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DOL Fiduciary Rule Changes

DOL Rule Action Plan for BDs & RIAs

Broker-Dealers and Registered Investment Advisor firms are concerned about the new DOL Fiduciary Rule change, leaving many firms uncertain where to begin and when to start.

As any experienced compliance officer can tell you, planning ahead will be key in making a smooth transition to the new standard.  We firmly suggest planning ahead by preparing your staff and stakeholders as well as third party service providers.  Client accounts will need to be analyzed to determine how they will be impacted by the change, if at all. New marketing materials and disclosure forms will need to be developed. Suffice it to say, it is a lot of work. 

RND Resources is here to assist you all the way. Read our action plan for tips and ideas on how to handle important steps in making the transition to DOL Fiduciary standards. Read more

Download the DOL Fiduciary Rule guide

2016 DOL Fiduciary Rule Confusion

2016 DOL Fiduciary Rule change sparks lawsuits and confusion among industry firms and advisors

Download the DOL Fiduciary Rule guide

Guide to 2016 Fiduciary Rule

Since the adoption of the Fiduciary rule change in April 2016, BDs and RIAs are scrambling to understand how it will affect them, what to change, how to implement it, and whether or not the stemming lawsuits will prevail. Many compliance officers are confused by the new standard taking place and even further concerned about making changes that will later be reversed if the rule itself is reversed.

Firms cannot count on the flurry of lawsuits to stop this bit of legislation. However they may result in a few changes or further clarifying language. 

What are the Fiduciary rule lawsuits all about?

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MSRB Rule G44 changes

MSRB Rule G-44 – changes effective April 23, 2015

Supervisory and Compliance obligations of municipal advisers are set to change effective April 23, 2015.

The new rule requires all municipal advisors to establish, implement, and maintain a system to supervise their activities and those of their associates in compliance with all applicable securities laws and regulations.

MSRB Rule G44 changes

 

Specifically paragraph (a) {Rule G-44 (a)} specifies that final responsibility for proper supervision rests with the municipal advisor. It follows that the establishment, implementation, maintenance and enforcement of written supervisory procedures must be reasonably designed to achieve compliance with applicable rules.

Rule G-44 becomes effective on April 23, 2015, although the annual certification requirement will not become effective until a year later. The delayed effective date provides municipal advisors time to adopt and implement written supervisory and compliance policies and procedures, designate at least one supervisory principal and a CCO, and prepare the records required under the amendments to Rules G-8 and G-9.

Read the MSRB release for full details.


 

RND Resources, Inc is prepared to help Municipal Advisers meet their ongoing regulatory requirements with SEC, MSRB, and FINRA. We are a full-service securities brokerage support firm that specializes in preparing firms for regulatory inspections. Our veteran compliance experts can handle and oversee registrations, development of supervisory policies, system reviews, education, and employee training.

 

For further information about how we can assist you contact:

 

Tarik Munisoglu   (818) 835-7105

tarik@finracompliance.com

 

Dave Banerjee, CPA (818) 657-0288

dave@finracompliance.com