How Compliance Failures Can Lead To Enforcement
Michelle L. Jacko wrote a Legal Tip for Jacko Law Group titled How Compliance Failures Can Lead To Enforcement in September, 2012.… Read More
Michelle L. Jacko wrote a Legal Tip for Jacko Law Group titled How Compliance Failures Can Lead To Enforcement in September, 2012.… Read More
FINRA recently published Regulatory Notice 12-25 to provide broker-dealers with additional guidance on the SRO’s new suitability rule, which took effect on July 9th. The new suitability standards under Rule 2111 were approved by the SEC in November, 2010. They were initially…
On May 30, 2012, the federal Government Accountability Office (GAO) released a report , mandated by Dodd-Frank, on its study of the SEC’s oversight of FINRA. The report is critical of the agency’s oversight of FINRA, calling on the agency…
Jacko Law Group, P.C. (“JLG”) wrote a Legal Tip titled Proposed Legislation Could Mean SRO Oversight For Investment Advisers in May, 2012.… Read More
Enhancements to make FINRA’s BrokerCheck and Investment Advisor Public Disclosure (IAPD) systems more user-friendly went live last week. FINRA’s press release announcing the changes notes that they were implemented to ease investors’ access to information concerning brokers, investment advisers and…
FINRA announced this week it is requesting comment on proposed express procedures that would permit registered representatives who are the “subject of” allegations of sales practice violations made in arbitration claims (but are not named as actual parties to the…
In 2011, FINRA reported 1,488 disciplinary actions, up from 1,310 in 2010. Also significant, fines in 2011 jumped 51% in 2011, up from $45 million in 2010 to $68 million last year. 2011 fines, however, were far lower than the…
Many opine the financial crisis was hastened by the financial industry’s use of byzantine and risky securities. FINRA recently released more specific guidance concerning supervision by broker dealers over the sale of complex products: Regulatory Notice 12-03, Complex Products: Heightened…
The SEC and FINRA have issued a Risk Alert and a Regulatory Notice on broker-dealer branch inspections, and offered suggestions to help securities industry firms better perform this key supervisory function. The Risk Alert noted that the branch inspection process…
Last month, FINRA proposed Rule 5123 which, if adopted by the SEC, would have a huge impact on broker-dealers that offer or sell any security conducted in reliance on an exemption from registration under the Securities Act (i.e., a private…