Financial Regulatory Forum

IA Brief: If your program is a “wrap”, be prepared

October 11, 2016
An investment adviser’s participation in a wrap fee program will not only increase its compliance and disclosure responsibilities but raise its regulatory profile with heightened focus on the programs. The focus was recently demonstrated with a Securities and Exchange Commission case in which two large firms settled complaints over wrap fee program compliance failures. Investment advisers are often creating or implementing new programs to meet their clients’ specific needs and ultimately improving their client experience. In recent years, the use of single fee programs or a more holistic approach to the advisory relationship has been embraced; however, programs that bundle particular services can often fall into the definition of a wrap fee program.


Brokers face a fight asking the SEC to end exchanges’ SRO structure

August 14, 2013

By Nick Paraskeva, Compliance Complete contributing author

NEW YORK, Aug. 14 (Thomson Reuters Accelus) –¬†Wall Street has asked regulators to consider ending the special supervisory status given to exchanges, saying that new technology such as dark pools and algorithmic trading has led to broker-dealers directly competing with exchanges for market share.

Regulatory round-up — U.S. rules to know in 2012

December 16, 2011

By Nick Paraskeva

NEW YORK, Dec. 16 (Thomson Reuters Accelus) – Several recently adopted rules in the U.S. are going into effect for specific types of firms in 2012. These rules include ones released by the Securities and Exchange Commission, Commodity Futures Trading Commission and Federal Reserve, issued to implement the Dodd-Frank Act and as a response to market developments.