FrontLine Compliance News Archives 2009

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FrontLine Compliance in the News

• DEC 2009 - Amy Lynch comments on compliance preparedness of firms offering indexed annuities (InvestmentNews, 12/13/09)
• DEC 2009 - Amy Lynch quoted on proposed FINRA Rule regarding payments to unregistered persons (BD Week, 12/7/09)
• NOV 2009 - Chip Arvantides comments on expansion of FinCEN AML program (BD Week, 11/30/09)
• NOV 2009 - Amy Lynch quoted on greater liability for CCOs (BD Week, 11/23/09)
• NOV 2009 - Chip Arvantides comments in feature story on compliance priorities for hedge funds (SNL Financial, 11/13/09)
• NOV 2009 - ComplianceAlert issued by FrontLine is lead "Breaking News" story (HedgeCo.Net, 11/9/09)
• OCT 2009 - Amy Lynch offers key points in article discussing litigation centered on annuity disclosures (IGNITES, 10/28/09)
• SEP 2009 - Amy Lynch quoted on aggregated cross-trades and compliance with SEC Rule 17a-7 through UAT’s UCCS (9/22/09 press release)
• AUG 2009 - Amy Lynch quoted exclusively in feature story on revised BD conflict of interest rule (BDWeek, 8/31/09)
• AUG 2009 - Amy Lynch comments on portability of advisers' performance data (IA Week, 8/31/09, pages 2 and 3)
• JULY 2009 - Amy Lynch comments on FINRA’s increased scrutiny of CCOs (BD Week, 7/20/09)
• JULY 2009 - Amy Lynch offers advice on proxy voting rule and electronic reconciliations (IA Week, 7/6/09, pages 1 and 3)
• JUNE 2009 - Amy Lynch comments on amendments to Rule 2821, VA sales rule in IGNITES article (6/19/09)
• JUNE 2009 - Pershing announces its clients now have access to FrontLine Compliance through its ValueAlliance Program (6/4/09 press release)
• JUNE 2009 - Amy Lynch comments on new compliance challenges in IA Week article (6/15/09, page 4)
• JUNE 2009 - Amy Lynch quoted exclusively on proposed FINRA rule in BD Week (6/8/09)
• JUNE 2009 - Amy Lynch presents at NAVA Government & Regulatory Affairs Conference (6/3/09 press release)
• MAY 2009 - Amy Lynch presents at ICI's Mutual Fund Compliance Programs Conference (5/5/09 press release)
• MAY 2009 - FrontLine Compliance and UAT conduct joint compliance demo at ICI Conference (5/4/09 press release)
• APR 2009 – Amy Lynch quoted exclusively on insider trading prevention in BD Week article (4/20/09)
• APR 2009 – Amy Lynch quoted on pre-trade compliance of sub-advisers in IGNITES story (4/20/09)
• APR 2009 – Amy Lynch comments on annual compliance reviews in IA Week article (4/13/09, page 4)
• MAR 2009 – FrontLine Compliance and UAT, Inc. form strategic alliance (3/31/09 press release)
• MAR 2009 – Amy Lynch comments on compliance and technology in BD Week article (3/23/09)
• MAR 2009 – Chip Arvantides quoted in BD Week article on new FINRA and SEC leadership (3/2/09, page 4)
• MAR 2009 – Amy Lynch’s comments on VA suitability featured in InvestmentNews (3/1/09)
• FEB 2009 – Amy Lynch presents on risk and compliance at NAVA Marketing Conference (2/17/09)
• FEB 2009 – Amy Lynch interviewed by IA Week for article on senior management's "tone at the top" (2/2/09, page 3)

ComplianceAlerts

• Wall Street braces for impact as House passes major regulatory reform (12/15/09)
• House Financial Services Committee passes two regulatory reform bills - full House vote this week (12/8/09)
• Deadlines near for 2010 registration renewals and fee increases (12/2/09)
• Labor Department scraps rule that would allow reps to provide investment advice to ERISA plan participants (11/24/09)
• New report is critical of SEC process for selecting firms to inspect (11/23/09)
• Regulatory reform measures gain momentum (11/6/09)
• FINRA to require independent testing of AML programs under new consolidated Rule 3310 (10/22/09)
• Initial SEC Strategic Plan for 2010 cites performance measures to maximize exams, enforcement actions and coordination with other agencies (10/19/09)
• SEC Office of Inspector General (OIG) releases two reports on its findings and recommendations (10/2/09)
• SEC proposes banning "flash orders" Reg NMS rule amendment would prohibit practice (9/22/09)
• SEC Inspector General releases report on Madoff scam and SEC failures (9/8/09)
• OTC Derivatives Markets Act grants additional authority to SEC and CFTC (8/14/09)
• Update - SEC proposes new measures to restrict "pay-to-play" by advisers (8/5/09)
• SEC Chairman calls for the Commission to re-visit its 1999 proposal on "pay-to-play" restrictions (7/21/09)
• SEC proposes changes to Investment Adviser Custody Rule 206(4)-2 and Form ADV (5/27/09)
• SEC Enforcement "breaks maiden" on proxy rules; fines adviser and principal combined $350,000 (5/18/09)
• President Obama sends Private Fund Investment Advisers Registration Act to Capitol Hill (7/16/09)
• Chairman Schapiro unveils several new SEC initiatives during Congressional testimony (7/15/09)
• Obama's Regulatory Plan - What does it mean for you and your firm? A special Summary Report from FrontLine Compliance (6/19/09)

