More On Legal & Compliancefrom The Advisor's Professional Library
- Trading Practices and Errors When SEC-registered investment advisors conduct annual audits of firm policies and procedures, they should pay close attention to trading practices. Though usually not required to, state-registered advisors should look at their trading practices and revise policies that do not fully protect clients.
- Suitability and Fiduciary Duty Recommending suitable investments is more than just a regulatory obligation. Many investors bring cases claiming lack of suitability, so RIAs must continuously put the onus on clients to notify the advisor of changes in their financial situation.
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).