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Practice Area: Securities

Finra Reaches Settlement With Six Member Firms Resulting In 16.8 Million In Restitution To Customers

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FINRA recently announced the results of its targeted examination of Unit Investment Trust (UIT) early rollovers. The investigation resulted in settlement with six member firms, totaling $16.8 million in restitution for approximately 10,000 investors. Following its investigation into the six firms, FINRA concluded that each firm failed to reasonably supervise early rollovers of UIT’s, which…
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Finra Releases September 2021 Board Of Governors Meeting Report

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FINRA Board of Governors met on September 23-24, 2021 to approve new maintaining qualifications fees and to reaffirm FINRA’s Financial Guiding Principles. The Board approved a proposal to establish a $100 annual fee for individuals who chose to complete continuing education (CE) to remain qualified to reregister with FINRA following the termination of the individual’s…
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Finra Adopts New Rules To Address Firms With A Significant History Of Misconduct

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FINRA has adopted new rules specifically tailored towards firms with a significant history of misconduct. The new rules, which become effective on January 1, 2022, allow FINRA to impose new obligations on broker-dealers with significantly higher levels of risk-related disclosures than other similarly sized peers. The new rules would also apply to firms with a…
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Finra Reminds Firms Of Their Supervisory Obligations Related To Outsourcing To Third Party Vendors

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In light of the fact that many member firms are increasingly using third-party vendors to perform a variety of core business functions, FINRA recently published Regulatory Notice 21-29, “FINRA Reminds Firms of their Supervisory Obligations Related to Outsourcing to Third-Party Vendors.” Regulatory Notice 21-29 reminds member firms of their obligation to establish and maintain a supervisory…
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Finra Amends Rules Associated With Private Placement Offerings

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FINRA recently published Regulatory Notice 21-26, “FINRA Amends Rules 5122 and 5123 Filing Requirements to Include Retail Communications That Promote or Recommend Private Placements.” The notice amends FINRA Rules 5122 and 5123 to require additional filing requirements by member firms as it relates to the sale of private placement offerings. Both FINRA Rules 5122 (Private…
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Finra, Sec, And Nasaa Offer New Resource To Assist Securities Firms In Implementing The Training Requirements Of The Senior Safe Act

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FINRA, SEC, and NASAA recently announced a new presentation intended to assist securities firms in detecting, preventing, and reporting financial exploitation of seniors pursuant to the Senior Safe Act, Section 303 of the “Economic Growth, Regulatory Relief, and Consumer Protection Act,” which was signed into law on May 24, 2018, as well as the state…
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Finra Announces All Dispute Resolution Hearing Locations Will Be Open For In Person Proceedings On August 2, 2021

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In March of 2020, FINRA announced that due to the COVID-19 pandemic, it had administratively postponed all in-person arbitration and mediation proceedings.  Subsequent announcements extended those adjournments through July 3, 2021.  In mid-May, 2021, FINRA announced that 62 hearing locations would be open for in-person hearings starting July 5, 2021, and recently, FINRA stated that…
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Finra Issues Guidance Regarding Predispute Arbitration Agreements For Customer Accounts

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FINRA recently issued Regulatory Notice 21-16 “FINRA Reminds Members About Requirements When Using Predispute Arbitration Agreements for Customer Accounts.” The Notice reminds members firms about certain requirements when using predispute arbitration agreements for customer accounts, as FINRA has recently become aware of customer agreements containing provisions that do not comply with FINRA rules. Under FINRA…
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Sec Division Of Examinations Announces 2021 Examination Priorities

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The SEC Division of Examinations recently announced its examination priorities for fiscal year 2021, discussing key risks, trends, and examination priorities in an overall effort to promote and improve compliance. The two largest programs run by the Division, Investment Adviser/Investment Company Program and Broker-Dealer and Exchange Program, focus on the protection of retail investors and…
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