The Code of Arbitration Procedure for Customer Disputes (Customer Code) and the Code of Arbitration Procedure for Industry Disputes (Industry Code, and together with the Customer Code, the Codes) have … Continue reading Simplified Arbitration Approved by SEC
The Financial Regulatory Authority (“FINRA”) recently issued Regulatory Notice 18-20, which encouraged member firms to provide notification if either the broker-dealer or their associated persons or affiliates were engaging in, … Continue reading FINRA Encourages Disclosure of Activities in Digital Assets
The Office of Compliance Inspections and Examinations (“OCIE”) recently issued a Risk Alert regarding Best Execution The alert was targeted to investment advisers (“advisers”), investors and other market participants with … Continue reading SEC Issues Best Execution Risk Alert
FINRA is making enhancements to its disclosure review process that will permit firms to rely on FINRA’s background investigation and verification process for purposes of compliance with the requirement to … Continue reading FINRA Provides Background Investigation of Public Financial Records
Comments are due to the Securities and Exchange Commission (SEC) by August 18, 2018 on the proposed Regulation Best Interest. This is a significant proposal as it is the SEC’s … Continue reading Regulation Best Interest Update
The 2018 Regulatory and Examination Priorities Letter is an affirmation that the coming year will bring both continuity and change in FINRA’s regulatory programs. The continuity comes, first in the … Continue reading FINRA 2018 Regulatory and Examination Priorities Letter
FINRA seeks comments on a proposed new rule to consolidate FINRA Rule 3270 (Outside Business Activities of Registered Persons) and FINRA Rule 3280 (Private Securities Transactions of an Associated Person). … Continue reading FINRA Proposes New Rule on Outside Business Activities and Private Securities Transactions
FINRA is seeking comment on proposed amendments to FINRA Rule 4521 (Notifications, Questionnaires and Reports) that would require specified member firms to notify FINRA no more than 48 hours after … Continue reading FINRA Requests Comments on Proposed Amendments to FINRA Rule 4521
The FINRA Codes of Arbitration and Mediation Procedure (“Codes”) permits non-attorney representation of clients in securities arbitration and mediation subject to certain exceptions. FINRA is currently conducting a review of … Continue reading Is There a Place for Non-Attorney Representation Firms in Arbitration?
The Financial Industry Regulatory Authority (FINRA) announced it has fined J.P. Morgan Securities, LLC $1.25 million for failing to conduct timely or adequate background checks on approximately 8,600, or 95 … Continue reading Firm Fined $1.25 Million for Failure to Run Adequate Background Checks
Merrill Lynch recently claimed that its participation in the Protocol for Broker Recruiting (“broker protocol”) only applies to brokers who do not carry the “vice-president” or above title – which is … Continue reading Broker Protocol Under Attack by Wall Street
The Department of Labor (DOL) issued a release on Monday and announced that the full implementation of key provisions of the DOL fiduciary rule would be extended 18-months. To that end, … Continue reading Fiduciary Rule Implementation Delayed 18 Months
FINRA’s responded to industry feedback on the inspection process for branch offices. Based on Rule 3110 (the Supervision Rule), each firm to currently required to establish and maintain a system … Continue reading FINRA Requests Comments on Proposal for Remote Inspections of Branch Offices
In support of the Municipal Securities Rulemaking Board’s (“MSRB”) ongoing efforts to more fairly and equitably assess fees among regulated entities, the MSRB has filed a rule amendment to MSRB Rule A-11, … Continue reading MSRB Fees to Increase for Municipal Advisors
After two years of public comments and discussion, the U.S. Department of Labor (“DOL” or “Department”) released the fiduciary rule in its final form On April 6, 2016. Under the … Continue reading Current Status of the DOL Fiduciary Rule
At the September FINRA Board of Governors meeting, the Board authorized publishing for comment two proposed rulemaking items. One would permit firms to use technology to conduct remote inspections of … Continue reading FINRA Board Approves Rule Proposals on Low Risk Branch Exams and Expanded BrokerCheck Discosures
The Financial Industry Regulatory Authority, Inc. (“FINRA”) has announced that it is filing with the Securities and Exchange Commission (“SEC” or “Commission”), a proposed rule change to amend Section 13 of … Continue reading Communications Submitted for Review by FINRA Face Increased Review Fees
