Pressure is on compliance with upcoming adoption of new rules (FinancialPlanning)

Compliance departments at firms will likely face several new SEC rules that will be issued in their final form within a very short time period. FrontLine’s Founder and President Amy Lynch sees SEC Chairman Gary Gensler following through on his ambitious regulatory agenda to issue a number of new rules this October, according to SEC plans. But this would require CCOs and compliance teams to implement four or five rules adopted by the SEC at about the same time. Ms. Lynch explains that by attempting to cover so much ground at once, it may do more harm than good, and with unresolved questions by the industry and its member groups, the SEC may not accomplish the intention of the rules. Further, it usually takes firms several months to work through the various parameters of a new rule to determine how it applies to their specific firm and make necessary changes. In this case, that timeline will likely be shortened, with new or amended regulations on cybersecurity, custody and outsourcing, among several others, to quickly implement. See FinancialPlanning (guest account or subscription required), “13 rules in less than 3 years is too much, advisor group tells SEC”