More On Legal & Compliancefrom The Advisor's Professional Library
- RIAs and Customer Identification Just as RIAs owe a duty to diligently protect their clients privacy and guard against theft, firms also play a vital role in customer identification. Although RIAs are not subject to an anti-money laundering rule, securities regulators expect advisors to address these issues in their policies and procedures.
- Agency and Principal Transactions In passing Section 206(3) of the Investment Advisers Act, Congress recognized that principal and agency transactions can be harmful to clients. Such transactions create the opportunity for RIAs to engage in self-dealing.
The Financial Industry Regulatory Authority (FINRA) announced Tuesday that FINRA Vice Chairman Stephen Luparello, who has been at FINRA and one of its predecessor organizations, NASD, for more than 16 years, is leaving to join the WilmerHale law firm in Washington, D.C.
Luparello, whose last day at FINRA will be Oct. 7, served as interim CEO prior to being named Vice Chairman in 2009. He oversees FINRA's regulatory operations, including Enforcement, Market Regulation, Member Regulation and Business Solutions, and was instrumental in the creation of the Office of the Whistleblower and the Office of Fraud Detection and Market Intelligence in 2009.
“Steve has been at the heart of the work FINRA has done to protect investors for almost 16 years,” said FINRA CEO Richard Ketchum, in a statement. “He helped lead the organization through one of the most critical times for securities regulators and helped build and shape many of FINRA’s regulatory programs. Steve's leadership in helping FINRA respond to the challenges and changes in the markets has been paramount to FINRA fulfilling its mission of investor protection and market integrity.”
Luparello also led the development and implementation of the market regulation technology systems SONAR and the Order Audit Trail System (OATS).
Before joining FINRA, Luparello served in various capacities at the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).