Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

Regulation and Compliance > Federal Regulation > FINRA


Your article was successfully shared with the contacts you provided.

Marcia Martin was named senior vice president, operations and partner support, at Cambridge Investment Research. Martin, who joined Cambridge in January 2005, assumes oversight for the Cambridge Partner Support Center, set to launch on August 1. Prior to joining Cambridge, she was president of CUNA Mutual Group’s broker/dealer. Additionally, Cambridge announced that Tom Anderson will join the firm as vice president, chief compliance officer, filling the vacancy created by Martin’s transition. Anderson was most recently with SMH Capital/SMH Capital Advisors where he served as director of compliance, chief compliance officer…

The Financial Industry Regulatory Authority (FINRA) has warned investors about the potential downside of using 401(k) debit cards to borrow money from their retirement funds. FINRA’s Investor Alert, 401(k) Debit Cards–Think Before You Swipe, explains that a 401(k) debit card is like a debit and credit card rolled into one. It allows you to access and spend your own money, rather than someone else’s. It’s like a credit card because you are billed each month for the charges you ring up. That bill includes a minimum payment due plus interest, fees, and an additional interest charge that’s paid to the credit card vendor servicing the account. “Regardless of how easy it might be to do, borrowing against your retirement savings should be a last resort, and done only in emergency situations,” said John Gannon, FINRA senior VP for Investor Education, in a statement…

FINRA has fined TradeStation Securities, Inc., E*Trade Securities, LLC, and CIBC World Markets Corp. a total of $1.6 million for multi-year violations relating to FINRA’s Order Audit Trail System (OATS) rules and related supervisory failures. Under the rules, firms must report information related to the handling and execution of customer orders, as well as for certain proprietary orders for Nasdaq and OTC Equity securities, which helps FINRA recreate the life cycle of an order. TradeStation was fined $750,000 for failing to report approximately 23.5 million Reportable Order Events relating to orders received; E*Trade Securities was fined $500,000 for failing to report “New Order Reports” and “Route Reports;” and CIBC was fined $350,000 for failing to report to OATS over 28 million orders, which were generated by an affiliate. FINRA also found that the three firms did not have adequate systems of supervision in place to monitor their OATS reporting. The fine for CIBC was reduced in recognition of the firm’s actions in reporting the problem to FINRA and taking actions to correct it…

FINRA appointed James Donovan as senior executive VP for technology and strategy. Most recently, he served as head of the securities industry division at the Society for Worldwide Interbank Financial Telecom. Donovan replaces Douglas Shulman, who was appointed Commissioner of the Internal Revenue Service by President George Bush.


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.