The Securities Investor Protection Corporation (SIPC) and the Financial Industry Regulatory Authority (FINRA) recently announced a joint services agreement that was designed by the agencies to ease the reporting burdens and … Continue reading SIPC / FINRA Streamline Broker/Dealer Reporting Process
The Financial Industry Regulatory Authority (FINRA) has adopted a new electronic Form 211 for purposes of compliance with FINRA Rule 6432 (Compliance with the Information Requirements of SEA Rule 15c2-11). … Continue reading FINRA’s Adopts Electronic Form 211 for FINRA Rule 6432 Compliance
The Financial Industry Regulatory Authority (FINRA) has issued a Compliance Vendor Directory for its members as a new resource for firms searching for vendors that offer compliance-related products and services. … Continue reading FINRA Offers Compliance Vendor Directory
The Securities and Exchange Commission (“SEC”) announced the agenda for the next meeting of its Advisory Committee on Small and Emerging Companies. The committee will discuss the Sarbanes-Oxley Act auditor … Continue reading SEC Released Agenda for Meeting of Advisory Committee on Small and Emerging Companies
The US Securities and Exchange Commission (“SEC”) issued an update to the guidance previously issued in the Staff Response to Questions about the “pay to play” rule (Investment Advisers Act … Continue reading Pay to Play Guidance Issued Related to CAB Broker/Dealers
In Form ADV and Investment Advisers Act Rules, Advisers Act Release No. 4509, the Securities and Exchange Commission (“SEC”) adopted amendments to Form ADV that have a compliance date of October 1, … Continue reading SEC Releases Updated Instructions for Form ADV Filings with Incomplete Information
The Public Company Accounting Oversight Board (PCAOB) has adopted new rules and amendments to auditing standards (collectively, the “proposed rules”) to make the auditor’s report more informative and relevant to … Continue reading PCAOB Adopts New Rules for Audit Reports
The Securities and Exchange Commission’s (“SEC”) Office of Compliance Inspections (“OCIE”) issued a Risk Alert that provides its observations on the elements of robust cybersecurity policies and procedures. Those observations … Continue reading SEC’s Observations on the Elements of Robust Cybersecurity Policies and Procedures
The Securities and Exchange Commission ( “SEC”) is proposing to amend the definition of a venture capital fund (rule 203(l)-1) and the private fund adviser exemption (rule 203(m)-1) under the Investment Advisers … Continue reading SEC Proposes Amendment to Investment Advisers Act to Address FAST Act
The Securities and Exchange Commission’s (“SEC”) Office of Compliance Inspections (“OCIE”) has issued a Risk Alert that provides observations on cybersecurity arising from OCIE’s examinations conducted pursuant to the Cybersecurity … Continue reading SECs Cybersecurity Examination Initiative Notes Firms Should Improve Cybersecurity
The Financial Industry Regulatory Authority has released guidance to help securities firms implement a new rule requiring enhanced price disclosure to retail customers for trades in corporate and agency bonds. … Continue reading FINRA Posts Guidance on Disclosure to Retail Customers
The Securities and Exchange Commission (SEC) approved FINRA Rule 2030 (Engaging in Distribution and Solicitation Activities with Government Entities) and 4580 (Books and Records Requirements for Government Distribution and Solicitation Activities) … Continue reading SEC Approves New FINRA Pay-To-Play Rules
The California Department of Business Oversight (“Department”) has modified Section 25206.1 of the California Corporation’s Code (“Code”) which provides a broker-dealer registration exemption for the payment of finder fees to … Continue reading California Modifies Exemption for Payment of Finder Fees
The Securities and Exchange Commission (SEC) charged Alpine Securities Corporation, a Salt Lake City-based clearing firm, with securities law violations related to its anti-money laundering program through its alleged practice … Continue reading SEC Charges Clearing Firm with Failing to Comply With Anti-Money Laundering Laws
The Financial Industry Regulatory Authority (FINRA) is amending FINRA Rule 4530 by adding a new Rule 4530 Problem Code to address changes the United States Department of Labor (DOL) has … Continue reading FINRA Revises Rule 4530 to Address New DOL Fiduciary Rule
In an op-ed published last week in The Wall Street Journal, Labor Secretary Alexander Acosta stated that the Department of Labor (“DOL” or “Department”) will not delay the June 9th … Continue reading DOL’s June 9th Compliance Date for the Fiduciary Rule Won’t Be Delayed
