MyComplianceOffice Blog

Acquisition will cement position as a leading authority on conduct risk and compliance technology.

New York, March 7, 2022: MCO (MyComplianceOffice), a global provider of conduct risk and compliance technology, today announced the execution of an agreement for the acquisition of Schwab Compliance Technologies (SCT). SCT serves over 700 clients providing a software as a service (SaaS) solution that automates asks associated with monitoring employee trading activity and efficiently administering a firm's Code of Ethics.

The regulatory framework for Digital Assets and Cryptocurrencies (Crypto) has been rapidly evolving. Regulators expect that firms play their part to ensure that investing in crypto is as safe as possible for investors and customers or else enforcement will be pursued.

The MyComplianceOffice platform is a cost-effective and easy-to-use solution that eases Compliance and regulatory burdens for financial services firms. The suites and modules within the platform help firms and Compliance teams to take a proactive approach to Compliance, manage conflicts of interest and conduct risk.

MCO integrated technology means that firms can have everything in one place for efficiency that doesn't take up too much time when doing everyday Compliance tasks.

We have over 500 customers in 105 countries, and they love MyComplianceOffice for several reasons. Below are some examples.

Conflicts of interest are at the core of many regulatory compliance issues. But solely reacting to conflicts of interest after the fact is not enough to meet current regulatory expectations.

In remarks made at the PLI Broker/Dealer Regulation and Enforcement 2021 event in Washington, D.C on October 6, Gurbir Grewal, Director, SEC Division of Enforcement stated that the agency will “design penalties that actually deter and reduce violations, and are not seen as an acceptable cost of doing business”. He went on to say that the agency will be focusing on “proactive enforcement” to address risks before they cause any harm to investors.

 Taking a predict and prevent mindset around managing conflicts of interest can provide the proactive approach that regulators are looking for—and the right technology can provide the means to get there.

According to the U.S. Securities and Exchange Commission’s 2021 Examination Priorities, in the  last five years the number of Registered Investment Advisers the SEC Division of Examinations oversees increased from about 12,000 to more than 13,900, and the assets under management of RIAs increased from approximately $67 trillion to $97 trillion.

Because of the totality of assets managed, RIAs are always going to be a priority for the SEC. Examinations are not going anywhere. The Division has made significant process, staffing and technology updates to keep up with the growth and increase RIA coverage. In 2020, a year where COVID forced a mid-year switch to remote examinations, Division coverage of RIAs was 15%.