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Regulation and Compliance > Federal Regulation > FINRA

FINRA Mulls Rules on Exam Cheating

By Melanie Waddell

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The Financial Industry Regulatory Authority plans to discuss at its upcoming virtual June board meeting rulemakings on reps’ cheating on qualification exams as well as FINRA’s recent exam sweep of firms that are not charging commissions for client transactions.

Proposed amendments to the broker-dealer self-regulator’s Corporate Financing Rules that would require broker-dealers to file retail communications concerning specified private placements will also be discussed.

FINRA suspended an ex-Merrill Lynch general securities rep in mid-March for two years after he was caught possessing and accessing personal notes and other “unauthorized materials” while taking two separate industry exams within a month of each other.

In December, FINRA suspended a Goldman Sachs investment banking rep for 18 months after it was learned that the rep had her cellphone with her while taking the Securities Industry Essentials Exam.

FINRA’s board committees also plan to discuss a proposal relating to TRACE reporting of delayed Treasury spot and portfolio trades.

The affect the pandemic has had on FINRA hearings will also be discussed as well as potential updates to the proposed outside activities requirements rule in light of a recent retrospective rule review.

— Related on ThinkAdvisor:

Melanie Waddell

@Think_MelanieW

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