Blog
FINRA Rule 3210: Accounts at other Broker-Dealers and Financial Institutions
The SEC recently approved FINRA’s proposed rule change to adopt a new, consolidated rule governing accounts opened or established by associated persons at firms other than the firm at which they are employed. The rule change takes effect on April 3, 2017. FINRA Rule 3210 combines and streamlines longstanding provisions [...]
Utilization of Social Media in the Securities Industry
In today’s culture, the utilization of social media for business purposes is becoming more and more commonplace and regular. You look at a Linked-In profile before scheduling someone for an interview. You follow FINRA and the SEC on Twitter and you review the Facebook page of Michael Bloomberg. Securities firms [...]
Firm Element Training, AML Training, & Annual Compliance Meeting
Is your firm trying to figure out how to accomplish compliance with mandatory training requirements before the year ends? MasterCompliance can help you with your training needs. FINRA rules dictate that all member firms provide adequate training for its registered representatives and principals on an annual basis. At a minimum, [...]
Introducing Firm: Prompt Transmittal of Customer Checks
On July 29, 2016, the SEC issued a no-action letter concerning an introducing broker-dealer’s obligation to promptly transmit customer checks to a carrying firm. This no-action letter provides limited relief from the requirement to promptly transmit customer checks payable to the carrying firm by noon the next business day. This [...]
Clarifying Amendments to MSRB Rule G-37
In February 2016, the SEC approved amendments to MSRB Rule G-37, on political contributions and prohibitions on municipal securities business, and related amendments to MSRB Rules G-8 and G-9. On its effective date of August 17, 2016, the Rule G-37 amendments will extend the core standards under Rule G-37 to [...]
Background Checks – FINRA Rule 3110
FINRA Rule 3110(e) (Supervision: Responsibility of Member Firms to Investigate Applicants for Registration) dictates that member firms must “ascertain by investigation the good character, business reputation, qualifications, and experience of an applicant”. In other words, member firms are required to run thorough background checks on all sponsored applicants for registration. [...]