The Beck Law Firm, LLC Blog

Georgia Businesses: Deadline for Annual Registrations Extended

Georgia Secretary of State Brian Kemp's office recently announced that Secretary Kemp granted an extension of time for Georgia businesses (such as corporations, LLC, etc.) to file their annual registration statement for 2013.  The filings are required by April 1st of each year.  This year, however, due to implementation of a new web-based filing system, and some delays associated with that, the deadline has been extended to May 31, 2013.  

I still recommend getting these done early, and not waiting until the last minute.  But, I think that the additional time is welcome relief and appropriate given some of the issues we have experienced with the site so far this year.  Businesses should make sure that they make their annual filing by the deadline each year, and that they also complete their internal corporate records as necessary under their governing documents, to help maintain the entity and the limited liability protections that may be afforded under law.  

SEC Announces Examination Priorities for 2013

The SEC recently announced its Examination Priorities for 2013.  This document is a must read for legal and compliance folks at broker-dealers, investment advisers and investment companies, and would be on my suggested reading list for principals and managers at these entities as well.  Forewarned is forearmed, and if you can know some of the things the regulators think are important and will be focusing on, why would you pass on that chance?

The SEC release points out that the exams that they do will be tailored to the firm under examination, and that makes sense.  But they do list several areas of ongoing concern for different entities.  A few of the priorities are:

Investment Advisers:  safety of assets, conflicts of interest with respect to compensation, marketing and performance advertising and use of alternative investment and hedge fund strategies.

Broker-Dealers:  Sales practice/fraud issues, AML issues, net capital issues, compliance with the market access rule, proprietary trading and trading supervision.

These topics, together with the exam priorities announced by other regulators, provide a good framework for compliance folks to consider when evaluating their own supervisory systems and controls and for doing mock audits and reviews.  

Your Invitation to Our Workshop: March 5th - Understanding Basic Estate Planning in Georgia

 

You're invited!  Join us on March 5th for a complimentary workshop via teleconference and webinar on Understanding Basic Estate Planning in Georgia.  Watch the short video above to get the details, and then go to this page to register today.

This is for folks who have questions about estate planning for themselves and/or their family, as well as a great refresher for financial advisors and brokers who want to get an update on some common planning tools, and an update on recent tax law changes.  The workshop is free, but you must register to attend.  

 

 

 

 

UPDATED: Enforcement Appeals. Was: FINRA Hearing Panel Decision Issued in Key Arbitration Case

Feb 21, 2013:  FINRA announced today that a Hearing Panel issued a Decision in the case of FINRA's Department of Enforcement v. Charles Schwab & Co., Inc.  In doing so, the Hearing Panel dismissed two of three causes of the action against Schwab, and found for Enforcement on the remaining cause.  The Panel imposed a fine of $500,000 and ordered that Schwab take specific corrective action.  The Panel Decision was issued today (2/21/13) and is not final.  It may be appealed by either party, or it may be called for review by FINRA's National Adjudicatory Council.  I don't know how the case will finally end, but the ending will be very significant to the industry and investors.  

The Hearing Panel Decision is about 49 pages long, and takes some time to go through.  Here's my attempt at a down and dirty summary based on a quick review (links to the press release and the decision itself are above, so you can access the documents yourself if you are interested):

March 5th Complimentary Webinar: Understanding Basic Estate Planning in Georgia

Joel Beck of The Beck Law Firm, LLC, Lawrenceville, Georgia, will be presenting a webinar/teleconference on March 5th on understanding basic estate planning in Georgia.  

This workshop will be offered twice on March 5th, first at 4PM and again at 7PM.  Each session will cover the same material and will be about 30 minutes.

During this workshop you can learn about the basics of estate planning in Georgia.  We'll talk about wills, testamentary trusts, advance directives for healthcare and powers of attorney, and a few other planning tools.  Joel Beck will also discuss recent changes to the federal estate tax laws that were passed as part of the "fiscal cliff" legislation by Congress at the start of the year. It is appropriate for individuals and couples who are interested in estate planning for themselves, as well as for financial advisors who need to get a refresher on common planning tools in Georgia.

Parents of minor-aged children will also learn about how to plan for their children if a "what if?" type situation occurs.  

The program is free, but space is limited. Register online today.

 

SEC to Host 2013 National Compliance Event for Broker-Dealers

The SEC's annual national compliance event is scheduled for April 9, 2013, at the SEC headquarters in Washington, DC.  It will also be streamed on the SEC website.  Registration for in-person attendance is limited, and is available online.  

 

Email Monitoring - Are Your Search Terms Set To Catch Issues?

Securities broker-dealers have regulatory obligations to review certain correspondence and communications of their registered representatives, and those obligations relate to both traditional correspondence via mail, as well as electronic communications such as email.  To help in their monitoring, many firms use surveillance programs that search through electronic communications looking for certain keywords or phrases, etc. in addition to the old-fashioned piece by piece review or sample reviews.  One of the concerns in this area is knowing whether you've set the search parameters accurately so as to pick up on communications that might be troublesome or need further review.

Earlier this year, the folks over at computerweekly.com published an article on the most common phrases used by wrongdoers in connection with communications about fraud via email. Phrases like "backdate" or "cover up" along with "grey area" were identified among the top 15 phrases used by wrongdoers in their communications, according to a study by Ernst & Young in collaboration with the FBI.  If you are involved in email or communication surveillance, this is a must read.  Even if you're not, it's still interesting.

Recap from 10 Things to Do - Or Not Do - To Help Avoid Regulatory Troubles in 2013

In January 2013, I presented a webinar/teleconference for stockbrokers, investment advisers and principals/managers on ten things to do, or not do as the case might be, to help avoid regulatory problems in 2013.  We looked at some hot topic compliance issues, as well as discussed practical ways to avoid problems that consistently trip up the well-meaning broker.  There were a few folks who registered for the free event but ultimately could not attend, and a few others that asked whether a transcript would be made available.  

Keep reading this post for the transcript from the event and get some insights into some common broker issues, as well as some compliance pointers for 2013.