Regulatory Compliance E-newsletter - February 2013
Posted On 2/1/2014 3:00:00 PM
Feature of the Month
Get a Head Start on Your Branch Audit Program
If you haven’t already done so, time to plan your 2014 branch audit strategy. This can be a real challenge if you are faced with limited budgets. Consider NRS’s professional staff of auditors and logistics department as an extension of your branch audit program. Do you encounter the need to increase staff to meet the regulatory requirements or logistics nightmares?
NRS conducts thousands of branch audits each year . Our client base is comprised of small to large Broker Dealers with Retail or Wholesale business models. Our team undergoes continual training which assures that your audits are accurate, complete and conforms to your current supervisory procedures. The NRS audit department consists of a full time logistics team which will take the burden of scheduling out of your hands. We have the capacity and staff to ensure your schedule of on-site inspections is completed and each report delivered in a timely manner. Whether you need assistance with a lot or only a few audits, please contact NRS and let us help you get started with your 2014 audit program.
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Compliance Technology That Withstands Regulatory Scrutiny
More than just policies and procedures that are updated quarterly, NRS ComplianceGuardian™ is your go-to online compliance portal for the entire firm.
NRS Consultants have created investment adviser, broker-dealer and private fund versions of Guardian so that it meets the needs of your particular firm. Investment advisers and private funds can easily customize the Code of Ethics and track as well as archive the required annual attestation. The IA and PF versions also allow anyone in your firm to report violations — anonymously or not — with the violation report feature as well as use the library of model documents to standardize the forms used within your firm. The broker-dealer version includes RepTracker which allows you to easily track your registered reps' licenses and continuing education as well as U4 changes. The add-on Outside Business Activities (OBA) Module lets you maintain a tight approval process. With each version, you can add consulting or education to your subscription to keep up to date with current regulatory trends or to help you with firm-specific questions.
Interested in learning more about NRS ComplianceGuardian? View our video or register for a demo today.
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Differentiate Yourself and Your Firm by Earning the NRS IACCP® Designation
In 2014, many investment adviser compliance professionals are including education in their plans as a way to both help advance their careers and stay-up to date on the current regulatory and compliance requirements and initiatives. Often, a standard reaction of compliance professionals is taking a course when a new SEC rule is released. While this reaction fills an important need, the industry is demanding a more structured and encompassing approach to investment adviser compliance education.
The NRS Investment Adviser Certified Compliance Professional®(IACCP) Program, co-sponsored with the Investment Adviser Association (IAA), is a professional education program granting the designation, Investment Adviser Certified Compliance Professional (IACCP), to individuals who complete an online and/or in-person instructor-led program of study, pass a certifying examination and meet its work experience, ethics and continuing education requirements.
The NRS IACCP program:
- Provides participants and their firms with a solid understanding of current regulations and rules required for investment advisers, including the latest rule changes mandated by the Dodd-Frank Act
- Provides resources to help strengthen the firm's compliance program and promote continuous learning within the firm
- Encourages candidates to apply what they learn as they learn it
- Signals recognition of advanced compliance knowledge and skill level to help differentiate you from other compliance professionals
- Allows firms that train compliance personnel to add another cost- and time-effective risk management tool
- Demonstrates the firm's commitment to an educated workforce and a strong culture of compliance
- Helps advance compliance as a profession
- Supports the community of compliance professionals
For those who want to take the first step toward advancing their investment adviser compliance education with a less intensive curriculum, the NRS Investment Adviser Core Compliance Program provides a foundation with focus on the first level of compliance courses. By completing 10 courses and submitting an Ethics assessment, compliance professionals can earn a Certificate of Achievement, which can then be applied for credit in the future toward the IACCP Program requirements. Review the Core Program requirements.
Earning the IACCP designation helps identify you as a committed compliance leader and demonstrates your firm's commitment to compliance. For more information or to enroll, contact us today.
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Are You Prepared to File Your Annual Updating Amendment to Form ADV?
It's that time of year again when most investment advisers must complete a critical annual filing. All SEC-registered investment advisers and most state-registered advisers are required to file an annual updating amendment within 90 days of fiscal year end. If your fiscal year ended on December 31, your annual updating amendment to Form ADV is due on March 31, 2014.
The purpose of the annual amendment is to update your Regulatory Assets Under Management, report new client numbers and types of clients and ensure that an accurate and up-to-date Form ADV is on file with the IARD. While this filing seems simple, inaccurate reporting of Regulatory Assets Under Management is an area the SEC has focused on during recent inspections and it has issued orders against some advisers that repeatedly failed to report accurate information. It is critical that you correctly calculate your RAUM if you are using it as a basis for SEC (or state) registration.
NRS assists hundreds of firms each year to calculate their RAUM and file their Annual Updating Amendment. To find out more about our Annual Updating Amendment service, contact us today.
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