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Outsourced Compliance Services

You may be the one taking on the responsibility of CCO while you are also running a business, managing your own book of business  or out there bringing in more clients to “feed” your advisers.  Or maybe you are using an outsourced consultant that just isn’t proactive, responsive, too conservative or just plain not good.  Or maybe your CCO quit and you have been having a hard time recruiting a replacement.  Either way, you want to be able to rely on someone to get the work done and trust that they will have you protected.

That is why we launched our Outsourced Compliance Department services. Rather than a singular consultant, you get a Chief Compliance Officer and at least two compliance officers who run and manager your compliance program.  Available anytime to your whole team, our Outsourced Compliance Department services are meant to simulate an in house compliance department.  As your firm grows, so does your Outsourced Compliance Department.  Just bought an office with twenty IARs?  No problem.  Just added another $500 million in assets under your management? No problem.  For less than the cost of an individual compliance officer, you get access to a world class team of compliance nerds, including attorneys and compliance officers.  Also included in our Outsourced Compliance Department services are legal services, so that you can ensure that your compliance program passes your next SEC audit.

Click Here To View Our Outsourced Compliance Department offerings.

SEC Compliance

Your primary focus in business is serving your clients while creating the lifestyle of your dreams. Thus, you spend most of your time and energy on revenue-making activities. With so much time devoted to serving your clients, you might forget about SEC compliance.  Besides, do you ACTUALLY enjoy compliance?  No.

While SEC compliance doesn’t generate revenue, it can protect your firm from losing money. SEC compliance is as important to your firm’s bottom line as acquiring and servicing clients. You need a team of experts at your side to ensure SEC compliance.

At My RIA Lawyer, our firm focuses exclusively on SEC compliance for Registered Investment Advisors (RIAs). With numerous service options, from our Compliance University to our ongoing compliance packages of services and the outsourced compliance department, our SEC compliance lawyers are here to meet your SEC compliance needs.

Securities and Exchange Commission

The SEC ensures that businesses are properly regulated in the securities markets and protect their investors. Most SEC regulations are dictated to ensure that corporate accounting practices are followed. These also deal with public disclosures and other tasks that help to protect investors against fraud and other manipulative practices.

The Securities and Exchange Commission is the main arbitrator and regulator of all corporate actions. Companies that issue securities or otherwise advise on investment in securities must work to ensure that they comply with all of the regulations as per the requirements or face legal action.

SEC Compliance Services

My RIA Lawyer has three options for RIAs that need help with SEC compliance.

These options are:

  • Compliance University – Great for start-ups, small state-registered firms, and those seeking additional resources for their in-house compliance team. This is a monthly service.
  • Ongoing monthly outsourced compliance consulting services (4 tiers) where we take the day-to-day compliance tasks off your plate and build your compliance program to grow with your firm.
  • Outsourced Compliance Department with Outsourced CCO  – We take over your compliance program and assure you that your program complies with SEC and state requirements. Your outsourced CCO does everything from cleaning up your compliance program to managing your regulatory exams and vetting, hiring, and training in-house compliance staff.

Don’t let compliance take another minute of your time. Our outsourced compliance department solution reduces the anxiety of being your firm’s CCO.

Click Here To View Compliance Packages

SEC Areas of Enforcement

These are the most important areas of Financial Services Compliance that must be enforced by the SEC:

Corporate Finance

Corporations listed on the reports must comply when making annual reports and disclosures regularly. This is a requirement of the SEC. The goal is to make the public aware of these companies’ financial condition and business practices.

That way, investors can always make an informed decision on their transactions. The SEC also works to ensure that proper accounting practices are upheld at all times. Many of the required filings and disclosures that companies file must be filed properly to ensure that the company complies with all of the SEC requirements.

They must include the following:

  • Quarterly and annual financial filings
  • Annual reports for shareholders
  • Shareholders are to receive proxy materials before annual meetings
  • Executive compensation disclosures

Mergers And Acquisitions

The Securities and Exchange Commission regulates issues related to antitrust by monitoring acquisitions and mergers by companies that report to the Securities and Exchange Commission.

