MyComplianceOffice Blog

MyComplianceOffice is proud to be a first-time exhibitor the 2016 3rd Party Risk Management for Banks conference in Chicago this June 6 through 8.

From fully automated personal trading supervision to advertising review, many of the day-to-day tasks of today’s compliance officers are wrapped up in the use of technology. As such, the relationship between compliance officers and technology has shifted.

1. Suitable retirement advice is no longer enough. Brokers must act in their clients “best interest” when offering retirement advice. This means a ban on any commissions or financial incentives that might motivate advisors to advise against what would be in best interest for their clients. However, advisors are still permitted to recommend proprietary products.

The Market Abuse Directive II (MAD II) goes into effect this year. The new regulation will require firms to enhance employee supervision and take closer look at their organizational compliance practices. For those unfamiliar, MyComplianceOffice has compiled five fast facts to serve as an introduction.

According to recent reports, the Securities and Exchange Commission (SEC) seeks to hire 100 new compliance examiners by October 2016. The plans by the enforcement to expand staff by 20% have substantial ramifications for investment firms who can anticipate that more examiners will ultimately mean more examinations.