Business Continuity Planning: a Real-World Test

Mar 23, 2020 5:20:55 PM

Ever since the SEC and other regulatory bodies (i.e., FINRA) identified the possibility of “significant business disruptions” many years ago and mandated that registrants create, maintain, and test a Business Continuity Plan (“BCP”), these plans have rarely been taken very seriously until they are needed. A story has circulated over the years that an independent broker-dealer in Garland, Texas nam...

Joot Expands its Compliance Team and Service Offerings

Sep 19, 2019 12:50:00 PM

We are excited to announce the newest addition to the Joot team: John Ramirez! According to Bo Howell, CEO of Joot, the firm has been growing steadily and it is focused on building the right team to deliver both innovative technology and exceptional services. “I am excited to have John join our team. He’s an experienced entrepreneur, talented attorney, and seasoned compliance officer,” says Howell...

SEC: Regulation Best Interest

Aug 29, 2019 11:15:00 AM

As many of you know, on June 5, 2019, the SEC passed Regulation Best Interest (Regulation BI) and related rules and interpretations that were intended to enhance investor protection and clarify the difference between broker-dealers (BDs) and registered investment advisers (RIAs). The rule and two final interpretations were over 1,300 pages long, ugh. When I think about reading that many pages of b...

IM Director's Recent Remarks on Standards of Conduct & Liquidity Risk Management

May 25, 2018 8:30:21 AM

IM Director's Recent Remarks on Standards of Conduct & Liquidity Risk Management by Peter Michael Allen   Recently, Dalia Blass, Director of the SEC’s Division of Investment Management (IM) commented about the standards of conduct for investment professionals and liquidity risk management for open-end funds, including mutual funds and exchange-traded funds (ETFs). Given that the SEC recently submi...

SEC Decides it's Time to Help Investors Understand the Difference between Brokers and Advisers

Apr 21, 2018 8:31:27 AM

The SEC has finally proposed a rule that will help clarify the distinction between brokers that refer to themselves as "financial advisors" and investment advisers. (We won't get into why it took so long or how this is a response to the Department of Labor's fiduciary rule, which was recently vacated by federal courts.) Most investors are unaware of the difference and the legal standards that appl...