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Customer Identification Program (CIP) – Part II
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, Customer Identification Program (CIP): Definitions and Requirements, for current information on the topic. […]
Customer Identification Program (CIP) – Part I
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, Customer Identification Program (CIP): Definitions and Requirements, for current information on the topic. […]
Safe Harbor Expansion
NASD Rule 1017 is FINRA’s rule related to events which trigger a broker-dealer’s requirement to file a continuance in membership application (“CMA”). As background, events that require a broker-dealer registered with FINRA to file a CMA are as follows: a merger with another member firm; a direct or indirect [...]
Due Diligence and Registered Representatives
The topic of due diligence is widely discussed regarding the financial services industry. Due diligence of products. Due diligence of potential employees. Due diligence of client suitability. But, what exactly does it mean when applied to financial services and what does it mean to representatives? […]
FINRA Rule 3110: Supervision
Last month, Stephens Inc. was censured by FINRA and fined $900,000 for failing to properly supervise “flash” emails sent by its research department. According to FINRA Rule 3110, firms must have supervisory procedures established which include procedures for the review of incoming and outgoing written (including electronic) correspondence and internal communications [...]
MSRB Rule G-18: Best Execution
MSRB Rule G-18, the new best-execution rule for municipal securities, became effective March 21, 2016. At this point, most broker-dealers registered with the Municipal Securities Rulemaking Board (“MSRB”) have implemented written policies and procedures for seeking best execution on customer orders in municipal securities. Now, if you are a compliance [...]