The rules that bind the firm.

1. Step 1

   Onboard

   Open the account — identity, suitability, forms.

   5 rules

   SECForm ADV

   Advisers Act §203

   Annual + material-change amendments; Part 2A brochure to every client.

   VendorACA ComplianceAlpha, COMPLY

   SECForm CRS

   Rule 17a-14 / 204-5

   Give retail clients a 2-page relationship summary before / at the time of engagement.

   VendorACA ComplianceAlpha, COMPLY

   FinCENBSA / CIP

   31 CFR 1023.220

   Verify identity of every new client; risk-rate the relationship; screen against OFAC.

   VendorLexisNexis, Alloy

   SECReg S-ID

   17 CFR 248 Subpart C

   Written identity-theft prevention program — detect + respond to red flags.

   MixedLexisNexis Risk, SentiLink

   StateState notice filings

   NASAA model

   Notice-file in each state where you cross client-count thresholds; state RIAs register outright.

   VendorRIA in a Box, COMPLY
2. Step 2

   Advise

   Recommend — Reg BI, fiduciary duty, AI outputs.

   4 rules

   SECReg BI

   Rule 15l-1 (Exchange Act)

   Broker-dealer recommendations must be in the retail customer's best interest — with care, disclosure, conflicts, and compliance.

   MixedHearsay, Global Relay

   SECIA fiduciary duty

   Advisers Act §206

   Advisers owe clients duty of care + duty of loyalty at all times.

   ManualCompliance + advisor supervision

   SECPredictive analytics (proposed)

   Release 34-97990

   Firms would have to eliminate or neutralise conflicts from predictive data analytics used with investors.

   ManualModel governance committee

   OCCSR 11-7 / model risk

   OCC 2011-12 / SR 11-7

   Governance, validation, and monitoring of any model that drives decisions — including LLMs.

   InternalModel risk management (SR 11-7)
3. Step 3

   Trade

   Route + execute — best-ex, order handling.

   1 rule

   FINRABest execution

   FINRA Rule 5310

   Reasonable diligence to obtain the best price reasonably available for customer orders.

   VendorIHS Markit / S&P TCA, Bloomberg BTCA
4. Step 4

   Custody

   Hold the assets — qualified custodian, surprise exam.

   1 rule

   SECCustody Rule

   Rule 206(4)-2

   Client assets held by a qualified custodian; annual surprise exam if you have custody.

   MixedAdvent Geneva, SS&C Black Diamond
5. Step 5

   Report

   Statements, tax, breach + SAR filings.

   3 rules

   FinCENSAR filing

   31 CFR 1023.320

   File a Suspicious Activity Report within 30 days of detecting suspicious activity.

   VendorNICE Actimize, Verafin

   SECReg S-P (amended)

   17 CFR 248

   Written incident response, 30-day breach notice to affected individuals, safeguards for customer information.

   MixedOneTrust, TrustArc

   IRS1099 / cost basis

   IRC §6045

   Report proceeds + cost basis for covered securities each January.

   VendorWolters Kluwer, Sovos
6. Step 6

   Market

   Ads, testimonials, performance claims.

   2 rules

   SECMarketing Rule

   Rule 206(4)-1

   Ads must be fair, balanced, not misleading; testimonials + performance require specific disclosures.

   VendorGlobal Relay, Smarsh

   FINRAFINRA 2210

   FINRA Rule 2210

   Broker-dealer communications with the public — approval, filing, content standards.

   VendorRegEd, Global Relay
7. Step 7

   Retire / rollover

   ERISA moments — PTE 2020-02, DOL.

   1 rule

   DOLPTE 2020-02

   DOL PTE 2020-02

   Rollover recommendations trigger ERISA fiduciary status — disclose + document why the rollover benefits the client.

   InternalRollover analysis workflow
8. Step 8

   Cross-border

   Non-US clients — MiFID II, FCA, MAS.

   2 rules

   X-borderMiFID II

   Directive 2014/65/EU

   For EU clients — inducements, best execution, unbundled research, product governance.

   VendorBloomberg RRH, Refinitiv Tick History

   X-borderFCA Consumer Duty

   PS22/9

   UK firms must deliver good outcomes for retail customers across products, price, support, understanding.

   MixedBehavioural Finance Australia, Oxford Risk

Cross-linked to Roles & Skills: every obligation opens the compliance roles and skill pages that own it.