FINRA Rule 3110(a) Archives - MasterCompliance

Regulatory Notice 22-18 reminds firms of their rule obligation related to forgery and falsification of records and provides Firm’s with some specific examples that they have encountered from other Firms. These examples are great tools to review against your program and audit to ensure that your Firm is meeting rule requirements. What is Forgery or Falsification of a Record? Forgery occurs when one person signs or affixes, or causes to be signed or affixed, another person’s name or initials on a document without the other person’s prior permission. Falsification occurs when a person creates a document or entry in a Read more about Regulatory Notice 22-18: Forgery and Falsification[…]

FINRA (Financial Industry Regulatory Authority) announced on June 2, 2022 that it ordered Merrill Lynch, Pierce, Fenner & Smith, Inc., to pay 15.2 million in restitution and interest to thousands of customers who purchased Class C mutual fund shares when Class A shares were available at a substantially lower cost. FINRA news releases are useful tools to look for trends in violations and other sanctions. These trends can assist you in identifying weak areas in your Firm’s compliance programs or surveillance. Below is a summary of the Merrill order, as well as key takeaways. Click here for the corresponding news Read more about Merrill Mutual Fund Enforcement Lessons Learned[…]