The Financial Industry Regulatory Authority (“FINRA”) has announced, both in Regulatory Notice 17-20, and in a session regarding the topic at the recent 2017 FINRA Annual Conference in Washington DC, … Continue reading Rules on Outside Business Activities and Personal Securities Transactions Under Review
In light of trends in emerging technologies and communications innovations, FINRA has issued new guidance regarding the application of FINRA rules governing communications with the public to social media and … Continue reading FINRA Issues New Guidance on Social Media and Digital Communications
The Securities and Exchange Commission (“SEC”) has adopted an amendment to shorten the standard settlement cycle for most broker-dealer securities transactions by one business day (“T+2”). Currently, the standard settlement … Continue reading SEC Adopts T+2 Settlement Cycle for Securities Transactions
FlNRA Rule 3210 – Accounts at other Broker-Dealers and Financial Institutions (the “Rule”) was approved by the SEC in 2016 and became effective April 3, 2017. As approved, the new … Continue reading FINRA Rule 3210 – Accounts at Other Broker-Dealers
In an attempt to collect more information on private placement activity, the Financial Industry Regulatory Authority (“FINRA”) has updated the private placement filer form that member firms must use to … Continue reading FINRA Updates Private Placement Filer Form
The Securities and Exchange Commission (“SEC”) has recently noted that there have been reports of malicious emails sent to some EDGAR filers that appear to be part of a phishing campaign … Continue reading Phishing Scam Targeting EDGAR Filers
The Supreme Court ruled that the Securities and Exchange Commission’s power to require the disgorgement of illegally obtained profits can only be applied to funds obtained up to five years … Continue reading Supreme Court Decision limits SEC Disgorgement Powers
On February 27, 2017, the Financial Crimes Enforcement Network (FinCEN) announced the assessment of a $7 million civil money penalty (CMP) against Merchants Bank of California (“Merchants”) in Carson, CA, … Continue reading FinCEN Penalizes California Bank for AML Violations
The Office of Compliance Inspections and Examinations (“OCIE”) of the Securities and Exchange Commission (“SEC”) has released the SEC Exam Priorities for 2017 (the “SEC Exam Priorities”). In general, the … Continue reading SEC Exam Priorities for 2017 Released
sec eThe Office of Investor Education and Advocacy (OIEA) and the Broker-Dealer Task Force of the Securities and Exchange Commission (SEC) jointly issued an Investor Alert to help investors identify … Continue reading SEC Issues Alert on Excessive Trading
The Department of Labor’s (DOL) Fiduciary Rule, which is set to become generally effective on April 10, 2017, has received substantial push-back from the financial industry, including numerous lawsuits and … Continue reading Attack on DOL Fiduciary Rule Escalates
On January 4, 2017, the Financial Regulatory Authority (FINRA) started the new year with a bang as it published the Regulatory and Examination Priorities Letter (Exam Priorities Letter) for 2017. … Continue reading FINRA Releases its 2017 Exam Priorities Letter
Based upon recent federal appellate court and Second Circuit decisions, the Financial Industry Regulatory Authority (“FINRA”) released guidance regarding forum selection provisions between member firms and their customers and employees … Continue reading Forum Selection Involving Customers & Associated Persons
The Financial Industry Regulatory Authority’s (FINRA) review of securities offering documents has revealed a large number of instances in which broker-dealers have not complied with requirements of Rules 10b-9 and … Continue reading FINRA Gives Additional Guidance on Contingency Offerings
The Securities and Exchange Commission (the “SEC”) continues to pay close attention to the conflicts of interest that can exist in broker/dealers and investment advisory firms that share financial professionals … Continue reading Conflicts of Interest and Dual Registrants
On April 6, the U.S. Department of Labor (“DOL”) released the fiduciary rule in its final form. The rule was released after months of public comment, with many of the … Continue reading Pushback Regarding DOL Fiduciary Rule Continues
The Financial Industry Regulatory Authority (FINRA) has proposed new rules to address the financial exploitation of seniors and other vulnerable adults to the Securities and Exchange Commission (SEC). As set … Continue reading FINRA Proposes New Rules to Protect Seniors
The Securities and Exchange Commission (“SEC”) has approved a proposed amendment to Rule 15c6-1(a) of the Exchange Act of 1934 to shorten the standard settlement cycle for most broker-dealer securities … Continue reading SEC Proposes Rule Amendment to Shorten Settlement Cycle to T+2
