On January 4, 2017, the Financial Industry Regulatory Authority (“FINRA”) released its annual regulatory and exam priorities letter for 2017 (the “Letter”).
On December 13, 2016, the FINRA Investor Education Foundation published Investors in the United States 2016 (the “Report”), which includes the results of its investor survey of 2,000 individuals from across the United States who hold investments in non-retirement accounts.
Following its receipt of comments, on December 14, 2016, FINRA filed proposed amendments to its rules to conform them to the SEC’s proposed amendments to Rule 15c6-1(a) to shorten the standard settlement cycle for most broker-dealer transactions from three business days after the trade date (T+3) to two business days (T+2).
I have blogged multiple times, as recently as a couple of weeks ago, about the slew of Enforcement actions that FINRA has brought for an RR’s failure to update his or her Form U-4 in a timely manner to disclose a tax lien.
On November 2, 2016, FINRA terminated the FINRA registration for UFP, LLC (“UFP”), making UFP the first crowdfunding portal to be expelled from FINRA.
A recent enforcement action by FINRA underscores the regulator’s continuing concern regarding how financial advisers are paid to sell investment products.
It is a nasty thing when one becomes statutorily disqualified.
On November 2, 2016, several representatives from the SEC and FINRA spoke at SIFMA’s C&L New York Regional Seminar, including from the SEC, Stephanie Avakian, Deputy Director, Division of Enforcement, and from FINRA, Susan Axelrod, Executive Vice President, Regulatory Operations, and Susan Schroeder, Senior Vice President, Enforcement.
Since I first started practicing law back in the 1980s, customer complaints against brokers have often involved allegations of “churning,” which is deemed to be fraud.
In its never-ending effort to thwart senior investor fraud, FINRA recently proposed a new rule to the SEC.