Hot Issues

• SEC issues initial Strategic Plan on proposed improvements - released 10/15/09
• FINRA Board releases special report on revamping examination program following Stanford and Madoff cases
• Draft legislation introduced for Private Fund Investment Advisers Registration Act of 2009
• FINRA Regulatory Notice on proposed new rules for communications with the public – comment period ends 11/20/09
• SEC OIG’s report on OCIE’s examination of Madoff
• Joint SEC and CFTC report on coordinating regulation – issued 10/16/09
• SEC proposes banning "flash orders" through Reg NMS rule amendment – comment period ends 11/23/09
• PCAOB issues Q&A offering guidance on registration of broker-dealer auditors
• SEC Enforcement action based on Reg S-P, failure to protect customer data
• MFA white paper on proposed EU Directive on Alternative Investment Fund Managers
• SEC final rule on nationally recognized statistical rating organizations (NRSROs) – effective 11/12/09
• IAA comment letter on SEC’s proposal to restrict pay-to-play by advisers
• SEC proposed rule on “pay-to-play” restrictions for investment advisers
• SEC new short sale rule finalized – effective 7/31/09
• Treasury legislation on fiduciary standards sent to Capitol Hill
• U.S. Court of Appeals for DC requires SEC to reconsider proposed Rule 151A on EIAs
• SEC proposed amendment to municipal securities disclosure – comment period ends 9/8/09
• SIFMA comment letter on proposed amendments to Advisers Act custody rule
• FINRA Regulatory Notice on proposed consolidated rule governing fidelity bonds - minimum coverage increase
• FTC Red Flags Rule - effective date postponed until 11/1/09
• NASAA new model rule on investment adviser solicitors – comment period ends 8/17/09
• FINRA Regulatory Notice on firms’ obligations with variable life settlement activities
• Obama Regulatory Reform Proposal - released 6/16/09
• SEC proposes rule amendments for money market funds
• SEC proposes changes to proxy rules
• FINRA Regulatory Notice on cash comp changes for investment company securities
• SEC finalizes approval of Rule 2821
• SEC proposal on '40 Act rule amendments for advisers with custody of client assets - comment period ends 7/28/09
• GIPS proposed changes for 2010
• FinCEN proposal on CTR requirement for mutual funds
• FINRA Regulatory Notice on sales practices of leveraged funds and inverse ETFs
• SIFMA releases compensation guidelines
• FINRA Regulatory Notice on proposed rule addressing rumors - comment period ends 7/16/09
• SEC final brief responding to insurance industry petition of proposed Rule 151A
• FTC delays enforcement of Red Flags Rule - new effective date 8/1/09
• MFA risk management guidance for hedge funds
• FINRA Regulatory Notice on SEC approval of amendments to Forms U4 and U5 - effective 5/18/09
• SEC proposed amendments to Reg SHO and restrictions on short selling
• MSRB Notice on Build America Bonds, municipal securities
• FINRA Regulatory Notice on proposed consolidated rules governing suitability and know-your-customer (KYC) obligations - comment period ends 6/29/09
• NAVA Q&A on insurance regulation and state guaranty associations
• SEC summary prospectus final rule release
• FINRA Trade Reporting Notice on Reg NMS related trade reporting modifiers - effective 7/1/09
• FINRA FAQ on Reg M
• SEC considering rule proposal requiring independent compliance audits (InvestmenttNews, 3/22/09)
• FINRA issues 2009 examination priorities letter
• ICI white paper on regulatory reform and systemic risk regulator
• SEC to change process for whistleblower complaints and enforcement tips
• Best practices report on hedge funds provided by President's Working Group on Financial Markets
• SIFMA comment letter on FINRA best execution rule
• FSA report on global banking crisis
• IAA comment letter to SEC on self-custody of client funds
• SEC no-action letter on separate accounts
• SIFMA issues AML due diligence practices for hedge funds
• SEC seeks comments on FINRA proposed rule for investment banking professionals - comment period expires 3/31/09
• Hedge Fund Transparency Act introduced as legislation requiring registration of hedge funds
• FINRA Information Notice - non-public broker-dealers now required to have PCAOB-registered accounting firms
• SEC charges Merrill Lynch with misleading pension consulting clients
• FINRA sweep focuses on referrals to investment advisers/Madoff (InvestmentNews, 1/26/09)
• SIFMA comment letter on consolidated NASD and NYSE rules regarding reporting requirements
• Testimony of SEC's Director of Enforcement on concerns raised by Madoff ponzi scheme
• FINRA Regulatory Notice reminds firms of red flags related to unregistered resales of restricted securities
• Mary Shapiro sworn in as new SEC Chairman
• FINRA Regulatory Notice on rule proposal for front running - comment period extended to 2/27/09
• FINRA podcast on template for new account application
• NASAA outlines legislative agenda
• FINRA qualification exams updated to reflect new consolidated rules
• SEC issues statement on Madoff investigation
• Insider trading charges brought by SEC against Wall Street professionals
• SEC approves new rule on sales of equity-indexed annuities
• MSRB Notice on proposed rule to establish SHORT System by 1/30/09
• SEC exemptive order allows for CDS central counterparty services
• FINRA Regulatory Notice on best execution, interpositioning proposed rule - comment period ends 1/29/09
• Remarks by Mary Shapiro on her acceptance of SEC Chairman nomination
• FinCEN final rule on currency transaction reporting exemptions - effective 1/5/09
• SIFMA comment letter on FINRA's proposed rule concerning circulation of rumors
• SEC open letter to CEOs stresses critical role of compliance
• SEC no-action letter on past specific recommendations
• New FINRA resource - protecting customer account information under Reg S-P