The Securities and Exchange Commission (SEC) is including enforcement of the Whistleblower provisions enabled by Frank Dodd in its exam program, and as such is directly impacting broker/dealers and investment … Continue reading SEC Whistleblower Program Impacts Exam Program
In the enforcement results summary recently issued by the Securities and Exchange Commission (“SEC”), it was noted that in fiscal year 2016, the SEC filed 868 enforcement actions against financial … Continue reading SEC Enforcement Actions Against Investment Advisers Increasing
The Securities and Exchange Commission (SEC) approved a new clock synchronization standard of 50 milliseconds that is applicable to computer clocks that are used to record certain events in NMS … Continue reading FINRA Reduces Clock Synchronization Tolerance
The Securities and Exchange Commission (SEC) has recently adopted amendments to several Investment Advisers Act rules, including the investment adviser registration data collection and reporting forms to enhance the reporting … Continue reading Investment Advisers Face Enhanced Information Reporting
The SEC has approved new FINRA Rule 3210 (Accounts at Other Broker-Dealers and Financial Institutions) which is a consolidated rule governing accounts opened or established by associated persons at firms other than … Continue reading New FINRA Rule 3210 – Accounts At Other Broker-Dealers
In the on-going evolution of the fight against cyber-security threats, broker-dealers and investment advisers need to have robust cyber-security policies and procedures. One of the initial steps is to think … Continue reading Cyber-Security Procedures and Data Classification
The Financial Industry Regulatory Authority (FINRA) announced that it has fined Oppenheimer & Co. Inc. $2.25 million and ordered the firm to pay restitution of more than $716,000 to affected … Continue reading Oppenheimer Fined 2.25 million for ETF Suitability & Due Diligence Failures
The Financial Industry Regulatory Authority (FINRA) announced at its recent 2016 Annual FINRA Conference in Washington DC that it has created a Cybersecurity Checklist to assist small member firms in establishing … Continue reading FINRA Issues Small Firm Cybersecurity Checklist
The U.S. Securities and Exchange Commission (“SEC”) has recently announced whistleblower awards to four individuals who provided the SEC with information in three ongoing investigations. The SEC announced on May 13, 2016 … Continue reading Three Whistleblower Awards Issued By SEC
The Financial Industry Regulatory Authority (“FINRA”) announced in Regulatory Notice 16-18 that the Securities and Exchange Commission approved the adoption of FINRA Rule 2273 (Educational Communication Related to Recruitment Practices and … Continue reading FINRA Requiring Educational Communication for Transfer Customers
The Securities and Exchange Commission (“SEC”) has issued Compliance and Disclosure Interpretations (C&DIs) providing interpretive guidance on Regulation Crowdfunding, which became effective May 16. The C&DIs answer a number of … Continue reading Crowdfunding Guidance Released by SEC
FINRA executives have been speaking regularly about conflicts of interest, firm culture and professional ethics. Firm cultural values have a profound influence on how a broker-dealer conducts its business, including … Continue reading Creating & Articulating Firm Culture For FINRA
The Securities and Exchange Commission’s (“SEC”) Advisory Committee on Small and Emerging Companies met on May 18 and focused primarily on the proposed changes in the definition of an accredited investor. During … Continue reading Changes in Accredited Investor Definition on Horizon
The Securities Industry and Financial Markets Association (SIFMA) recently released its annual U.S Securitization Year in Review report. The report offers a consolidated review of the U.S securitization markets in … Continue reading SIFMA releases 2015 Securitization Year in Review
The Securities and Exchange Commission approved the adoption of FINRA Rule 2242 (Debt Research Analysts and Debt Research Reports) to address conflicts of interest relating to the publication and distribution … Continue reading Implementation Date of FINRA Rule 2242 Extended to July 16, 2016
The Financial Industry Regulatory Authority (“FINRA”) has proposed the creation of a separate rule set that would apply to firms that meet the definition of a ‘‘capital acquisition broker’’ (“CAB”) and … Continue reading Comment Period Ends May 6, 2016 on the Proposed Capital Acquisition Broker Rules
