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In this issue: Public Policy Update | Virtual RDDF | Student Housing Webinar | Exhibitor Highlight | Weekly News Roundup

Public Policy Updates

North American Securities Administrators Association

  • NASAA has proposed a sweeping new model rule for investment adviser written policies and procedures under the Uniform Securities Acts of 1956 and 2002. The proposed model rule would require each registered investment advisor policy and procedure to be customized to each state’s requirements, with a code of ethics that aligns closely with U.S. Securities and Exchange Commission rules, including those that “enhance investment advisers’ abilities to fulfill their fiduciary duties to clients,” NASAA said. Broker-dealers with registered investment advisories as well as RIAs that do business in multiple states will need to customize their compliance practices to each state’s regulations, NASAA warned in the rule proposal. Advisors and their firms will not be able to rely on their Regulation Best Interest materials or any template compliance plans. Each firm will be required to appoint a chief compliance officer who has the authority to enforce the policies and procedures required by the rule. Comments on the proposal are due by August 1.

Fiduciary Rule

  • Democratic congressional leaders call for an extension of the comment period for the recent proposal on the fiduciary rule.  The call came on July 3 from Sen. Patty Murray (D-WA), ranking member of the Senate Health, Education, Labor, and Pensions (HELP) Committee, and Rep. Bobby Scott (D-VA), chairman of the House Education and Labor Committee, in a letter to Secretary of Labor Eugene Scalia calling for the U.S. Department of Labor to extend the comment period for its recent fiduciary rule proposal. The Labor Department unveiled a new fiduciary rule proposal titled “Improving Investment Advice for Workers & Retirees” that includes a new prohibited transaction class exemption that would be available for investment advice fiduciaries, along with notice of a 30-day comment period, which, considering a July 7 publication date in the Federal Register, means an August 6 deadline for comments.

U.S. Securities and Exchange Commission

  • The SEC announced it will streamline the application process for investment companies, potentially resulting in expedited crypto and blockchain firms operating in a more efficient and less costly manner.” In a July 6 announcement the Commission said it had voted to adopt rule amendments for an expedited review process for companies under the Investment Company Act. In addition, the SEC referred to a “new informal internal procedure” for any other applications that did not qualify for this expedited process. The announcement said it made the changes for a “more efficient” application process, and to provide “additional certainty and transparency.” The SEC said granting such exemptions could provide “important economic benefits to funds and their shareholders.”


  • The Congressional Budget Office said that the unemployment rate will average 6.1 percent over the next decade, compared to previous estimates of 4.2 percent, not taking into account another possible emergency relief bill. The CBO also said the economic outlook for the same period has ‘deteriorated significantly’ since its comprehensive projections last issued in January, with real gross domestic product falling 3.4 percent on average compared to the earlier estimates.

  • Congress has extended the Paycheck Protection Program for a third phase of applications into August. Small-business owners who haven’t yet applied for forgivable loans designed to ease the economic pain of the COVID-19 pandemic now have another chance. Congress passed legislation extending the deadline for submitting applications for the federal Paycheck Protection Program, and President Trump signed the bill on July 4. Applicants now have until August 8 to apply for PPP loans. The Wall Street Journal breaks down answers to some frequently asked questions about the program.


Save the Date

ADISA’s summer program, Alternative Investments Research & Due Diligence Forum, has been reconstituted as a three-day virtual program: Alts Due Diligence in the Time of COVID: What BDs/RIAs/Advisors Need to Know. The program runs from 1 pm to 3 pm ET, Tuesday, August 18 - Thursday, August 20. The program will be chaired by RDDF conference chair Ann Moore of International Assets Advisory, and features updates normally contained in the RDDF event, enhanced with special programming for today’s immediate environment. Attendee registration and sponsorship opportunities and pricing will be available soon. Click here for more information.

ADISA Summer 2020 Webinar Series Banner

Current Status of Student Housing
Thursday, July 16, 2020
12 pm PT / 3 pm ET

Exploring the current outlook for student housing in the U.S. has never been more timely. This webinar, moderated by the National Multifamily Housing Council, delves into the latest numbers and situation facing student housing. Participants are senior leaders from NB Private Capital and Nelson Partners. The educational format will set the stage with the current overview, followed by in-depth discussion of where the trends are leading and what is likely to occur this fall.

*Webinar will be eligible for CE credit.

Register Now

AC Exhibitor Highlight

Preferred Capital Securities is an investment banking firm focused on the wholesale distribution of real estate based investment offerings to Broker-Dealers and Registered Investment Advisors across the United States and Puerto Rico. A Highly Experienced Team with a Focus on Our Customers: From executive management to our sales team to our corporate employees, we are dedicated to providing our broker-dealer and RIA customers with industry-leading service and support. Our decades of experience within the financial services industry positions us to adeptly build effective relationships, drive capital for our clients and add value for our customers.

Learn more at 

The Weekly News Roundup

Number-01 Financial Advisor IQ - SEC Chair Identifies Four Reg BI Focus Areas for Brokers, Advisors

Article excerpt: Clayton has identified the four areas broker-dealers and RIAs focus on and provide “increased care” when making recommendations of giving advice to retail customers. These are 401(k) and individual retirement account rollovers and withdrawals; complex or risky Products; Covid-19-related investments and special purpose acquisition corporations.

Number-02 Financial Advisor - State Regulators Propose New Model To Align With SEC Rules

Article excerpt: State securities regulators have proposed a sweeping new model law that would require state investment advisors and reps to bring their policies, procedures and disclosures up to Securities and Exchange Commission standards. The rules would require each RIA policy and procedure to be customized to each state’s advisor requirements, with a code of ethics that aligns closely with SEC rules, to “enhance investment advisers’ abilities to fulfill their fiduciary duties to clients,” the North American Association of Securities Administrators (NASAA) said in its new proposal.

Number-03 - IRS Sticks to July 15 Tax Filing Deadline

Article excerpt: The Internal Revenue Service has announced that it won’t be extending the July 15 tax filing and payment deadline. It had previously granted a three-month postponement of the April 15 due date in light of the coronavirus pandemic.