Look, I get that nobody’s perfect. We all make mistakes, it’s just human nature. I told my kids when they were growing up the same thing I tell my associates: it’s ok to make mistakes, it’s just not ok to repeat them.
In December 2013, FINRA requested comments on a concept proposal to develop a new Comprehensive Automated Risk Data System (“CARDS”)—a rule-based program that would allow FINRA to collect automated account information, as well as account activity and security identification information, that firms maintain in their books and records.
I read with interest the press release FINRA issued this week announcing an $11.7 million settlement with LPL, principally over what FINRA characterized as “widespread supervisory failures.”
On May 1, 2015, Richard Ketchum, Chairman and CEO of the Financial Industry Regulatory Authority (“FINRA”), reaffirmed his support for a uniform fiduciary standard for broker-dealers.
Broker-dealers appear to have succeeded, at least for now, in beating back FINRA’s proposal to capture extensive amounts of data through electronic means.
In a recent Acceptance, Waiver and Consent (“AWC”) a broker dealer was censured and fined for, among other things, the failure to conduct an adequate pre-hire investigation of a registered representative.
On March 25, 2015, the SEC proposed an amendment to Rule 15b9-1 that would require high-frequency trading firms to register with FINRA.