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...
Tag: FINRA
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...
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,...
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.
Compliance News
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...
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...
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...
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,...
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...
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...
Texting Your Clients? Don’t Overlook SEC Communication Rules
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...
Lincoln Investment Adopts ionlake’s FINRA-Compliant Texting Solution
The messages will be compliant with FINRA regulations and Lincoln’s own internal broker/dealer controls.
New Enforcement Structure at FINRA; Calls for ‘Fintech’ Commentary
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.