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May 18 2020 - NRS Insights

Morgan Stanley Penalized $5 Million for Insufficient Transparency in Wrap Trading Costs

The SEC and Morgan Stanley Smith Barney LLC (MSSB) settled charges that MSSB provided misleading information to clients in its retail wrap fee programs regarding trade execution services and transaction costs
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Coronavirus Compliance: What Areas Should You Focus On Now
April 9 2020 - NRS Insights

Coronavirus Compliance: What Areas Should You Focus On Now

It is said that those who forget the past are condemned to repeat it. Perhaps “condemned” is not the best word choice, given the current circumstances, but past events can and should inform the present.
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SEC: No Extension for Reg BI, Form CRS Compliance
April 6 2020 - NRS Insights

SEC: No Extension for Reg BI, Form CRS Compliance

SEC Chairman Jay Clayton announced that the Commission will not extend the compliance date for Reg BI and the filing date for Form CRS beyond June 30, 2020 despite the recent social, economic and market turmoil caused by the COVID-19 pandemic.
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Filing
March 25 2020 - NRS Insights

SEC Extends ADV and PF Filing Deadlines and Eases Requirements for Advisers Impacted by COVID-19

On March 25 the SEC announced that it is further extending required filing and delivery deadlines for investment advisers whose ability to make timely filings has been affected by the coronavirus.
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June 3 2019 - NRS Insights

The SEC Voting on Reg BI on June 5 — Three Months Ahead of Schedule!

In an uncharacteristic regulatory move, the SEC is voting three months earlier than previously announced on whether to adopt “Regulation Best Interest” (Reg BI), the agency’s three-prong rulemaking “package.”
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May 22 2019 - NRS Insights

How Do I Know?

What just happened? Remarks made by OCIE Director, Peter Driscoll at the NRS Spring 2019 Compliance Conference on April 29 are causing investment advisers and broker-dealers to reconsider how they determine the appropriate amount of resources to direct to compliance. In a speech titled “How We Protect Retail Investors”[1] Mr. Driscoll said the following: We […]
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May 10 2019 - NRS Insights

SEC Regulation Best Interest: Ready or Not, Here It Comes!

Just over one year has passed since the SEC proposed Regulation Best Interest (Reg BI) in April 2018. The SEC has stated that it hopes to have the regulation finalized by the end of September 2019.
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April 12 2019 - NRS Insights

New SEC Cybersecurity Sweep to focus on Investment Advisers

The SEC’s Office of Compliance Inspections and Examinations (OCIE) announced a third cybersecurity sweep largely focused on investment advisers.
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April 27 2018 - NRS Insights

Here We Go Again! SEC Proposes Yet Another New Standard for Brokers

If you’ve been following the saga of the DOL’s fiduciary standard, you know that after a few years of hashing it out, it is still being debated. Now the SEC has picked up this onerous task. On April 18, the SEC voted to propose “Regulation Best Interest,” a “leisurely” 1,000-page read that spells out the rules and interpretations designed to improve the clarity of investor relationships with investment advisers and broker/dealers.
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DOL Fiduciary Rule Strikes Out — Is the SEC Up Next?
March 26 2018 - NRS Insights

DOL Fiduciary Rule Strikes Out — Is the SEC Up Next?

In another twist to evolving fiduciary standards in the securities industry, a 2-1 decision of the U.S. Court of Appeals for the 5th Circuit vacated the entire Department of Labor’s “fiduciary rule” last Thursday. The DOL rule would extend a fiduciary standard to brokers, insurance agents, and anyone else offering “advice” regarding retirement accounts.
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