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B/D Briefing: News & Products

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FINRA has proposed a rule to amend the Uniform Application for Securities Industry Registration or Transfer form (U4) and the Uniform Termination Notice for Securities Industry Registration form (U5) as well as FINRA Rule 8312 (FINRA BrokerCheck Disclosure) that would revise questions on the forms that would result in more up-front disclosure by firms and their advisors and/or B/D reps. FINRA says the proposed rule change is “designed to address regulatory concerns, to ease, clarify or facilitate industry reporting requirements, and to make technical and conforming amendments.” Bill Sullivan, a partner in the securities litigation practice of international law firm Paul Hastings, says this rule proposal, and others likely to come out of FINRA and other regulators, “are going to make it easier for investors to pursue their claims.” This is “obviously an outgrowth of the world we live in right now.” Among the changes are revising questions on both forms regarding customer complaints, arbitrations, or civil litigation to clarify the manner in which individuals and firms must report sales practice violations alleged against registered persons; making certain technical and conforming changes to the forms intended to clarify the information being elicited by regulators; and facilitating accurate reporting by firms on the forms…

GunnAllen Holdings, parent company of broker/dealer GunnAllen Financial, Inc., has launched what the company calls a “full-service tax and financial solutions firm” called

GunnAllen Tax Services, Inc. Run by Steven Sanchez, the tax division shares its corporate headquarters with GunnAllen Financial in Tampa, Florida. . .

To deal with repercussions of the Bernie Madoff scandal, the SEC is conducting targeted examinations that focus on self-custody practices of certain dually registered firms, said Investment Adviser Association Executive Director David Tittsworth, and is preparing a rulemaking that will address self-custody and other issues.


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