Firms permitting the creation and operation of custodial accounts related to Uniform Transfers to Minors Act (UTMA) or Uniform Gifts to Minors Act (UGMA) transactions must take special notice of Financial Industry Regulatory...more
2/13/2020
/ Beneficiaries ,
Citigroup ,
Compliance Management Systems ,
Covered Transactions ,
Custodians ,
Failure to Comply ,
Financial Industry Regulatory Authority (FINRA) ,
Investment Management ,
JPMorgan Chase ,
Know Your Customers ,
Merrill Lynch ,
Minors ,
Morgan Stanley ,
Negligent Supervision ,
Regulatory Standards ,
Transfer of Assets ,
Trusts ,
UGMA ,
UTMA
FINRA has proposed a new $100 per-arbitrator fee and a $100 per-arbitrator honorarium for the late cancellation or continuation of prehearing conferences in FINRA arbitrations. ...more
The Financial Industry Regulatory Authority (“FINRA”) recently proposed a change to Rule 12403 of the Code of Arbitration Procedure for Customer Disputes to the Securities and Exchange Commission. FINRA’s proposal is that...more
The SEC has approved FINRA Rule 2273, which requires a transferring representative to send customers an educational communication regarding firm recruitment practices and account transfers. The rule is designed to address...more
On August 24, 2015, FINRA Rule 2040 concerning payments to unregistered persons went into effect. The rule, approved by the SEC in January 2015, is aligned with § 15(a) of the Securities Exchange Act of 1934. Generally, FINRA...more
8/27/2015
/ Broker-Dealer ,
Compensation Agreements ,
Compliance ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Financial Markets ,
Foreign Affiliates ,
No-Action Letters ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Unregistered Brokers
The Financial Industry Regulatory Authority (FINRA) announced last week that it is seeking comment on a proposal to create a new academic Trade Reporting and Compliance Engine (TRACE) data set. While academic researchers...more
On February 26, 2015, the Securities and Exchange Commission (“SEC”) approved a rule proposed by the Financial Industry Regulatory Authority, Inc. (“FINRA”). The rule, originally proposed by FINRA on June 17, 2014, amends...more
On June 30, 2014, the Financial Industry Regulatory Authority (“FINRA”) sent its proposed rules to limit the definition of “public arbitrators” to those without any experience in the securities industry. Previously, an...more
It is obvious that broker-dealers and their registered representatives, and investment advisors, must be careful in making recommendations to clients. But the recent increase in regulatory interest relating to inaction in a...more
On Friday, June 20, 2014, the Financial Industry Regulatory Authority (“FINRA”) withdrew its proposed Rule 2243, which would have required disclosure and reporting of FINRA member recruiting practices. Essentially, the rule...more
On May 20, 2014, the Securities and Exchange Commission initiated proceedings to determine whether to approve a proposal by the Financial Industry Regulatory Authority, Inc, (FINRA) to amend the NASD and FINRA rules governing...more
In a move designed to increase transparency between its member firms’ registered persons (“representatives”) and their former clients when they move from one firm to another, the Financial Industry Regulatory Authority...more
On April 24, 2014, the Financial Industry Regulatory Authority (FINRA) announced that its board of governors had approved rules requiring that firms to run background checks on new hires, whether new brokers or transfers, to...more
FINRA has submitted a proposal to the SEC to adopt FINRA Rule 2243 (Disclosure and Reporting Obligations Related to Recruitment Practices). In FINRA’s words, Rule 2243 would require, in some cases, “specific disclosure by...more
Through its recent Regulatory Notice 13-07, the Financial Industry Regulatory Authority ("FINRA") announced and sought comments on its proposed amendments to rules governing markups, markdowns, commissions and fees associated...more
In its recent Regulatory Notice 13-04, the Financial Industry Regulatory Authority ("FINRA") announced amendments to its Customer and Industry Codes of Arbitration Procedure related to subpoenas and arbitrator orders for the...more
In its Regulatory Notice 12-55, the Financial Industry Regulatory Authority ("FINRA") has updated its guidance on FINRA Rule 2111 concerning suitability. This is FINRA's fourth regulatory notice concerning the rule -- it...more