MyComplianceOffice Blog

According to a 2019 survey financial institutions, especially banks, are falling behind when applying digital transformation to conduct risk management. The current situation shone a light on the lack of technology to monitor employees' activities, regulations, conflicts of interest and conduct risk across organizations. During the pandemic, risk and compliance departments were struggling to manage risks, provide reporting and comply with regulations. All that drove even more attention to the need for RegTech solutions in financial services.

2020 was a different year, but some things never change. MCO once again hosted several webinars to update compliance and risk professionals on the latest regulations, enforcements and industry best practices. Here are some of the highlights of what we learned from our expert speakers in 2020.

Will you be ready to comply with Regulation Best Interest on June 30, 2020? The new rules and interpretations outline requirements instructing broker-dealers and investment advisors to not put their own financial interests ahead of the best interests of retail customers when making recommendations and to address conflicts of interest.

On June 5, 2019, the SEC announced new rules and interpretations clarifying required standards of conduct for broker-dealers and investment advisers when advising retail customers. Firms must be ready to comply with Regulation Best Interest and Form CRS by June 30, 2020.