It’s a requirement for companies to file specific disclosures and documentation regarding such mergers and acquisitions before finalization. Additionally, activities are regulated to ensure that shareholders are informed properly of such decisions.

Securities

All companies will face securities laws and regulations, as this is the basic requirement of most SEC compliance requirements. All of the laws must be followed by companies issuing securities, regardless of the manner or the phase at which they are offered. These are the major laws regarding securities that SEC enforces:

  • The Securities Act of 1933 is considered the “truth in securities” law. This act regulates the disclosure and registration of all securities and works to prohibit fraud.
  • Securities Exchange Act of 1934 is the act that was created by the SEC and regulates the markets by requiring exchanges, brokers, transfer agents, dealers, clearing agencies, and many other market participants to register; it also works to establish the corporate finance reports that are required.
  • Trust Indenture Act of 1939 regulates the sale of debentures, bonds, and notes via trust indenture.
  • Investment Company Act of 1940 regulates the organization of all companies whose main business is investing, reinvesting, and trading securities and those who offer their securities to the public and minimize conflicts of interest.
  • The Sarbanes-Oxley Act of 2002 is made by reforms to enhance corporate responsibility, improve financial disclosures, and fight accounting fraud. It created the Public Accounting Oversight Board that oversees the auditing industry.
  • Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 is the reformed practice that hurt the average consumer and investors by reforming the consumer protection act. It helps to regulate the trading restrictions and credit ratings and regulation of the financial products and the corporate governance and disclosure, enhancing transparency.
  • Jumpstart Our Business Startups Act of 2012 minimizes the regulatory requirements for small businesses when raising funds in the public capital markets.

The SEC enforces all of the disclosures and regulatory standards under these laws for securities. Compliances for companies must consider each act.

Market Regulation

The job of the SEC is to oversee major market participants, including SROs like FINRA, securities firms, and exchanges. Companies operating in this fashion, especially those that perform broker-dealer duties, must take extra precautions to remain compliant with the SEC, as the rules regulating markets can be very challenging and complex and are in constant motion of change.

FCPA, Insider Trading, and Other Illegal Activities

The SEC maintains specific offices and divisions dedicated to eliminating illegal activities. These activities include violations of the FCPA, insider trading, and other illegal activities considered malicious.

These are all taken very seriously and may have civil and criminal consequences. The enforcement in these areas is usually quite harsh, so companies must take great care to maintain compliance.

Areas of SEC Compliance

At My RIA Lawyer, we represent public and private companies in SEC compliance. Our attorneys all have senior-level expertise in this area. As highly-trained professionals, former regulatory. Attorneys, and more, we have previously been involved with prosecuting fraud cases in the securities division.

We maintain a deep knowledge of the regulations and laws that govern the SEC enforcement jurisdiction. Our SEC compliance lawyers offer businesses practical and efficient advice tailored to each business concerning all matters subject to oversight.

This also includes:

Private Placement

Assisting clients in preparing private placement memoranda and private investments in public equity or PIPEs. We help our clients maintain compliance for obtaining registration exemptions and conducting private equity transactions.

Registration Exemptions

In addition to private placements, we also offer registration exemptions in various other conditions. We assist our clients in evaluating their options and help them to make informed decisions and remain in compliance with all of the SEC requirements.

SEC Registration and Filings

A lot of our SEC compliance practice is geared toward guiding our companies throughout the entire registration process. We assist them with all of their public filings. Whether you’re considering initial public offerings (IPOs) or you require outside counsel to maintain compliance, we’re here to assist you every step of the way.

Corporate Finance Controls

All companies are subject to SEC requirements. They must maintain compliance regularly. We assist our clients in maintaining their compliance by helping prepare and monitor all the regulations. We do this continually.

Marketing and Sales Practices

Companies must be mindful and cautious when marketing security offerings. Our SEC compliance attorneys work very closely with clients to ensure that their marketing executives and the other key stakeholders ensure compliance.

Social Media Compliance

A growing area of concern is social media compliance. This is true in both public and private companies. Our clients are advised that public statements made online can be dangerous. We work with them to help compose and craft public social media posts that satisfy compliance requirements.

