On Jun. 7, 2018, OCC and FDIC issued federal register, effective Oct, 1, 2018. Background: On Jun. 1, 2018, OCC and FDIC issued final rules to shorten settlement cycle. The rule is effective, 30 days following pending publication in federal register.
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UK New Data Protection Act
On May 23, UKP data protection act completed legislative process. Data protection act 2018 (DPA 2018) replaces previous data protection act 1998. On May 23, UK's Information Commissioner Denham, welcomed the new statute. Relationship with EU Law The Act sits alongside GDPR, implements the EU Law Enforcement Directive (LED). Extend domestic data protection law to areas…
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SEC BD, IA Fiduciary Proposals
On May 9, 2018, SEC proposed in the federal register, comment Aug. 7, 2018. One filing is on Regulation Best Interest, and the other is on disclosure forms. Separate filing re interpretation of standard of conduct of investment advisers.
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MAS Manager Accountability
On Apr. 26, MAS proposed rule on senior manager accountability. Guidelines would be applicable to senior managers, within financial institutions. Objective to strengthen individual accountability and raise standard of conduct. Supervisory Expectations Expectations of boards, senior management re individual conduct and behavior. Institution responsible to promote individual accountability of senior managers. Responsibilities to strengthen oversight of…
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NASAA Fiduciary Rule Progress
On Apr. 24, NASAA reported progress to meet DOL fiduciary rule. NASAA report confirmed industry progress to comply with DOL fiduciary rule. In the multi-billion-dollar individual retirement account (IRA) rollover market. Main Findings Demonstrates that broker-dealers were making progress in revising policies, and procedures to inform investors in retirement plan for DOL fiduciary rule. Rule would have…
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MAS Adviser Representatives
On Apr. 11, MAS amended requirement of adviser representatives. Follows MAS Dec. 2016 amendments to its examination requirements. 2018 Amendments Amendments to notice FAA-N13 on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers. Minimum CPD Hours Includes amendments to core, and supplementary, CPD hours in Table A, page 15.…
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