In what has become a yearly occurrence, FINRA has notified its member firms about its intent regarding the member firms’ compliance programs. See https://www.finra.org/rules-guidance/guidance/reports/2021-finras-examination-and-risk-monitoring-program.
This year, FINRA combined its Report on Examination Findings and Observations (an analysis of prior examination results) and the Risk Monitoring and Examination Program Priorities Letter (planned areas of review) into
Last month, we discussed business continuity plans and how important they were to firms. Further, my partner, Josh Horn, and I, recently, conducted a webinar for the NSCP on this very topic.
Now, we know both the SEC and FINRA will be conducting examinations to evaluate securities firms response to the pandemic as well as
Let’s be honest, the only people usually concerned about business continuity plans (“BCP”) are compliance folks and the lawyers. In fact, many probably have not looked at their BCP since Hurricane Sandy. Well, you better dust it off (or dry it off, more accurately).
FINRA has already provided notice regarding traders working at home. https://www.bloomberg.com/news/articles/2020-03-09/finra-concedes-virus-may-impact-wall-street-oversight-of-traders.
FINRA maybe in the process of allowing its examiners to punish member firms for rules’ infractions. See https://www.law360.com/assetmanagement/articles/1143015/finra-wants-to-let-examiners-lower-the-boom-on-brokers?nl_pk=5882ca7d-b76e-42a1-a1fe-eb96fcbcf60f&utm_source=newsletter&utm_medium=email&utm_campaign=assetmanagement. There is no proposed rule as of today. However, such a rule would be a game changer in the sense that examiners, who, generally, do not have the authority to enforce FINRA’s rules would now be in
FINRA litigants and arbitrators alike should take note of a federal court’s decision rejecting an unexplained FINRA award when it was unable to discern its basis, notwithstanding that FINRA rules did not require an “explained” decision, and later vacating the explained award once it demonstrated the panel’s manifest disregard of the law. This decision has
Acknowledging the self-promotion aspect of this blog, we wanted to invite you to attend Josh Horn’s seminar at the NSCP National Conference in Atlanta. Josh’s presentation is on Monday, October 29, 2018, at 1:55 p.m. and lasts 75 minutes. Josh, along with Tanya Kerrigan, General Counsel & CCO, Boston Advisors, will be speaking on “Testing
In a very interesting webcast, the FINRA staff discusses how FINRA rules are made and reviewed. See http://www.finra.org/industry/podcasts/how-finra-rules-get-made-and-reviewed. Although it will not reach the level of Schoolhouse Rock (as the FINRA staff seemingly hopes it will), it is an excellent discussion of the process, and should be considered by all those in the securities industry,
FINRA, recently, announced a major overhaul of its Central Registration Depository (“CRD”). The first step will be a new WebCRD interface, effective June 30, 2018. More changes will come over time with FINRA claiming all changes will be made sometime in 2021.
The CRD is the central licensing and registration system that the SEC, FINRA,
Nearly a year ago, FINRA adopted Rule 2165 (Financial Exploitation of Specified Adults) and amended Rule 4512 (Customer Account Information). This new rule and amended rule were ways to address the myriad of issues dealing with senior clients.
With nearly a year gone by, FINRA has now published responses to frequently asked questions involving Rules
FINRA recently issued a report regarding its examination findings. FINRA issued this report so that firms can gain insight from the work of FINRA’s examination of other firms.
Among the FINRA’s findings are the following areas that need additional attention: