On September 20th, FINRA released the podcast FINRA Enforcement: Bringing Cases Against Individual Brokers. This podcast provides background information on how the enforcement process works against individual registered representatives. Mr. Chris Kelly, Deputy Head of Enforcement, was the guest on the show. Below is a summary of key considerations and takeaways for Firm’s and Brokers. Type of Cases Brought Against Individual Brokers Mr. Kelly noted that there are a wide range of cases brought against an individual broker. These can include failure to report an outside business activity, private securities transactions (aka selling away from the firm), fraud, excessive and Read more about FINRA Enforcement: Bringing Cases Against Individual Brokers[…]
This is a summary of a recent FINRA podcast on Membership Application Program.
In May, FINRA released a podcast The Essential Senior Investor Protection Tools: FINRA Rules 2165 and 4512. This podcast provides a great update on the background of FINRA rules 4512 and 2165 and examples of their effectiveness over a short time frame of implementation. Two members of FINRA’s general counsel who support FINRA on the policy making side were the guests on the show. A few highlights from the podcast: FINRA Rule 2165 FINRA Rule 2165 allows a broker-dealer to place a temporary hold on a disbursement of funds or a transaction if there’s a reasonable suspicion of financial exploitation Read more about FINRA Unscripted Podcast: FINRA Rules 2165 and 4512[…]
FINRA recently released a podcast Regulation Best Interest and Form CRS: Two Years In. This podcast provides a great update on the current Regulation Best Interest and Form CRS trends and best practices as well as common problem areas and effective practices to compliance. A few highlights from the podcast: Regulation Best Interest vs. Form CRS Reg BI applies to any retail firm or any firm with retail customers where recommendations are being made whereas Form CRS applies to any Firm that has retail investors including Firms that offer solely self-directed business. The podcast notes that there is no de Read more about FINRA Unscripted Podcast: Regulation Best Interest and Form CRS Two Years In[…]
FINRA recently released a podcast AML Update: The Latest Trends and Effective Practices . This podcast provides a great update on the current AML and fraud trends and best practices from Jason Foye, Senior Director of the National Cause and Finance Crimes Detection Program’s Special Investigative Unit . A few highlights from the AML update podcast: Financial Crimes Enforcement Network (FinCEN) Priorities On June 30, 2021, FinCEN posted a bulletin that set out eight priorities, focused on threats to the U.S. financial system and national security. These priorities include corruption, cybercrime (including relevant cybersecurity and virtual currency considerations), foreign and Read more about FINRA Unscripted Podcast: AML Update[…]