Blog
Act 22: Puerto Rico Tax Incentives
In January of 2012, Puerto Rico passed legislation making it a tax haven for U.S. citizens that become residents of Puerto Rico. The tax laws, known as Act 20, the Export Services Act, and Act 22, the Individual Investors Act, shields new residents residing in Puerto Rico for at least [...]
MSRB Reminders: Regulatory Exam Priorities
As part of its routine examinations, FINRA will often coordinate with the MSRB to ensure its members are complying with applicable rules. MasterComplaince is posting this blog to remind MSRB members of their obligations and to share recent inquiries. […]
Arbitration Clauses
Recently FINRA released a Regulatory Notice reminding member firms that if they have a mandatory arbitration clause in their customer agreement, there are certain minimum disclosure requirements that are established by FINRA rules. FINRA Rule 2268 spells out what can and can’t be in arbitration clauses. […]
FINRA Highlights Changes To eFOCUS Reporting Requirements For SBS Dealers
In 2019, the Securities and Exchange Commission (SEC) adopted amendments that revise certain of the Financial and Operational Combined Uniform Single (FOCUS) reporting and annual report requirements that apply to brokers and dealers pursuant to SEA Rule 17a-5 to take account of security-based swap (SBS) activity. Further, as a result [...]
Assessing Custody for Registered Investment Advisers
One of the most critical rules under the Investment Advisers Act of 1940 (“Advisers Act”) is the custody rule, which is designed to protect advisory clients from the misuse or misappropriation of their funds and securities. With an adequate custody assessment, your firm should be able to recognize whether it [...]
Brokers with a Disclosure History
On March 10, FINRA issued Regulatory Notice 21-09 announcing FINRA’s adoption of new rules to address brokers with a disclosure history and the broker-dealers that employ them. […]