November SEC Advertising Rule Compliance Date Fast Approaching
Experts with the Wagner Law Group say complying with the marketing rule can be a significant process, and firms need to make sure they are on track for full compliance by early November.
Tag: FINRA
How Thoughts About the SEC’s Regulation Best Interest Have Evolved
Nearly two years into the enforcement of Reg BI, debate continues about its influence on the advisory and brokerage industries.
SEC Charges Underscore Importance of Digital Communication Management
J.P. Morgan Securities has agreed to pay $125 million to resolve what the SEC calls ‘longstanding failures by the firm and its employees’ to maintain and preserve certain digital communications.
GAO Says SEC’s FINRA Oversight Lacks Sufficient Formality
A new report from the Government Accountability Office suggests the SEC’s performance metrics for FINRA do not measure progress in achieving a specific mission or set appropriate targets against which actual performance can be measured.
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Senators Talk GameStop, Meme Stocks, Payment for Order Flow and More
Who gets to define best execution? Is T+1 or T+2 better for market stability? What even is payment for order flow? The Senate Banking Committee tackled all these questions and more at a dynamic Tuesday morning hearing.
SEC Says Advisory Firms May Have to Report PPP Loans
FINRA previously addressed reporting of Paycheck Protection Program loan forgiveness in its FAQs related to COVID-19.
Staying Audit Ready in a Turbulent Time
As one might expect, what the Department of Labor (DOL) and the Securities and Exchange Commission (SEC) are particularly interested in is how advisers are paid.
Prudential Investment Management Consents to FINRA Censure
FINRA says a lapse in sufficient supervision led to retirement plan clients being supplied with inaccurate investment expense ratio and performance information.
‘FINRA Settlement Expungement Process Is Broken,’ Former Regulator Says
FINRA is advancing a proposal to modernize the process by which brokers can clear their records of past customer disputes, but one former regulator questions whether the proposed approach fixes some fundamental issues of transparency and fairness for consumers.
Upset in FINRA Board Large Seat Election
Board of Governors candidate-by-petition Chris Flint has defeated the FINRA-preferred candidate Andrew Duff.
FINRA Pledges Resources to Support Members’ SEC Reg BI Compliance
The self-regulatory organization says it will help members implement the SEC's sweeping new conflict of interest disclosure rules.
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Legislative and Judicial Actions
FINRA Share-Class Sweep Highlights Importance of CooperationThe Financial Industry Regulatory Authority (FINRA) announced the final results of its mutual fund waiver initiative—the agency’s aggressive multiyear effort to ensure member...
Meet Your FINRA Board of Governors Large Firm Candidates
A contested election for a seat on the FINRA Board of Governors will be settled at the annual meeting of member firms on August 19. PLANADVISER spoke recently with both candidates in the tight race for the open large firm seat.
FINRA Share Class Sweep Highlights Importance of Cooperation
The regulator granted significant credit for “extraordinary cooperation” to those firms which were proactive in identifying and fixing issues related to fee waivers for certain mutual fund share classes.
AXA Fined for Misrepresentations About Bond Funds
FINRA claims AXA Advisors sent disclosures to 401(k) plan sponsors and participants that misrepresented the credit quality of bond funds with group annuity accounts.
FINRA Voya Censure Highlights Share Class Pitfalls
In censuring the firm, FINRA highlights the important fact that Voya demonstrated “extraordinary cooperation” and had initiated its own investigation and correction program prior to involvement by regulators.
SEC No-Action Letter Offers Guidance for Processing Rollover Checks
Banc West Investment Services asked the Securities and Exchange Commission to clarify its stance on the potential conflict between FINRA suitability determinations called for by rollover decisions and, on the other hand, SEC demands to forward customer checks within a day of receipt.
Make the Most of FINRA’s 529 Share Class Disclosure Initiative
FINRA is encouraging firms to undertake a qualitative review of their supervisory practices ranging back to 2013—not a full quantitative analysis of individual 529 plan transactions or recommendations.
B/D Attorney: Don’t Be Distracted by FINRA Examination Priorities Letter
Alan Wolper, an attorney with significant experience helping advisers and brokers navigate FINRA and SEC examinations, says the recently published FINRA 2019 priorities list is interesting, but ultimately not all that informative when it comes to helping advisers avoid the most pressing compliance issues.
Former Lead FINRA Enforcer Dissects Regulator’s 2019 Priorities Letter
In a Q&A with PLANADVISER, Mirella deRose draws on her experience leading FINRA enforcement in describing what she sees as the most important elements of the regulator’s recently published member priorities list for 2019.