Amy Lynch discusses custody rule challenges for firms (InvestmentNews)

What constitutes custody status for registered investment advisers still creates challenges for firms despite the SEC’s best efforts to modify and clarify the rules. Amy Lynch, Founder and President, states that the custody rule is the regulatory issue the SEC has provided the most clarity on. However, she adds that it remains confusing for advisers…

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SEC settlements thrown off by lengthy shutdown; Amy Lynch explains (Fund Intelligence – Subscription Req’d)

The SEC’s schedule to finalize settlements with firms for Rule 12b-1 violations is feeling the lingering effects of the Federal government shutdown. Founder and President Amy Lynch explains that work remains for the SEC to finalize the settlements and the agency will be pushed to meet its end of February goal. See Fund Intelligence (subscription…

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Minus self-reporting, firms feel the heat from SEC on share class sweep; Amy Lynch discusses (IGNITES – Subscription Req’d)

With the SEC’s share class sweep now in its later stages, a number of firms are under pressure by the regulator to settle cases. Amy Lynch, FrontLine’s Founder and President, explains that these firms are primarily small and mid-sized shops that feel boxed in to negotiate with the SEC because they lack the deep pockets…

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Amy Lynch comments on use of Google searches for customer due diligence (AdvisorHub)

FINRA’s recent AML focus and settlements with firms for AML related deficiencies has, in at least one case, led to extra client screening via Google searches. UBS took the unusual step of requiring sales assistants of U.S. brokers to conduct Google searches for red flags as part of setting up new customer accounts. While the…

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New firm registrations, among other items, now on hold at SEC; Amy Lynch comments (FundFire – Subscription Req’d)

The current government shutdown is having a wide-ranging impact on the ability for firms to interact with the SEC for registrations and fund launches, among other needs. According to Founder and President Amy Lynch, new firms that are trying to register with the SEC will face delays in that process. While many items that are…

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