Insider Trading and Conflict of Interest

Although insider trading is a criminal offense, it’s lawful for corporate insiders to trade their company stock under specific circumstances. We help our clients prepare and pre-arrange such trading plans and address the perception of conflict of interest and any other concerns that may lead to scrutiny of the SEC.

Mergers and Acquisitions

Before conducting mergers and acquisitions, all public companies must ensure that the proposed deals won’t run afoul of federal securities, antitrust laws, and SEC regulations. We walk our clients through every aspect of the federal merger and acquisition compliance laws and guide our clients to the closing.

Cryptocurrency, Mobile Trading, and Other Innovations

Cryptocurrencies, mobile trading apps, initial coin offerings or ICOs, and other considerations have federal securities law implications. We work with companies helping them to establish, maintain, and manage their SEC compliance.

Common SEC Compliance Concerns

Our SEC compliance lawyers regularly consult with the company founders, board members, and executives on various concerns. We assist companies with developing, implementing, and managing compliance programs and offer ongoing recommendations as required.
This includes the analysis of the following:

  • Impact of statutory enactments and regulatory reforms
  • Proposed security and corporate transactions
  • The requirement for SEC filings
  • Other disclosures
  • Preparation of SEC filings
  • Preparation of press releases
  • Preparation of public documentation
  • Addressing committee compliance matters
  • Addressing board compliance matters
  • Regulation Fair Disclosure Compliance
  • Selection of independent auditors
  • Dealing with audit requirements
  • Communication with SEC staff regarding compliance issues and investigations
  • Drafting the requests for no-action letters
  • Exemptive letters as addressed to SEC staff

Our SEC compliance lawyers offer guidance on various compliance concerns, helping you develop compliance programs, navigate SEC filings, disclosures, and communicating with SEC staff.

Elements of an Effective SEC Compliance Program

Maintaining effective SEC compliance for companies subject to federal securities laws and regulations is vital. Implementing a custom-tailored and comprehensive program sets the stage and expectations for company-wide compliance.

It also allows the companies to demonstrate good-faith compliance efforts to the SEC when required. Based upon the guidance from the DOJ and the SEC, all of the needed elements of SEC compliance include but aren’t limited to the following:

Compliance Risk Assessment

Implementing effective SEC compliance programs begins with understanding the company’s specific compliance risks. We conduct a confidential compliance risk assessment based upon an attorney-client privileged risk assessment focused on identifying the comprehensive scope of our client’s obligations to the SEC.

Senior Management Commitment To Compliance

We begin with a documented commitment to compliance from the company’s senior management team. The SEC has expectations that companies will use a top-down approach in compliance.

Code of Conduct and Compliance Policies and Procedures

Companies must adopt a Code of Conduct and set policies and procedures focused on specific SEC compliance. The documents must reflect specific risks and speak on behalf of the specific industry, financial goals, and culture.

Oversight Structure

Organizations must ensure effective oversight in their SEC compliance efforts. Amongst other things, it will involve appointing a compliance officer and a team to ensure that the company and staff have the appropriate access and authority over pertinent areas of the operations.

Personnel Training Both Initial And Ongoing

In addition to the compliance team, all personnel must receive the appropriate training in relevant areas of SEC Compliance. This will include both initial as well as ongoing training. Companies must maintain documentation of completed training.

Discipline and Incentives

Discipline and incentives are effective and necessary tools for internal SEC compliance enforcement. All companies must adopt and enforce consistent and appropriate mechanisms for discipline. They should consider incentives for personnel who meet and or exceed personal responsibilities in compliance.

Third-Party Due Diligence

Companies are subject to SEC requirements. When outsourcing business operations to a third-party vendor, they must ensure that said third-party vendor presents no compliance risks. This will start with due diligence and continue with strategic negotiations, audits, and enforcement.

Internal Reporting and Investigations

Companies must document internal mechanisms for workers to report concerns that are related to compliance. This should include a hotline or other method so that workers can share the information confidentially. It must be promptly investigated.

Internal Auditing and Remediation

This is fundamental to effective compliance management. Everything should be done proactively to ensure proper steps are taken before a company faces SEC scrutiny. Additionally, it will help to assist clients in the development and implementation of their compliance program.

