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Firm Element Advisory Posted
FINRA Rule 1250(b) discusses FINRA’s Firm Element continuing education requirements. Firm Element continuing education requirements apply to “covered persons”, which is defined as registered persons – including salespeople, traders, sales assistants, investment company shareholder servicing agents, investment bankers, and others who have direct contact with public customers in the conduct [...]
Exempt Reporting Adviser Registration – Part II
[Continued from Exempt Reporting Adviser Registration – Part I] Requirements for Exempt Reporting Advisers: Exempt Reporting Advisers (“ERAs”) must submit to the SEC, and periodically update, a truncated version of the Form ADV. More specifically, ERAs must complete the following items of Part 1A of Form ADV: […]
Exempt Reporting Adviser Registration – Part I
The Dodd-Frank Act (“Dodd-Frank”) not only mandated the registration of countless investment advisers, but also introduced a new classification of advisory firm – the Exempt Reporting Adviser – that is exempt from registration under the Investment Advisers Act of 1940 (the “Advisers Act”). Exempt Reporting Advisers (“ERAs”) are investment advisers that are [...]
Upcoming Changes to Form ADV Part 1
The Securities and Exchange Commission (SEC) recently announced revisions to the ADV Part 1. These changes will affect most Registered Investment Advisers (RIAs) when they complete their annual amendment; however, RIAs may be prompted to address additional questions if a firm submits an amendment on or after October 1st. [...]
What Is Form U10 And Why Do I Need It?
Note: With the implementation of the Test Enrollment Services System (TESS), FINRA has stopped using Form U10. We are leaving this post up as to not disturb any saved links; however, please visit our more recent post, (Form U10 and TESS (Test Enrollment Services System), for current information on the [...]
FINRA Rule 3240: Can My Client Fund My Vacation?
In our modernized world of peer-to-peer lending, where pulling a template promissory note from the internet is possible, one area of scrutiny that FINRA member firms often overlook is borrowing from and lending to a customer. FINRA Rule 3240 addresses this topic and provides some limited conditions under which a [...]