particular investor,” the proposal states

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