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FINRA Working to Modify Firms' SEC Texting Settlements
News May 09, 2025 at 10:24 AM
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What You Need To Know
- From 2021 through 2024, 77 financial firms settled off-channel communications cases with the SEC.
- Along with fines, the settlements came with regulatory and supervision requirements that triggered statutory disqualification from FINRA and forced them to apply for a membership continuance.
- In April, the SEC denied a request by 16 firms — including Ameriprise, LPL, Raymond James and Osaic — to modify the settlement terms.
- FINRA staff "is working on standardized amendments" to the heightened supervision plans that would apply to all firms that settled before 2025.
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