A firm settled FINRA charges for failing to maintain minimum net capital and for failing to file same-day notifications of its net capital deficiencies.
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FINRA reminded firms that SEC rules govern how a firm's net worth must be calculated, recorded and reported. In a Regulatory Notice, FINRA offered guidance on applying financial accounting standards to revenue recognition from contracts with customers.
A broker-dealer settled charges with FINRA for failing to take net capital charges on loans for which the broker-dealer acted as the guarantor.
A broker-dealer and one of its owners settled FINRA charges for failure to maintain the required minimum net capital while conducting securities business.
A formerly registered broker-dealer settled FINRA charges for failing to supervise the suitability of sales of variable annuities to customers.