Tag: FINRA

FINRA previously addressed reporting of Paycheck Protection Program loan forgiveness in its FAQs related to COVID-19.

FINRA says a lapse in sufficient supervision led to retirement plan clients being supplied with inaccurate investment expense ratio and performance information.

Board of Governors candidate-by-petition Chris Flint has defeated the FINRA-preferred candidate Andrew Duff.

The self-regulatory organization says it will help members implement the SEC's sweeping new conflict of interest disclosure rules.

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.

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.

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.

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.

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.

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.

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.

SEC examiners are concerned that the way mobile and personally owned communications devices are used by advisers pose challenges in their meeting obligations under the Books and Records Rule and the Compliance Rule.

The messages will be compliant with FINRA regulations and Lincoln’s own internal broker/dealer controls.

FINRA asks advisers to share their insights about “fintech innovation in the broker/dealer industry,” while also unveiling a new structure for its enforcement staff.