News in Personal Trading Software & Compliance Monitoring Tools

What’s in the news: the top five compliance articles for April 14-29 2022

Compliance innovation moves fast, but the news moves faster. To keep you and your team up to speed on the latest happenings and goings-on in the compliance world, we’ve aggregated the top five articles from the past few weeks to provide you with an in-depth look at the regulatory ecosystem.

Stay up-to-date and in the know on everything happening in the compliance world as of April 29, 2022.

Top 5 Compliance Articles

Compliance Requires Personal Expertise, Technology, Consultants Say – Author Karen DeMasters

In our recent webinar, ComplySci CFO, Wendy Fraulo and ComplySci President, Will Bressman, discussed the need for compliance programs to incorporate both team and technology in order to remain compliant and avoid regulatory enforcement. “The goal of small and mid-sized firms, as far as complying with financial regulations is concerned, should be to have a flexible, scalable program that can change as a firm grows…”

Crypto bill in House would limit SEC’s jurisdiction over exchanges – Author Bloomberg News

“The legislation is the latest in a hodgepodge of crypto bills that lawmakers have introduced in the House and Senate in recent months. Notably, the new bipartisan proposal would define many tokens as “digital commodities,” a tag that would place them out of the SEC’s reach. Crypto assets used to invest in or buy a piece of a business would remain under the securities regulator’s jurisdiction, according to a summary of the bill.”

How financial advisors can take the stress out of annual reviews – Author Ryan W. Neal

Articulating the requirements for a successful annual review, Chris DiTata offered key advice on the steps and practices firms should implement in order to remove some of the stress from the annual review process. “The hub of your compliance program should really be a compliance calendar. Something like what RIA in Box or other third parties offer that is going to schedule out these obligations that you need to perform throughout the year and ideally automatically synthesize what you have done throughout the year into an annual review report.”

ComplySci Publishes 2022 Compliance Guide – FA Staff

ComplySci has published the 2022 edition of their CCO Playbook, a guide to regulatory activity from the past year and 2022 exam priorities. “…ncreasing public scrutiny and chief compliance officer liability, as well as ever-growing regulatory reporting requirements continue to make compliance more complex and increases the risk potential for organizations,” ComplySci said. “Such regulatory increases are also why approximately 70% of compliance professionals report they are considering increasing compliance process automation in the next 12 months.”

FCA Releases Three-Year Strategy and Business Plan – Authors Joe Hewton, Helen Marshall and Ezra Zahabi

“The Business Plan and Strategy reflect a shift from sector based planning by the FCA; with the regulator instead opting for a more flexible, cross-sector and outcomes based approach (with its “topline outcomes” being “fair value,” “suitability and treatment,” “confidence” and “access”). Therefore, rather than looking at specific sectors, the Business Plan identifies three broad areas it will focus on in order to develop these outcomes. These areas are:

  1. Reducing and preventing serious harm to consumers and markets.
  2. Setting and testing higher standards for firms.
  3. Promoting competition and positive change.

…The broader scope of the Business Plan and Strategy compared to previous years suggests the FCA shares the Treasury’s ambition to expand the scope of its role as a regulator.”