FIRMA®
Compliance and Risk Management Alert:
Here is the much awaited FAQ from the SEC on the Advisor Custody Rules, issued March 5, 2010....
http://www.sec.gov/divisions/investment/custody_faq_030510.htm
The SEC’s position on the RIA custody rule has more applicability to the trust business than previously expected. Additionally, FIRMA members will have to move more aggressively on the scope assessment of the revised SAS 70 and preparation for the Surprise Exam requirements that may apply to entities under your corporation." The compliance date is March 12, 2010.
Reg R - Q&A
FIRMA is pleased to re-publish the interaction of questions and answers from the recent ABA / FIRMA Teleconference on December 14, 2009, entitled "Reg R Explained - Where Every Fiduciary Organization Must Be Now."
To view this important discussion of Reg R issues, please access the link below:
The Fiduciary and Investment Risk Management Association, Inc. (FIRMA) is the leading provider of current and relevant fiduciary and investment risk management education and networking opportunities to risk management professionals of banks, trust companies, investment advisors, broker-dealers, insurance companies and other providers of financial services. FIRMA has the objective of providing fiduciary risk managers with the tools and knowledge needed to perform their functions in the rapidly changing financial services landscape. Become a Member Today!
UPCOMING EVENTS
March 16, 2010
FIRMA/ABA Teleconference
March 28 - April 1, 2010
2010 FIRMA National Training Conference -- San Francisco, CA
MEMBER NEWS
Pictures from FIRMA Conference 2009
Click Here to See The Full Gallery
Click Here for 2009 Conference Materials
John Clark Joins Amper, Politziner & Mattia as Director of both the Financial Services and the Business & Risk Advisory Practice Groups
Amper, Politziner & Mattia, Certified Public Accountants and Consultants, is pleased to announce that John Clark has joined the firm as a Director in both the Financial Services and the Business & Risk Advisory Practice Groups.
MORE >>
Jan Sackley Awarded the Certified Fraud Examiner Credential
Portage, MI…March 1, 2010—Fiduciary Foresight, LLC announces that Jan Sackley, Principal, has been awarded the Certified Fraud Examiner credential by the Association of Certified Fraud Examiners, an international professional association.
MORE >>FIRMA FORUM
Bringing Mortgage Fraud Under Control
By Dennis M. Lormel with John J . Byrne
Reprinted with the Authors’ permission
Under scrutiny by the FBI, The Financial Crimes Enforcement Network (FinCEN), and Congress through reports, enforcement actions, and new laws, the financial sector must adjust its programs and policies to ensure detection and prevention of future financial crimes. But with current priorities on money laundering, terrorist financing, and other forms of illicit finance, this may not be an easy task. This article brings compliance, security, and operational risk officers up to date on the mortgage fraud issue, with advice on how to keep this crime in their sights.
INDUSTRY NEWS
Smithfield Returns to Profit
WSJ.com: US Business 11 March 2010, 1:23 pm
U.S. Judge Upholds Chevron-Ecuador Arbitration
WSJ.com: US Business 11 March 2010, 1:16 pm
Mitsubishi Wary in China
WSJ.com: US Business 11 March 2010, 1:13 pm
JOB POSTINGS
INVESCO Compliance Officer Chicago, Illinois
Posted: March 10, 2010
Senior Auditor – Investment Services Group
Posted: February 23, 2010
Contact FIRMA to advertise your position.
General Trust Discussion: Reg 9 (Pre) Acceptance of New Accounts Compliance Manager posted on February 23, 2010, 9:08 am:
At my institution, the trust agreement is not executed until the document itself has been reviewed by designated individuals/counsel and the account has been accepted by the committee. Once the agreement is executed, the bank is taking on the responsibilities of Trustee, Investment Manager and any other authorities granted to it by the document and has been, accepted, whether or not there has bee formal acceptance by the committee. If there are any unique provisions in the document, unclear provisions, conflicting provisions, or responsibilities that the bank does not have the expertise to administer, you have takebn on significant liability for the bank and it may be very difficult to back out of the agreement.
Visit the discussion forum to exchange ideas with your peers today! >>