What ‘The Social Network’ Can Teach Advisors About Avoiding Enforcement Actions
Online communications make advisors vulnerable to compliance slip-ups, two attorneys warn, using quotes from the film "The Social Network" to illustrate their points.
SEC, FINRA, State Exam Execs Lay Out Priorities
Priorities include conflicts of interest, email retention, cybersecurity and some specific products, the executives said at the IRI legal and regulatory conference.
Playing With Fire: CCOs and Lawyers Who Got Burned by Regulators
After analyzing disciplinary actions taken by the SEC and FINRA against CCOs and in-house counsel from June 2011 through June 2012, Sutherland found a slew of violations.
FINRA 2012 Fines to ‘Significantly Outpace’ 2011: Sutherland
“If fines continue to be assessed at this rate, 2012 will represent a 15% increase from the total fines reported by FINRA in 2011,” said Brian Rubin of Sutherland Asbill & Brennan.
FINRA at 5 Years: Highlighting 7 Areas of Action
Quite a bit has happened in those five years: billion-dollar frauds, a flash crash exposing major volatility issues and a bill supporting FINRA as advisors' SRO, to name a few developments.
FINRA Launches Conflict-of-Interest Sweep of BDs
FINRA says the sweep is just a way to “better understand” BDs' practices, but lawyers with BD clients suggest enforcement actions may be brewing.
Broker Suitability Rule Takes Effect
A new FINRA rule on suitability of recommendations by brokerages and brokers to customers—and to prospective customers—took effect on July 9, and with it come a number of issues of which firms and advisors alike need to be aware.
FINRA’s New Suitability Rules: Half a Loaf, but…
...they also show that the majority of brokers today are offering investment advice far beyond what any rational observer would categorize as “usual and incidental” to the sale of securities
Brokers, Get Ready: Suitability Rule Set to Take Effect
Firms that are already concerned about the recommendations made to clients based on their existing portfolios now have this new wrinkle: the prospective customer, lawyer Brian Rubin says.
FINRA on Pace to Match Record Enforcement Actions
FINRA brought a record number of enforcement cases in 2011—approximately 1,500—and is on pace to bring just as many cases in 2012.