Firms must meet the Disclosure Obligation to comply with the Securities and Exchange Commission's Regulation Best Interest. This article reviews how disclosures should be timed and documented, what advisors must disclose, how they should deliver the disclosures, and what they should expect from SEC and Financial Industry Regulatory Authority exams.
The Securities and Exchange Commission says it has seen an increase in cyberattacks and urges advisors to step up cybersecurity. The SEC has reported cyberattackers are using a technique called "credential stuffing" in which credentials are stolen and used to access clients' money.
Financial firms that want to boost their organic growth need to do the "little things" well, writes advisor coach Ron Carson. That includes offering holistic planning, mastering the art of asking for referrals and re-educating clients on advisor value.
Financial advisors should have a business continuity plan to deal with natural or human-caused disasters, writes Joe Farasat of AssetMark. He offers five key considerations when building a plan, including having someone in charge of the process and making sure data is protected.
Companies that plan to seek forgiveness of Payment Protection Program loans may want to wait for the right time to submit their application, an attorney writes. There are likely to be further changes, and the extended coverage period means borrowers have plenty time to make sure they are well prepared and have all their paperwork in order, she writes.
Construction firms building a $17 billion nuclear waste plant in Hanford, Wash., have agreed to pay $58 million to settle allegations they defrauded the Department of Energy. The companies are accused of billing the department for work that employees did not do.
There are a number of tips Paycheck Protection Program borrowers can use to help with the loan forgiveness process, an attorney writes. She offers nine tips, including focusing solely on payroll costs, confirming that document dates match up and keeping backup documentation to send to lenders.
The US Small Business Administration celebrated the 50-year anniversary of its surety bond guarantee program earlier this month with a two-day virtual conference. NASBP was a sponsor of the two-day Virtual Event, and the NASBP CEO and members participated on the panel discussions.
Contractors and project owners need to make sure they know and understand the difference between delay damages and disruption damages, an attorney writes. He cites a case in which a court ruled that owner-caused delays can justify disruption damages even if a contractor is able to finish a project on time.
Robotics and creation of new materials are among the top five construction technologies that will improve a project's productivity, decrease carbon emissions and keep personnel safe, this author writes. Other technologies that will change the construction industry include data sharing and cloud-based software, sustainability for the future and smart buildings, he writes.
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