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Form U4 Disclosure Reporting Best Practices to Protect You and Your Firm
The U4, also known as the Uniform Application for Securities Industry Registration or Transfer, is the primary source of information for a registered representative’s (also known as “broker”, “financial professional”, “financial advisors”) Central Registration Depository (CRD) or Investment Adviser Registration Depository (IARD) record. Both the firm and the registered representative [...]
FINRA’s Top Priorities for 2022
Early in the year, FINRA released their 2022 Report on FINRA’s Examination and Risk Monitoring Program, which is designed to inform member firms’ compliance programs by providing annual insights from FINRA’s ongoing regulatory operations. In this report detailing FINRA’s top priorities for 2022, FINRA addresses 21 regulatory areas which are [...]
Amendments to FINRA Rules for Security-Based Swaps
In an effort to clarify the rules regarding security-based swaps (SBS), FINRA has adopted amendments to rules 0180, 4120, and 4220. FINRA had previously adopted temporary relief from the application of most FINRA rules to SBS (Rule 0180), in tandem with temporary exemptive orders issued by the SEC relating to [...]
SEC Rule 17f-2: Fingerprinting Of Securities Industry Personnel
Under SEC Rule 17F-2, every member of a national securities exchange, broker, dealer, registered transfer agent and registered clearing agency, and national securities association (as well as others), shall require that each of its partners, directors, officers, and employees be fingerprinted and submit appropriate and complete fingerprint cards to FINRA. [...]
Reporting And Inquiry for Lost, Counterfeit, Missing, and Stolen Securities
SEC Rule 17f-1 calls for the SEC or its designee, currently the Securities Information Center (SIC), to maintain records of lost, counterfeit, missing, or stolen securities. This rule was created in an effort to reduce trafficking in lost, stolen, missing, and counterfeit securities. The database of securities maintained by the [...]
The 5% Rule (FINRA Rule 2121)
FINRA Rule 2121, also known as the 5% rule or 5% policy, was adopted to ensure that the investing public receives fair treatment and is charged reasonable rates for brokerage services. The 5% rule is more of a guideline than a rule, as there is no set limit for the [...]