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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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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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August 10 2017 - NRS Insights

Regulatory Reminder: Effective September 5, the Settlement Cycle Changes from T+3 to T+2

Last March, the SEC amended Rule 15c6-1(a) under the Securities Exchange Act of 1934 to shorten the standard securities transaction cycle for most securities transactions from T+3 to T+2. Under the amendment, “T” refers to the day of the transaction and the parties have two days thereafter to complete the transaction by delivery of the security and for payment. The amendment, effective September 5, 2017, replaces the prior T+3 rule.
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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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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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