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July 25 2017 - NRS Insights

May the Scores Be with You!

“What is the pass rate for my exam?” “What is the average score?” “What are the odds of an industry newbie passing the first time?” (As Hans Solo said, “Never tell me the odds!”)
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July 17 2017 - NRS Insights

SEC Approves FINRA’s Plan to Revamp Qualification Exams

The Securities and Exchange Commission last week approved the Financial Industry Regulatory Authority’s plan to revamp the securities industry’s licensing process and exams. In order to keep pace with regulatory and industry changes, the approved rule creates a two-tiered examination process.
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July 11 2017 - NRS Insights

To Thine Own Self Be True — Know Your Testing Environment

A successful approach to preparing for your FINRA exam is often a two-pronged strategy. You certainly need to study and know the content being tested (our study programs see to that!). Oftentimes, however, that is not enough; you also need to beat the test.
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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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June 7 2017 - NRS Insights

Supreme Court Limits SEC’s Authority to Recover Ill-Gotten Profits

The U.S. Supreme Court, in a 9-0 ruling, curtailed the Securities Exchange Commission’s authority to recover ill-gotten profits from defendants. The Court ruled that the SEC’s recovery remedy known as “disgorgement” is subject to a five-year statute of limitations. Disgorgement is commonly defined as the act of returning profits gained from illegal or unethical acts to the affected parties.
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DOL
May 26 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 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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April 14 2017 - NRS Insights

SEC’s No-Action Letter Offers Critical Clarification on Custody Rule

On February 21, 2017, the SEC issued a highly anticipated no-action letter regarding Rule 206(4)-2 of the Investment Advisers Act of 1940—also known as the Custody Rule. In the letter, the SEC affirmed that a standing letter of instruction (SLOA) or similar asset transfer authorization arrangement would result in an investment adviser having custody of client assets.
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DOL
April 11 2017 - NRS Insights

DOL Rule Implementation Delayed, as Expected

As expected, the Department of Labor (DOL) has made official its proposal to delay implementation of its fiduciary rule by 60 days. The rule was originally slated to become effective on April 10. However, a President Trump directive to review the rule, with an eye to modify or repeal, led the DOL to propose a 60-day delay.
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