The Department of Labor in a brief filed in a Minnesota lawsuit on August 9, 2017 revealed that DOL had submitted to the Office of Management and Budget a proposal to delay the implementation of remaining parts of the DOL fiduciary rule from Jan. 1, 2018, until July 1, 2019. This would delay the implementation of the BICE and BICE Lite procedures that will cause serious adjustments to most advisers’ business model and procedures. The postponement of the effective date is not official yet, as it has to be approved by the Office of Management and Budget —a process that can take as long as 90 days.
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Securities
SEC Cybersecurity Alert
By John C. Anjier on
Posted in Securities
The SEC published a National Exam Program Risk Alert describing the results of cybersecurity exams of 75 broker-dealers and investment advisors on August 7, 2017. “National Exam Program Risk Alert, Observations from Cybersecurity Examinations,” (SEC August 7, 2017)
This report is useful in evaluating your investment advisory firm’s cybersecurity policies. Two issues received particular attention from the SEC in the report: (1) the need to make sure that security patches and upgrades are timely installed on all firm computer systems, and (2) the need for firms to tailor policies and procedures to actual practices (or vice versa).
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