The SEC approved Regulatory Notice 15-34, the adoption of FINRA Rule 2272 (Sales and Offers of Sales of Securities on Military Installations), to govern sales and offers of sales of securities … Continue reading SEC Approves FINRA Rule 2272 on the Sales of Securities on Military Installations
Since early last year, the Securities Industry and Financial Markets Association(“SIFMA”) and the Investment Company Institute (“ICI”) have publicly supported the shortening of the settlement cycle from trade date plus three … Continue reading The Pressure to Shorten the Settlement Cycle From T+3 to T+2 Has Increased
FINRA maintains contact information records of all Executive Representatives, Chief Compliance Officers and other individuals at firms, including contacts that are required under FINRA rules and By-Laws, and others that … Continue reading FINRA Designates Chief Information Security Officer as New Role
FINRA has released an updated Written Supervisory Procedures Checklist to reflect new FINRA rules. The Written Supervisory Procedures Checklist (“WSP Checklist”) is an outline of selected key topics representative of … Continue reading FINRA Releases New Written Supervisory Procedures Checklist
In her opening remarks at the annual “SEC Speaks” conference held in Washington, D.C., the U.S. Securities and Exchange Commission (“SEC”), SEC Chairman Mary Jo White cautioned that the SEC … Continue reading Upshot of SEC’s 2016 Goals – Active Year for Regulatory Rulemaking
The Securities and Exchange Commission announced that starting on Feb. 16, 2016, the fee rates applicable to most securities transactions will be set at $21.80 per million dollars. Consequently, each … Continue reading SEC Announces its Fee Rate Advisory for Fiscal Year 2016
The Financial Industry Regulatory Authority (“FINRA”) has announced a proposed new set of rules that address the needs of FINRA member firms that are solely corporate financing firms that advise … Continue reading FINRA Proposes New Registration Category for Corporate Financing Brokers
The Financial Industry Regulatory Authority, Inc. (“FINRA”) has filed a proposed rule change to adopt FINRA Rules 2030 (Engaging in Distribution and Solicitation Activities with Government Entities) and 4580 (Books … Continue reading FINRA Proposes “Pay-To-Play” Rules
The Securities and Exchange Commission released its Office of Compliance Inspections and Examinations’ (OCIE) 2016 exam priorities. New areas of focus include liquidity controls, public pension advisers, product promotion, and two popular investment … Continue reading SEC Releases the 2016 Examination Priorities
The Financial Industry Regulatory Authority (FINRA) announced in Regulatory Notice 15-50 that the Securities and Exchange commission approved amendments to FINRA Rule 2210 (Communications with the Public) that become effective … Continue reading FINRA Rule 2210 Amended to Require BrokerCheck Website Hyperlink
The Financial Industry Regulatory Authority (FINRA) has fined Scottrade, Inc. $2.6 million for failing to retain a large number of securities-related electronic records in the required format, and for failing … Continue reading Firm Fined $2.6 Million for Failures in Electronic Records and Email Retention
Moody’s Investors Services recently noted that In today’s interconnected and digital world, business leaders must be aware of the diverse cyber threats their business faces and be proactive in protecting … Continue reading Moody’s to consider CyberDefense in its Credit Ratings
The Securities and Exchange Commission has approved a change to FINRA Rule 8312 (FINRA BrokerCheck Disclosure) which will reduce the waiting period from 15 days to three business days for … Continue reading SEC Reduces Form U5 Wait Period to 3 Days on BrokerCheck
The Securities and Exchange Commission (SEC) announced a series of enforcement actions against lawyers across the country charged with offering EB-5 investments while not registered to act as brokers. In one … Continue reading Lawyers Tagged by SEC for Offering EB-5 Investments as Unregistered Brokers
The Financial Industry Regulatory Authority, Inc. (“FINRA”) has filed with the Securities and Exchange Commission (“SEC”) a proposed rule change to adopt Funding Portal Rules 100, 110, 200, 300, 800, … Continue reading FINRA Proposes Amendments to the Funding Portal Rules
FINRA’s experience with its Securities Helpline for Seniors has highlighted issues relating to financial exploitation of this group of investors. Among these issues is a firm’s ability to quickly and … Continue reading Comment Period is Open on FINRA’s Proposed Rule Amendments to Address the Financial Exploitation of Seniors
