SEC Issues New Social Media Guidance for Advisors
Last week, the U.S. Securities and Exchange Commission (SEC) Division of Investment Management released guidance on how investment advisors can compliantly feature public commentary about themselves on independent, third-party websites without violating the Investment Advisers Act’s testimonial prohibition. The 74-year-old Advisers Act did not account for Facebook, LinkedIn or Twitter. The updated guidance clarifies that…
The Federal Energy Regulatory Commission (FERC): Compliance Order No. 717 & 18 CFR § 35.41
The Federal Energy Regulatory Commission (FERC) Compliance Order No. 717, codified in 18 CFR Part 358, requires that all emails, voicemail, text messages and other communication between transmission providers’ transmission function employees and marketing function employees must be retained for five years. FERC Regulations 18 CFR Part 35 & Part 284. An electronic data retention…
17 CFR Part 45 – Commodity Futures Trading Commission (CFTC) Rule
Under Title VII of the Dodd-Frank Act, over-the-counter (“OTC”) derivatives regulated as “swaps” and certain other derivative transactions will be subject to new record-keeping and reporting requirements. All swap counter parties, including end users, will be required to keep complete swap records, with data reporting on all swaps required throughout the life of the trade.…
Archiving electronic communications: What’s in it for you?
Archiving electronic communications isn’t just for compliance departments or records managers. In fact, if you work in information technology (IT), human resources (HR), legal or internal auditing and you’re not archiving your electronic records, you’re missing a major opportunity to make your department, division or entire organization less vulnerable to risk. You’re probably also missing…
Never been examined? If you’re an RIA, this might be the year
This month, the Securities and Exchange Commission (SEC) disclosed additional details about its 2014 plan to focus on examining an estimated 4,000 registered investment advisors who have never been visited by regulators. Called the “Never-Before Examined Initiative,” the SEC’s plan includes two separate tactics that will help the regulator engage with never-examined investment advisors, especially…
National Instrument 31-103 (NI 31-103)
Effective September 28, 2009, the Canadian legislation known as National Instrument 31-103 (NI 31-103) was put into law. Introduced to consolidate categories of registration and other related requirements, it provides streamlined message retention rules and a harmonized registration regime for Canadian companies and individuals. Canadian Companies & Individuals Needing To Register for NI 31-103 Registration…
Mortgage Acts and Practices – Advertising Final Rule (MAP Rule)
The Mortgage Acts and Practices – Advertising Rules (MAP Rules) are designed to prohibit misrepresentations in a commercial communication regarding mortgage products. Under the MAP Rules, any person engaging in commercial communications regarding mortgage products must retain records records of all “materially different” communication. Under the MAP Rules, there are essentially no limitations on what…
Investment Dealers Association of Canada (IDA 29.7)
The Investment Dealers Association of Canada, or commonly referred to as IDA 29.7 is a regulation that mandates that all client correspondence, largely through email, must be archived and retained. Helpful Links: Documentation from the Investment Dealers Association of Canada
Investment Company Act of 1940
The Investment Company Act of 1940 regulates the organization of companies who primarily engage in investing, reinvesting, and securities trading, and who offer their own securities to the public. The purpose of the Act is to minimize conflicts of interest that may occur during these operations. The Act does not permit the SEC to directly…
IIROC Regulatory Notice 11-0349
IIROC Regulatory Notice 11-0349 from the Investment Industry Regulatory Organization of Canada (IIROC) replaces MR0281 and is effective immediately. The available methods of communication have changed significantly since MR0281, with the advent of social media websites including Facebook, Twitter, YouTube and others. This notice states that all methods used to communicate, including social media, blogs…
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