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October 12 2017 - NRS Insights

FINRA Delays SIE Rollout Until October 1st, 2018

The new SIE will allow candidates to sit for a core qualification exam without sponsorship from a FINRA member firm. (Presently, candidates must be sponsored by a FINRA member broker/dealer to sit for the Series 6 or Series 7.) After passing the new SIE, a candidate must be sponsored by a FINRA member firm to sit for a specialty “top-off” examination (Series 6 or Series 7). Upon passing the top-off exam, the candidate is eligible to register as a new representative with that member.
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October 9 2017 - NRS Insights

FINRA Updates (Fixes?) Its Definition of Nonpublic Arbitrator . . .

FINRA Updates (Fixes?) Its Definition of Nonpublic Arbitrator… and Pulls Talent from the Bench! The SEC has approved FINRA’s proposed amendments to the definition of nonpublic arbitrator contained in FINRA’s Code of Arbitration Procedure.
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October 4 2017 - NRS Insights

Compliance Alert: FinCEN’s Venezuela Advisory and FATF’s Updated Jurisdiction Documents

On September 20, 2017, FinCEN published Advisory FIN-2017-A006 to financial institutions about potential abuse of the U.S. financial systems by all Venezuelan government agencies and bodies, including state-owned enterprises (SOEs). The Venezuelan government uses its control over large parts of its socialist economy to generate considerable wealth for government officials and SOE executives, their families, and associates.
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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 13 2017 - NRS Insights

Compliance Alert: FinCEN Advisory to Financial Institutions on Political Corruption Risks from South Sudan

FinCEN has publish an advisory to alert financial institutions about the potential abuse of the U.S. financial systems by senior political figures from South Sudan. The U.S. Department of State has been documenting the civil unrest with the warring parties who have failed to adhere to an agreed ceasefire, leaving the civilian population to suffer through widespread violence and atrocities, human rights abuses, recruitment and use of child soldiers, attacks on peacekeepers, and obstruction of humanitarian operations, as well as widespread food insecurity.
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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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September 5 2017 - NRS Insights

Compliance Alert: Changes to MSRB Customer Complaint Rules Now in Effect

As of September 1, amendments to MSRB Rules G-8, G-9, and G-10 addressing firms’ responsibility regarding written customer complaints, are in effect. The amendments:
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September 4 2017 - NRS Insights

The Complete Guide to Passing Your Series 7 Exam

Thinking of starting a career in financial planning? The Series 7 exam is the first step to your career success, whether you’re fresh out of college or making a change.
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August 25 2017 - NRS Insights

The Bank Secrecy Act, Anti-Money Laundering and your FINRA Exam

Today’s geopolitical climate has caused more focus on money laundering activity related to illegal drug trafficking and terrorist financing. Consequently, regulators place higher priority on enforcing the Bank Secrecy Act (BSA), which mandates financial industry standards to detect and prevent money laundering.
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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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