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.
FINRA’s Top 5 Enforcement Issues of 2011
A survey of FINRA sanctions by Sutherland Asbill focuses on the top enforcement issues in 2011, showing that fines jumped 51% over 2010, with more reps barred.
SEC’s Gallagher: Supervisor Definition Remains ‘Disturbingly Murky’
SEC Commissioner Daniel Gallagher signaled that he’d like the securities regulator to develop “clearer guidance” on the issue.
New Tool for BDs to Meet FINRA Rule 2111 on Suitability Standards
Ipreo launches new compliance certificate to meet revised suitability standard, establishing a BD's ability to exercise independent judgment.
New Year, New Fiduciary Rule?
While SEC Chairman Mary Schapiro said in mid-December comments first reported on Bloomberg that the agency would issue a proposed fiduciary rule this year, she also stated in the Bloomberg interview that a fiduciary rule proposal will be “business model neutral” and allow brokers working with retail investors to sell...