May 2024, Issue 8
AdvisorAssist
Leader in driving advisor independence, AdvisorAssist provides comprehensive compliance and risk management solutions.
Initial U.S. Securities and Exchange Commission Observations Regarding Marketing Rule Compliance
Risk alerts offer invaluable data and insights into the U.S. Securities and Exchange Commission focus and priorities. This Risk Alert highlights areas of focus for Advisors to stay in compliance with the Rule 206(4)-1 (the “Marketing Rule”) as discovered through the staff’s preliminary assessments and findings concerning the updated rule. Deficiencies ranged across Advisor's policies and procedures, books and records, Form ADV, and violations of the general prohibitions.
To view a comprehensive overview of the Risk Alert, you can review the AdvisorAssist Blog, which also links to additional tools and resources for Advisors in regard to Marketing Rule Compliance.
IRAs Are Here to Stay: U.S. Department of Labor Amends Prohibited Transaction Exemption 2020-02
The recently adopted amendments to the PTE-2020-02 "clears up" the implied concept that IRAs are subject to this rule. Two material changes to note within this amendment are the enhanced definition for what is constituted as "Fiduciary Advice", and that this this exemption applies to investment recommendations to “Retirement Investors”, which is inclusive of plans, plan participants, beneficiaries, IRAs, IRA owners and beneficiaries, and plan fiduciaries with discretionary authority. The effective date for changes are September 23, 2024. For further insight, please visit the AdvisorAssist Blog.
SEC Sends Email Blast Regarding 203A-2(e) & Internet Only Investment Advisers
The SEC recently delivered a communication regarding their revisions to the registration of internet-only investment advisers (“IO RIAs”) to what appears to be...all Advisors. To alleviate confusion, AdvisorAssist wants to reiterate that this rule ONLY applies to SEC Registrants that rely on the Internet Only exemption. Should you rely on this exemption, or are interested in learning more about the amendments, please review the AdvisorAssist Blog.
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Compliance Officer Conundrum: The Dark Side of OCCO Services
At AdvisorAssist our belief is "We can serve as your compliance office - without the "R" - as you can't remove the "R"esponsibility from the firm." AdvisorAssists’ Compliance Officer Conundrum Whitepaper reviews the dark side of a fully outsourced CCO (OCCO), and where competent compliance outsourcing can be the shining light. Read AdvisorAssists’ Compliance Officer Conundrum Whitepaper here.
Important Resources and Reminders for Advisors
AdvisorAssist Blog Highlighted Posts
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