Richard Ketchum, Chairman and CEO of the Financial Industry Regulatory Authority (FINRA), shared his thoughts on the top 3 regulatory concerns for 2016 recently at the SIFMA Annual Conference. His … Continue reading FINRA’s Top 3 Regulatory Concerns for 2016 Examination Focus
The Financial Industry Regulatory Authority (FINRA) has announced the U.S. Securities and Exchange Commission’s (SEC) recent approval of FINRA’s proposal to expand its transparency initiative for over-the-counter (OTC) equity securities. … Continue reading FINRA Rule to Increase Transparency in OTC Equities Market
The Securities and Exchange Commission (SEC) charged a New York-based investment adviser and its affiliated distributor with improperly using mutual fund assets to pay for the marketing and distribution of … Continue reading SEC Charges Investment Adviser With Improperly Using Mutual Fund Assets to Pay Distribution Fees
Two agencies approved a final rule that will govern how much money financial firms must set aside in derivatives deals. A key change from recent draft versions of the rule … Continue reading FDIC Approval of Margin Rules Triggers SEC Parallel Rule
The Securities and Exchange Commission (SEC) has adopted final rules to permit companies to offer and sell securities through crowdfunding. Crowdfunding is an evolving method of raising capital that has … Continue reading Final Crowdfunding Rules Adopted by the SEC
The Securities and Exchange Commission announced that in fiscal year 2015, it continued to build a strong record of first-of-their-kind cases that spanned the spectrum of the securities industry. The … Continue reading SEC Enforcement Activities in Fiscal 2015 Appear Aggressive
The Securities and Exchange Commission (“SEC”) recently published the Private Funds Statistics Report for Fourth Quarter 2014. The report provides private fund industry statistics and trends, reflecting aggregated data reported … Continue reading SEC Publishes Private Funds Statistics Report
FinCEN has issued the second edition of SAR Stats, FinCEN’s annual review of aggregated Suspicious Activity Report (SAR) filing activity and announced the introduction of Interactive SAR Stats. FinCEN developed … Continue reading FinCen Releases Annual Review of SAR’s Data
FINRA recently published Regulatory Notice 15-32 to provide guidance regarding the FINRA filing requirements and review procedures that apply to firms that participate in Regulation A+ offerings. Specifically, FINRA’s Corporate Financing Rules … Continue reading FINRA Provides Guidance on Regulation A+ Offerings
The Financial Industry Regulatory Authority (FINRA) ordered 12 firms to pay restitution totaling more than $4 million and fines totaling more than $2.6 million for failing to apply available sales … Continue reading FINRA Targets Firms for Failing to Apply Sales Charge Discounts
The SEC approved the adoption of FINRA Rule 2272 (Sales and Offers of Sales of Securities on Military Installations) to govern sales and offers of sales of securities by firms … Continue reading SEC Approves FINRA Rule 2272 – Governing Sales of Securities on Military Installations
In light of both the targeted sweep exams the expanded exam modules of the SEC, FINRA and state securities regulators on cybersecurity, and recent enforcement actions related to cyber breaches, it … Continue reading Cybersecurity Best Practices for Broker-Dealers and Advisers for 2015
The Securities and Exchange Commission announced enforcement actions against 22 municipal underwriting firms for violations in municipal bond offerings. The actions are the second round of filings against underwriters under … Continue reading SEC Sanctions Underwriting Firms for Fraudulent Municipal Bond Offerings
In April 2014, the Financial Industry Regulatory Authority (“FINRA“) rolled out the CRD Public Records Validation Initiative to conduct a review of public records available for the entire population of … Continue reading CRD Public Records Validation Initiative Evolving to Ongoing Validation
The Securities and Exchange Commission (SEC) recently approved amendments to the Financial Industry Regulatory authority (FINRA) rules that lower the evidentiary standard to impose a temporary cease and desist order … Continue reading FINRA Rules Amended to Expedite Cease and Desist Orders
The North American Securities Administrators Association (“NASAA”) formally adopted a Model State Rule which, if adopted by each state, will exempt M&A Brokers from having to register as securities brokers … Continue reading NASAA Adopts Model M&A State Rule
FINRA believes that effective liquidity management is a critical control function at broker-dealers and across firms in the financial sector. Failure to manage liquidity has contributed to both individual firm … Continue reading FINRA Issues Liquidity Risk Management Guidance