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Practice Area: Securities

Finra Extends Deadline For Broker Dealers To Self Report 529 Savings Plan Violations As Part Of New Initiative

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FINRA recently announced a self-reporting initiative to promptly compensate harmed investors and promote firms’ compliance with the rules governing the recommendation of 529 savings plans.  529 plans are tax-advantaged plans that are designed to encourage saving for the future educational expenses of a designated beneficiary, and shares are commonly sold in different classes, with fees…
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Highlights From The Finra 2019 Risk Monitoring And Examination Priorities Letter

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FINRA released its 2019 Risk Monitoring and Examination Priorities Letter.  Compared to previous years, this Letter takes a novel approach by highlighting those topics that will be materially new areas of focus for FINRA’s risk monitoring and examination programs this year.  The Letter also identifies areas of ongoing concern that FINRA will continue to review….
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Finra Approves Filing With The Sec Rules Prohibiting Compensated Non Attorney Representatives From Practicing In Finra Arbitration And Mediation

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FINRA currently allows non-attorney representatives to work with investors filing securities arbitration claims and throughout mediation.  FINRA’s Board of Governors recently approved filing with the SEC amendments to the Codes of Arbitration and Mediation Procedure which would prohibit non-attorney representatives from practicing in the arbitration and mediation forums.  This move comes after FINRA issued a…
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Finra Publishes Second Annual Report On Examination Findings

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FINRA published its 2018 Report on Examination Findings, its second annual report detailing observations from recent examinations of broker-dealer firms that it considers worth highlighting because of their potential significance, frequency, and impact on investors and the markets.  It also describes practices FINRA has observed to be effective in certain circumstances.  The highlighted observations of…
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Finra Establishes A Per Arbitrator Fee And Honorarium For Late Cancellation Of Prehearing Conferences

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The SEC approved amendments to FINRA’s customer and industry arbitration rules to charge parties who request cancellation of a prehearing conference within three business days of the prehearing conference a $100 per-arbitrator fee. The amendment also provides for a $100 honorarium to each arbitrator scheduled to attend the cancelled prehearing conference. The fee applies even…
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The Sec Approves Finra Rules Amendments For Simplified Arbitrations

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The SEC recently approved a rule amendment to create an intermediate form of adjudication for small claims.  The proposal amends Rules 12600 and 12800 of the FINRA Code of Arbitration Procedure for Customer Disputes and Rules 13600 and 13800 of the FINRA Code of Arbitration Procedure for Industry Disputes.  The amendments provide parties with claims…
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Finra Seeks Comment On Proposed Amendments To Firm And Associated Persons Document Production List

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FINRA is requesting comment on proposed amendments to the Firm and Associated Persons Document Production List and Discovery Guide. The proposed amendments to the Discovery Guide require firms and associated persons, upon request, to produce documents concerning third-party insurance coverage in a customer arbitration proceeding. These proposed amendments would strictly limit the circumstances under which…
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Finra Announces Initiative To Transform Registration Systems That Will Lead To Enhanced Efficiencies And Reduced Compliance Costs For Firms

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On June 14, 2018, FINRA announced details of a multi-phased effort to overhaul its registration and disclosure programs, including the Central Registration Depository (CRD). FINRA operates the CRD for the U.S. securities industry and its regulators and it provides the backbone of BrokerCheck. These changes are being made in response to feedback FINRA received through…
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Enhancements To Finra’s Disclosure Review Verification Process Permits Firms To Rely On Process For Compliance With Public Financial Records Searches Of Applicants And Registered Persons

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Beginning on July 9, 2018, FINRA is enhancing its disclosure review process to enable it to conduct a public records search of information relating to bankruptcies, judgments and liens, within fifteen calendar days from the date of an applicant’s Form U4. These enhancements will allow FINRA to verify the accuracy and completeness of an applicants’…
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