RIA Compliance University

Whether you are an owner and CCO or have an in-house team that needs training and ongoing support, we highly recommend our RIA Compliance University. The Compliance University contains pre-recorded webinars that review the compliance regulations and requirements for RIAs.

We will provide you with resources (including up-to-date forms, templates, and checklists) that you can use to ensure that you stay in compliance when creating documents. Many people find that if they use non-attorney service providers to stay compliant, they end up with outdated templates that no longer meet the guidelines. Then, they end up out of compliance, even when seeking outside help.

That’s one reason why enrolling in our Compliance University program is essential to your company’s success; you can keep up to date with the changes in the industry.

SEC Compliance Consulting for Brokerage Firms

If you need additional help with compliance, we recommend our compliance consulting services.

By opting for this service, you can benefit from the following:

  • One-on-one compliance consulting: Our experts will provide personalized guidance on compliance matters and how they impact your overall business.
  • Comprehensive coverage: We will address various aspects, including documents, forms, and social media policies, ensuring that you adhere to state and federal guidelines while leveraging compliance technology for enhanced efficiency.
  • Robust compliance program: Our aim is to help you establish a strong compliance program that meets both state and federal regulations, effectively keeping you clear of regulatory scrutiny.
  • Annual compliance reviews: Our compliance team will conduct regular reviews to ensure ongoing compliance. In the event of any non-compliance, our attorneys will assist you in making the necessary changes to align with the guidelines.
  • SEC mock exam: You can opt for our 4-stage process, the SEC mock exam, which certifies your compliance program and verifies that your policies and procedures meet SEC requirements.
  • Unlimited access to our compliance team: We provide unlimited email and telephone support, as we believe in serving you best without the constraint of billable hours.
  • Customized tasks and forms: Our compliance services include personalized tasks and forms that are conveniently delivered through an automated compliance calendar powered by our compliance technology, Smart RIA.

We are dedicated to helping you navigate compliance requirements effectively and efficiently.

Outsourced Compliance Department

We highly recommend our Diamond Package, which includes our Outsourced Compliance Department. This package provides you with a Chief Compliance Officer (CCO) who will ensure that your firm adheres to all rules and guidelines. The CCO will assess your firm’s practices, identify solutions to save time and money, and ensure compliance with legal requirements.

By outsourcing your compliance needs to our team of compliance officers and attorneys, you can focus on revenue-generating activities while we handle the crucial compliance aspects of your business. Our team will streamline your compliance program, and prepare you for SEC exams, allowing you to reclaim your time and resources.

Protect Communications With Attorney-Client Privilege

When you use an SEC compliance lawyer, you will benefit from attorney-client privilege. Everything you say to your attorney is protected under the rule of law. Using a non-attorney service provider will not get the same protection. Instead, the provider can divulge your conversations, which could get you in trouble.

Hiring an SEC compliance lawyer from My RIA Lawyer is a wise choice between protection and sound legal advice. Contact us now for a consultation.

Not your daddy's law firm

How we're different

We take a no-nonsense approach to solving your problems. Forget about one-size-fits-all solutions; we roll up our sleeves and craft strategies that fit your financial business like a glove. We’re not just lawyers – we’re compliance partners, financial enthusiasts, and problem solvers.

We get it – you need answers, and you need them now. That’s where we come in, offering a blend of big-firm resources with the kind of personal attention you’d expect from a smaller one.

But what really sets us apart? We’re all about your success. Compliance is just the start; we’re here to help you thrive. We know the ins and outs of the financial world, and we’re not afraid to think outside the box to help you reach your goals while playing by the rules.

Doing Nothing, Changes Nothing.

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My RIA Lawyer

“In life, it’s not that we don’t have enough time; it’s that we lose so much of it. We waste time on things that can be outsourced instead of spending time on things and people we love. I’d rather pay someone to clean my house and take that time to spend with my children. Our clients are happier letting us ‘clean house’ while they work with their clients. In the end, they have more satisfaction in their businesses and they’re happier overall.”

— Leila Shaver Founder

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