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April 20 2018 - NRS Insights

SEC Proposed Best Interest Standard and New Disclosures

The SEC officially entered the fiduciary standard fray with the release of its much-anticipated fiduciary /best interest proposal April 18. The three-part proposal is likely to be controversial in several respects, as contrasts with the DOL’s hapless Fiduciary Rule are inevitable.
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January 29 2018 - NRS Insights

SEC Chair vows to increase Investment Adviser Examinations

Despite deregulatory fever reaching high pitch in Washington D.C., broad reliance by investment advisers and broker dealers on such efforts may be misplaced in 2018. On the contrary, many industry experts and followers expect the pace of rulemaking and oversight to pick up this year.
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Fircosoft Filter Technology
November 9 2017 - NRS Insights

DOL Sends Final Rule to Extend Applicability Date of the Fiduciary Rule to the OMB

On Wednesday, November 1 the DOL submitted final amendments to the Office of Management and Budget that would extend the Transition Period for the Fiduciary Rule. A copy of the final rule is not available at this time; however, the DOL had proposed in August that the Transition Period be extended from January 1, 2018 to July 1, 2019.
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October 3 2017 - NRS Insights

SEC Issues Risk Alert on Advertising Rule Compliance

The SEC’s Office of Compliance Inspections and Examinations (OCIE) has issued a Risk Alert, based on deficiencies found by the OCIE’s examinations of investment advisers, that cites a number of advertising compliance issues relating to Rule 206(4)-1 of the Advisers Act of 1940.
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September 11 2017 - NRS Insights

SEC Issues More Guidance on Certain Form ADV Amendments

In August 2017, The SEC’s Division of Investment Management issued an information update, for Advisers Filing Certain Form ADV Amendments. Specifically, the update provides guidance on certain aspects of compliance with the rulemaking Form ADV and Investment Advisers Act Rules (Advisers Act Release No. 4509), previously adopted on August 25, 2016, with a compliance date of October 1, 2017.
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August 18 2017 - NRS Insights

OCIE Releases Risk Alert for Cybersecurity 2 Initiative

On August 7, 2017, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) released a Risk Alert, based on OCIE’s findings stemming from its Cybersecurity 2 Initiative.
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August 10 2017 - NRS Insights

DOL Proposes to Extend Applicability Date of the Fiduciary Rule

On Wednesday, August 9 the DOL submitted proposed amendments to the Office of Management and Budget that would extend the transition period for the Fiduciary Rule from January 1, 2018 to July 1, 2019.
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June 9 2017 - NRS Insights

SEC opens comment period on possible fiduciary duty rulemaking

With the first implementation date of the Department of Labor’s Fiduciary Rule upon us, the Securities and Exchange Commission has jumped into the fray, opening a comment period which will influence “possible future actions” the agency may take in codifying advisers’ and broker-dealers’ new fiduciary role.
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May 23 2017 - NRS Insights

June 9 DOL Applicability Date Confirmed by Labor Secretary Acosta

Secretary of Labor Alexander Acosta stated that he could find “no principled legal basis” to delay the DOL fiduciary rule beyond June 9. Secretary Acosta made this statement in a Wall Street Journal op-ed posted on May 22. The op-ed ended speculation that the DOL would take action to delay the applicability date past June 9.
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May 12 2017 - NRS Insights

No Uncertainty for Regulators

These past months have been full of change and uncertainty for registered adviser and broker-dealer firms, and regardless of Presidential Executive Orders and other changes, Daniel Kahl, Chief Counsel, SEC Office of Compliance Inspections and Examinations, stated at a recent NRS conference that he doesn’t foresee any vast undoing of SEC rules.
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