As of December 12, 2015, FINRA will release Form U-5s within three business days of a member firm’s submission, instead of the fifteen days currently provided for under Rule 8312.
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FINRA CRD
A Recidivist; Here We Go Again
One area of focus for FINRA has been on recidivist registered representatives. A recidivist is an associated person who has repeated rule violations or customer complaints of a specific nature.
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What an amended FINRA Rule 8312 may mean to you.
FINRA has released for comment its proposed amendment to Rule 8312, otherwise known as the BrokerCheck Disclosure rule. As it currently stands, FINRA waits for 15 days before it releases…
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How can a phone call save your career
A 17-year veteran advisor recently agreed to a lifetime ban for falsifying the signatures of a client on 10 documents transferring money out of the client’s accounts over a period…
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Is This A Preview of FINRA’s Approach to Rule 3110(e)
In a recent Acceptance, Waiver and Consent (“AWC”) a broker dealer was censured and fined for, among other things, the failure to conduct an adequate pre-hire investigation of a registered…
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How to avoid being sued 2.0
Over the years that I have defended financial advisors and their firms, I have frequently spoken and written about ways to avoid the risk of being sued. I prepared a…
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Why You Need To Think Twice About That New Hire
Starting July 1, member firms are required to have written procedures to verify the accuracy and completeness of the information in a registered representative’s U-4 within 30 days of the…
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What Does The “E” in Email Mean?
Recent history shows that FINRA is going after brokers who alter client’s records. This, unfortunately, reminded me of my own bad experience as a young lawyer when defending a broker.
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So Who Wants To Hire A Registered Representative
If you answered in the affirmative, then you need to be aware of a recent FINRA proposal submitted to the SEC. The proposal would require member firms to take a …
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Expunge Me, No Expunge You
FINRA recently put into place the highly publicized prohibition of making a settlement contingent upon a registered representative having the subject arbitration expunged from the representatives U-4. Is this a …
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