Provision 0.A.9 of the GIPS Standards requires that firms make every reasonable effort to provide a compliant presentation to all prospective clients. A prospective client is defined as any person or entity that has expressed interest in one of the firm’s composite strategies and qualifies to invest…more
Customer service is key in driving the growth of business. In the highly-regulated broker-dealer industry, a focus on better customer service is often the distinction between competing firms.
The ongoing Fintech revolution in the financial services industry has opened up innovative options for representatives to be more accessible…more
Cyber security has been a buzzword in business for a number of years. It is especially buzzworthy in the investment industry, where investor protection is of paramount importance.
The New York Department of Financial Services (NYDFS) made recent headlines with its first-in-the-nation cyber security regulation, which went…more
On March 22, 2017, the Securities and Exchange Commission (SEC) adopted an amendment to shorten the standard settlement cycle by one business day. Before this amendment, the execution, confirmation, clearance, and settlement would need to be completed in a three day cycle (T+3). This amended rule will apply to…more
On August 25, 2016, the Securities and Exchange Commission (SEC) issued Release No. IA-4509 which adopted amendments that impact Form ADV requirements and various Investment Advisers Act rules. These amendments require additional, enhanced information relating to investment advisers’ separately managed accounts (SMAs), make clarifying and technical changes for other…more
On June 28, 2016, the Securities and Exchange Commission (SEC) proposed a rule that would require all SEC-registered investment advisers to adopt and implement written business continuity and transition plans to address operational risks related to significant disruptions.
The proposal seeks to address an investment adviser’s fundamental operational…more
The deadline for registering your firm’s GIPS compliance is fast approaching.
All firms claiming compliance with the Global Investment Performance Standards (GIPS®) are required to submit a GIPS Compliance Form to the CFA Institute as a notification of compliance. This is an annual filing requirement and firms have until…more
The GIPS Technical Committee is seeking comments on a newly proposed Guidance Statement. The purpose of the Guidance Statement is to address applying the GIPS Standards® to broadly-distributed pooled funds, as the existing standards do not directly address these funds.
Broadly distributed pooled funds (BDPFs) are funds which…more
In December 2015, the Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. The proposal is an element of the FASB’s broader disclosure framework project. This project is expected to promote…more
Several years ago, the interim inspection program of auditors of broker-dealers was implemented due to new authority given to the Public Company Accounting Oversight Board (PCAOB) over auditors of SEC-registered broker-dealers by the Dodd Frank Wall Street Reform and Consumer Protection Act.
This summer, the PCAOB released…more