MyComplianceOffice Blog

The 2023 Report on FINRA’s Examination and Risk Monitoring Program provides firms with insight into findings from recent oversight activities of FINRA’s Member Supervision, Market Regulation and Enforcement programs. The report outlines regulatory obligations, findings from recent oversight activities, effective practices and additional resources. 

The Thomson Reuters^® Regulatory Intelligence survey and report Fintech, RegTech, and the role of compliance in 2023  explores the way in which firms are addressing the deployment and management of technology solutions.

The report points out that digital transformation is a continuum, with many benefits but also some challenges along the way.

Organisations across the globe invest heavily in resources to strengthen relationships between the business and employees and create the best outcomes. Know Your Employee (KYE) initiatives centred around the recruitment process can result in high-quality talent acquisition. Background checking, identity verification, certifications, and other aspects are a high priority - and it’s no wonder. After all, the cost of replacing an employee is significant. ELMO & HRMI’s 2022 ANZ benchmark report shows an average of AUD $23,860 and 40 days to make new hires.

U.S. Securities and Exchange Commission Chair Gary Gensler said in a speech to the Practicing Law Institute that during the fiscal year that just ended on September 30, the agency filed over 700 actions and obtained judgments and orders totaling $6.4 billion, including $4 billion in civil penalties.

 The actions, outlined in a recent press release, covered a wide range of misconduct including charges around insider trading, disclosure failures and omissions, market manipulation and fraud, misleading investors, executive accountability, failure to maintain books and records, failure to register crypto as a security and insufficient policies and procedures. 

For every registered firm with the SEC, it’s not a matter of if you’ll be examined but when. COVID-19 drove a necessity for the SEC to adapt its examination processes from traditionally in-person activities to remote. As a result, companies operating in the Asia-Pacific (APAC) region must now be ready and able to support the SEC in its procedures.