Softek

Broker-dealers are reminded that they must maintain updated Form U-4 information regarding all offices of employment for registered persons. A new question has been added to the Form U4 to identify Residential Supervisory Locations (RSLs) for purposes of complying with FINRA Rule 3110.19(d), as amended (RSL Question). Firms that have identified an individual’s office of employment as a non-registered private residence are required to answer the RSL Question as either “Yes” or “No” by December 26, 2024.    Softek can help you meet your registration requirements. To learn more about our services, please follow this link: https://lnkd.in/eQUvAYc7  #FINRA #SoftekCompliance.  

In 2024, the SEC initiated 80 enforcement actions against public companies, a 12% decline from the previous year but still above the nine-year average. Total monetary settlements increased to $1.5 billion, with a focus on off-channel communications and whistleblower protection violations. The SEC emphasized cooperation in enforcement and imposed $784 million in civil penalties, an increase from the previous year. For more on the story: At Softek Compliance, we specialize in helping firms avoid such fines by implementing tailored internal control systems that can monitor employee activities.  #RegulationBI #SEC #SoftekCompliance

On October 31, 2024, two major financial institutions agreed to pay a combined $151 million in civil penalties and payments to investors to resolve four enforcement actions by the Securities and Exchange Commission. The actions involved breach of fiduciary duty, misleading disclosures to investors, prohibited joint transactions and principal trades, and failures to make recommendations in the client’s best interests. Enforcement of Regulation Best Interest (Reg BI) continues to be a focus area for the SEC.  Read more here: https://lnkd.in/e36jyyj2     At Softek Compliance, our services can help you comply with financial regulatory obligations and avoid unnecessary fines. To view our detailed compliance services, please click here: https://lnkd.in/eQUvAYc7 #EComm #SEC #SoftekCompliance

The National Society of Compliance Professionals' Annual Conference is less than two weeks away and Softek is thrilled to be attending in a vendor capacity as well as leading panel discussions. If you're attending, please make sure to drop by booth #4 where Sean O'Reilly, Ninamarie Keri & John Nave will be eager to engage on all things compliance and how Softek's technology assists thousands of users on a daily basis. #NSCP #NSCP2024 #Compliance #ComplianceTechnology #OutsourcedCompliance #ComplianceServices #PoliciesAndProcedures #AML #InternalTesting #RiskAssessments #RiskReviews #RIA #RIATechnology #BD #BDTechnology #Supervision #AdvisorCompensation #WorkflowOperations #FINCEN #OFAC

The SEC has fined two financial firms for exceeding clients' designated investment limits over a 2 year period. The firms will pay a combined 9.3 million in penalties. The SEC highlighted that both companies failed to adhere to policies and procedures to protect clients. See more here:   At Softek Compliance, we help firms develop policies and procedures to stay complaint with regulatory requirements and avoid unnecessary fines. #BrokerDealer #SoftekCompliance #InvestorProtection

A financial firm has settled with the SEC for a self-reported violation of Rule 105 short selling restrictions. The firm will pay a total of $495,624 which includes disgorgement, prejudgment interest and a civil penalty, without admitting or denying the SEC's findings. See more here: https://lnkd.in/e9bDpAxF  At Softek Compliance, we help firms develop policies and procedures to stay complaint with regulatory requirements, Independent Testing and Reg BI Needs. #IndependentTesting #SoftekCompliance #SEC #RegBI

The SEC and CFTC have fined 26 firms a total of $393 million for failing to preserve electronic communications made through unapproved platforms, violating recordkeeping laws. These fines highlight the SEC's ongoing initiative to crack down on off-channel communications. Read more here: https://lnkd.in/eaMbBG26. At Softek Compliance, our E-Comm services can help your firm navigate these challenges with tailored risk assessments, monitoring digital communications, and training on the appropriate use of electronic communication. View all of our offerings here: https://lnkd.in/eQUvAYc7. #EComm #SEC #CFTC #SoftekCompliance Click on the link below to subscribe to our mailing list! Stay informed with the latest in compliance news and gain insights into our compliance and regulatory expertise across AML, Electronic Communications Services (including off-channel communications), Registrations, CMA/NMA/RMA, Reg-BI, regulatory practices, risk management and others. https://lnkd.in/eJ2Rxdek

A broker-dealer is being fined for failing to establish effective policies and procedures to comply with Reg BI and Form CRS requirements, including inadequate procedures for conflicts of interest and supervisory systems. Read more here: https://lnkd.in/e84msB4x. At Softek Compliance, we can help your firm meet Reg Bi and Form CRS requirements to avoid unnecessary fines. View our services here: https://lnkd.in/eQUvAYc7. #RegBI #FormCRS #FINRA #SoftekCompliance

An investment banking firm will pay $16 million to resolve U.S. regulatory investigations into its record-keeping practices, specifically regarding unapproved business communications via messaging platforms. This settlement highlights the SEC’s broader initiative to ensure regulated firms are properly documenting employees' text messages and emails as remote work has increased. For more: https://lnkd.in/eCFdHD75. At Softek Compliance, our E-Comm services can help your firm through customizable risk assessments, digital communication surveillance, and training on the proper use of electronic communications. View all our offerings here: https://lnkd.in/eQUvAYc7. #ECommServices #SEC #RecordKeeping #SoftekCompliance Click on the link below to subscribe to our mailing list! Stay informed with the latest in compliance news and gain insights into our compliance and regulatory expertise across AML, Electronic Communications Services (including off-channel communications), Registrations, CMA/NMA/RMA, Reg-BI, regulatory practices, risk management and others. https://lnkd.in/eJ2Rxdek

Banking regulators have released a memo regarding their intent to intensify scrutiny of fintech-bank partnerships due to the compliance risks they pose. For example, because FinTech partners often work direct with customers, differences in KYC standards can lead to AML risks. Read more here: https://lnkd.in/ev_Y_475. At Softek Compliance, we assist FinTech companies in developing AML rules and regulations, as well as helping with tailored reports and testing to ensure compliance with regulatory standards. View our services here: https://lnkd.in/eB44sR4F. #FinTech #AML #SoftekCompliance Click on the link below to subscribe to our mailing list! Stay informed with the latest in compliance news and gain insights into our compliance and regulatory expertise across AML, Electronic Communications Services (including off-channel communications), Registrations, CMA/NMA/RMA, Reg-BI, regulatory practices, risk management and others. https://lnkd.in/eJ2Rxdek