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Notes on SEC Fort Worth Regional Office IA Conference Call – Exam Findings

SEC Fort Worth Regional Office (FWRO) Regional Deficiency Summary for 2017Noted 11 deficiency areas based on 139 exams.
  1. Compliance Program: 50% of exams included this finding
  2. Anti-Fraud Provisions: 33% of exams included this finding
  3. Amendments to Application for Registration: 34% of exams included this finding
  4. Inadequate Compliance Policies and Procedures
  5. Investment Adviser Code of...
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NASAA Releases Guide to Practices and Procedures for Protecting Senior Investors and Vulnerable Adults from Financial Exploitation

The North American Securities Administrators Association (NASAA) released a guide to assist broker-dealer and investment adviser firms in developing practices and procedures to detect and address instances of diminished capacity in senior and other clients and suspected cases of senior financial exploitation. The NASAA guide highlights steps that firms can take to identify and respond...
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NASAA Releases Annual Enforcement Report

In its 2016 Enforcement Report on 2015 Data, which includes responses from 52 jurisdictions throughout the United States, the North American Securities Administrators Association (NASAA) reported that state securities regulators conducted 4,487 investigations in 2015 and took 2,074 enforcement actions. These actions led to more than $538 million in restitution ordered returned to investors, fines...
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Securities Industry/Regulatory Council on Continuing Education Issues Firm Element Advisory Update

In Regulatory Notice 16-35, FINRA announced that the Securities Industry/Regulatory Council on Continuing Education (Council) released the Firm Element Advisory (FEA) in a new online format. The FEA, which was previously released semi-annually in document format, will now be available on the web at http://cecouncil.com/firm-element/. The new web format provides easier access to relevant...
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