Finra Notice to Members 12-29, announced the SEC approval of far reaching updates to previous NASD and NYSE communications rules. (NTM 12-29) The new rules will be numbered 2210 and 2212-16 and will be collectively referred to as the “Communication Rules”. These new rules will incorporate and replace the following rules: Finra rules: 2210, 2211,…
Finra Executive Vice President, Thomas M. Selman, spoke at the Investment Program Association Fall Conference on November 15, 2012 and made some interesting comments. (IPAFC) I have extracted some of the better parts below. Here’s another pitch for Finra (and not the SEC) to regulate Investment Advisors: Despite the longstanding faith in the SRO model,…
Gerri Walsh, President of the Finra Investors Education Foundation, and Vice President of Finra Investor Education, made a Statement for the Record at a hearing of the Senate Special Committee on Aging. (Finra) In this statement, Walsh reiterated Finra’s commitment and efforts to protect senior investors. I have excerpted some of the text below: How…
Finra has published guidance for Investment Advisors at non-member firms who wish to utilize the Finra Dispute Resolutions platform. (Finra) You can see our previous coverage of this here. The full text is below: FINRA Dispute Resolution has received inquiries from lawyers who represent investors and those who represent investment advisers (IAs) which are not…
The SEC has joined Finra in offering regulatory relief to entities affected by Hurricane Sandy. (SEC) See our coverage of the Finra relief efforts here and here.
While Finra’s One Liberty Plaza office in downtown Manhattan remains closed in the wake of Hurricane Sandy, the Self-Regulatory Organization is offering regulatory relief to member firms affected by the hurricane. Finra just issued NTM 12-45 “Regulatory Relief” explaining their efforts. (12-45) The executive summary states: Due to the impact from Hurricane Sandy, FINRA is…
In the better-late-than-never file, Finra is reminding members of their obligations for business continuity plans. (Finra) Finra Rule 4370 covers these requirements. (4370) Here’s the overview: (a) Each member must create and maintain a written business continuity plan identifying procedures relating to an emergency or significant business disruption. Such procedures must be reasonably designed to…
Bruce Kelly, of InvestmentNews, reports that Finra will soon open its dispute resolution arbitration platform to registered investment advisors. (IN) This is good news for RIA investors because those arbitrations have typically been heard in AAA or JAMS forums, which are much more expensive. RIA firms may also welcome the lower costs. Finra Dispute Resolution…
Speaking at a PLI Seminar on Broker-Dealer Regulation and Enforcement on October 24, 2012, Finra EVP Susan F. Axelrod had some interesting comments on Complex Investments, the new Suitability Rule 2111, and Know Your Customer Rule 2090. (Axelrod) You can also see our previous coverage on Complex Products here. Below are some extracts. Finra has…
A Finra news release yesterday reported the regulator fined David Lerner Associates $12 million for sales of Apple REIT 10. (Finra) The funds will go towards restitution for the Apple REIT 10 customers. The release quoted Brad Bennett, Executive Vice President and Chief of Enforcement: David Lerner and his firm targeted unsophisticated and elderly customers,…
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