About our Contributors ICS Group is a regulatory compliance consulting firm specializing in providing compliance support to the financial services and insurance industries. We help our clients comply with regulatory requirements and industry standards. Our clients include: registered investment advisers, private equity funds, hedge funds, mutual funds, broker-dealers, insurance companies and state pension plans. Our team of highly experienced compliance professionals know from first-hand experience what regulators are looking for, the industry standards that apply, and how to develop and implement cost-effective business-oriented solutions. On October 27, 2016, the U.S. Department of Labor (“DOL”) released initial guidance primarily addressing the BIC exemption under the Fiduciary Rule. The Fiduciary Rule expands the scope of the definition of fiduciary for employer-sponsored plans and swept in non-ERISA investment vehicles such as IRAs and HSAs. A key aspect of the expanded definition is the “Best Interest Contract” exemption (BIC) which allows firms and advisers
Does your firm routinely solicit investors and/or co-investors? Does it market its funds to endowments, pension funds and high net worth individuals? Does your firm advise companies on mergers and acquisitions and debt offerings? If your firm receives compensation for any of these services, then you could be engaging in broker-dealer activities for which registration as a broker-dealer is required.
Financial services firms are increasingly contracting with third-party service providers to perform activities related to their business functions and regulatory responsibilities.
The SEC expects to increase the number of investment adviser examinations in 2016. The SEC’s Office of Compliance Inspections and Examinations (“OCIE”) is also increasing the number of examiners by almost 20% this year...
March 8, 2016 - March 30 is the deadline for registered investment advisory (“RIA”) firms to file Form ADV annual updating amendments. Executives, including CCOs, who have intentionally or inadvertently misstated or failed to disclose material information on their Form ADV have been personally fined and/or barred from the financial industry. As NAIC’s Compliance Partner we’re here to help you avoid regulatory blemishes.