September 2024, Issue 12
AdvisorAssist
Leader in driving advisor independence, AdvisorAssist provides comprehensive compliance and risk management solutions.
SEC Marketing Exam Sweep Deficiencies Continue for RIAs
On September 9th, 2024 the U.S. Securities and Exchange Commission (“SEC”) announced charges against nine Registered Investment Advisors (“RIAs”) for violations of the Marketing Rule as part of the SEC’s ongoing Marketing Rule Sweep Exam efforts. All nine firms agreed to settle, totaling over $1.2 million in combined damages. These actions demonstrate the SEC’s zero-tolerance policy for marketing violations. Additionally, the continuation of these sweep exams codifies the SEC’s dedication to promoting compliance and accountability, indicated Corey Schuster , Co-Chief of the SEC’s Division of Enforcement’s Asset Management Unit.
For more information regarding SEC Marketing Exam Sweep Deficiencies, please read the AdvisorAssist Blog Post.
Annual Amendments, Already!?
If you can believe it, we are only a few weeks away from Q4 2024! With the end of the year approaching, comes year end considerations and preparations for the Firm's 2025 Annual Amendment. Before we get too far ahead of ourselves though, Advisors should review upcoming important dates and deadlines as released per FINRA and available in our AdvisorAssist 2025 Annual Amendment Calendar . Need assistance with your Firm's Annual Amendment? Contact AdvisorAssist via email at [email protected] or call (617) 800-0388!
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AML/CFT Proposal Adopted: What This Means for Advisors
Effective September 4, 2024, the Financial Crimes Enforcement Network, US Treasury (FinCEN) has officially adopted and published its new rules on Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) programs strictly for investment advisors registered with the U.S. Securities and Exchange Commission (“SEC”), and does not apply to investment advisors registered with state regulatory agencies.
Advisors should be aware that the the Compliance Deadline is January 1, 2026 for adopting policies and procedures. For more information please review the AdvisorAssist Blog Post.
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