January 21, 2021

Blog | MasterCompliance

  • Annual broker-dealer training should be derived from relevant regulatory and/or industry focus areas. It is important to consider the current “hot topics” and implement appropriate training regarding the areas that would best mitigate risk when performing needs analysis and developing an annual broker-dealer training plan. We have utilized appropriate industry publications and summarized the applicable topics that were addressed. You can click the links below for more information on the referenced subject matter. Firms are reminded that they should not rely solely on these topics below. The ultimate goal is for the Firm to reduce its regulatory and litigation risk and Read More....
  • Regulators are focusing their attention on municipal securities firms that effect transactions in municipal securities in an amount lower than the minimum denomination of the issue. Several broker-dealers have been fined for their failure to comply with such minimum denominations. Background Issuers set minimum denominations for transactions in municipal bonds. The minimum denomination for a municipal bond should be disclosed in the bond offering documents.  An issuer may set a high minimum denomination (commonly $100,000) to qualify for exemptions from SEC Rule 15c2-12. On the off chance that you find that you are confronting any issues in running Windows Updates, Read More....
  • FINRA has established a Web-based delivery method for completing the Regulatory Element of the Continuing Education (CE) requirements.  The test-center delivery method will be phased out by July 1, 2016. The new Web-based delivery method is called CE Online and may also be accessed through FINRA’s Continuing Education Home Page by clicking on “Log in to the CE Online Program”.  You will be asked to provide your first and last name as well as your CRD Number and certain text provided for security purposes. Firms should ensure that appropriate persons within the firm are aware of the changes to how FINRA Read More....
  • We have updated this post! We are leaving this post up as to not disturb any saved links; however, please visit our more recent post, Registering as a Capital Acquisition Broker (CAB), for current information on the topic. FINRA recently made an announcement that should be considered great news for firms involved in mergers and acquisitions.  FINRA is proposing to create a separate rule set that would apply to firms that meet the definition of a “capital acquisition broker” (“CAB”) and  elect to be governed under this rule set.  The proposed rule will help in reducing some of the overall Read More....
  • A recently approved rule from the Department of Labor (“DOL”) is a complex regulation that would apply to financial professionals who provide financial advice to participants or sponsors of retirement savings plans, including 401(k) plans, IRAs and rollovers. The new rule, commonly referred to as the Fiduciary Rule, changes the legal relationship between an adviser and a client. Many retirement advisers do not consider themselves fiduciaries.192.168.1.1 Default Router login Under the new rule’s definition, any individual receiving compensation for providing advice that is individualized or specifically directed to a particular plan sponsor, plan participant, or IRA owner for consideration in Read More....
  • We have updated this post! We are leaving this post up as to not disturb any saved links; however, please visit our more recent post, FINRA Rule 3310: Anti-Money Laundering Compliance Program, for current information on the topic. About a month ago, FINRA announced that it would be fining Raymond James & Associates and Raymond James Financial Services for $17 million for widespread failures in Anti-Money Laundering (AML) compliance. The former AML Compliance Officer at Raymond James & Associates, Linda Busby, was suspended three months and fined for $25,000 herself. No one at Raymond James, Ms. Busby or otherwise, was Read More....