January 21, 2021

Blog | MasterCompliance

  • 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....
  • As technology continues to advance and broker-dealers become increasingly more dependent on it, the topic of cybersecurity has been pushed to the forefront in the financial industry.  The nature of the industry requires broker-dealers to maintain records of client sensitive information including, but not limited to the following: account numbers, social security numbers, licenses, and  financial condition.  If any of this information is compromised from an outside source, not only will the investor suffer but the broker-dealer may also suffer. In 2011, FINRA conducted a survey of 224 broker-dealers to gain a better understanding of the vulnerabilities that broker-dealers face Read More....
  • The SEC recently approved amendments to FINRA Rule 2210 (Communications with the Public) which require broker-dealers to include a readily apparent reference and hyperlink to FINRA BrokerCheck on the initial web page viewed by retail investors, and any other web page that includes a professional profile of one or more registered persons who conduct business  with retail investors. The rule amendments creating this new requirement were effective June 6, 2016. The standard “readily apparent” will be determined by several factors such as the placement, font size, and font color of the BrokerCheck link. To help broker-dealers comply with this new Read More....