2 hr 47 min

S3:E11 | Marketing Rule Master Class Episode 6 - Implementation | Compliance in Context The Securities Compliance Podcast: Compliance In Context

    • Business

Welcome to Episode 6 of the Marketing Rule Master Class mini-series.  In our final episode we are building upon the lessons learned in the prior five episodes with a focus on key compliance considerations for implementing the Marketing Rule.  Moderator Carlo di Florio, ACA, along with panelists Craig Watanabe, DFPG Investments, Chas Spiros, ACA, and Julia Reyes, ACA, discuss implementation timelines and challenge, incorporating the right policies and procedures for your firm, training and educating key stakeholders inside your firm, and how technology can help with implementation, execution, and ongoing monitoring.  Thank you for joining us for the Marketing Rule Master Class mini-series!
 
Show

02:12: Implementation timelines and main challenges
17:51: Key consideration in drafting policies and procedures
31:57: Key considerations in marketing approval workflows
48:30: Setting a date for implementation and training
54:40: Suggestion for testing and monitoring
1:00:20: How can technology help with implantation, execution, and monitoring

 
Quotes
02:27 - “It can be very helpful to break it down into distinct phases that are, maybe a little bit more manageable. So with regard to the task at hand–the marketing rule–I would break it down to four phases. 1, drafting your policies and procedures. 2, creating or modifying your marketing review workflows. 3, setting a date for implementation and training. And then 4th, performing testing and monitoring.” - Craig 
6:44 – “I can summarize my thoughts in one word, that is, assessment.  I think that each firm needs to do an assessment based upon how this rule will impact them and how based upon their assessment, then try to coordinate, and it might be helpful to go back to the four steps I outlined previously and design a timeline that makes sense to the firm.” - Craig
08:18 - “From a practical standpoint, one of the things that I’ve seen via our marketing reviews is really substantiation. You’ll be surprised how many firms will say, ‘We are the best at doing x, y, and z.’ And if Julia and I are in a review, we’ll say, ‘If the FCC were here on an exam, could you produce that in a relatively quick manner?’ and in most of the cases it’s no. It could be a rating, an award that they’re citing. That could be just where they’re getting some sort of impetus for why they are the best at what they do.” - Chas 
20:29 – “You can make decisions to go above and beyond the rule for operational continuity, ease and what you think works best to achieve the objectives of the rule. – Carlo
21:40 – “This is a real opportunity for compliance teams to gain parity with internal business groups that had not existed in the past.” – Chas
28:31 – “For us as compliance officers, we have to expand our horizons beyond the written word." – Craig
57:16 – “There are times we have seen inception returns back to 1988.  I think it might be worth taking a look at those really long histories to see if you still do have the substantiation.” – Julia
 
Resources
ACA Group Marketing Rule Res

Welcome to Episode 6 of the Marketing Rule Master Class mini-series.  In our final episode we are building upon the lessons learned in the prior five episodes with a focus on key compliance considerations for implementing the Marketing Rule.  Moderator Carlo di Florio, ACA, along with panelists Craig Watanabe, DFPG Investments, Chas Spiros, ACA, and Julia Reyes, ACA, discuss implementation timelines and challenge, incorporating the right policies and procedures for your firm, training and educating key stakeholders inside your firm, and how technology can help with implementation, execution, and ongoing monitoring.  Thank you for joining us for the Marketing Rule Master Class mini-series!
 
Show

02:12: Implementation timelines and main challenges
17:51: Key consideration in drafting policies and procedures
31:57: Key considerations in marketing approval workflows
48:30: Setting a date for implementation and training
54:40: Suggestion for testing and monitoring
1:00:20: How can technology help with implantation, execution, and monitoring

 
Quotes
02:27 - “It can be very helpful to break it down into distinct phases that are, maybe a little bit more manageable. So with regard to the task at hand–the marketing rule–I would break it down to four phases. 1, drafting your policies and procedures. 2, creating or modifying your marketing review workflows. 3, setting a date for implementation and training. And then 4th, performing testing and monitoring.” - Craig 
6:44 – “I can summarize my thoughts in one word, that is, assessment.  I think that each firm needs to do an assessment based upon how this rule will impact them and how based upon their assessment, then try to coordinate, and it might be helpful to go back to the four steps I outlined previously and design a timeline that makes sense to the firm.” - Craig
08:18 - “From a practical standpoint, one of the things that I’ve seen via our marketing reviews is really substantiation. You’ll be surprised how many firms will say, ‘We are the best at doing x, y, and z.’ And if Julia and I are in a review, we’ll say, ‘If the FCC were here on an exam, could you produce that in a relatively quick manner?’ and in most of the cases it’s no. It could be a rating, an award that they’re citing. That could be just where they’re getting some sort of impetus for why they are the best at what they do.” - Chas 
20:29 – “You can make decisions to go above and beyond the rule for operational continuity, ease and what you think works best to achieve the objectives of the rule. – Carlo
21:40 – “This is a real opportunity for compliance teams to gain parity with internal business groups that had not existed in the past.” – Chas
28:31 – “For us as compliance officers, we have to expand our horizons beyond the written word." – Craig
57:16 – “There are times we have seen inception returns back to 1988.  I think it might be worth taking a look at those really long histories to see if you still do have the substantiation.” – Julia
 
Resources
ACA Group Marketing Rule Res

2 hr 47 min