FINRA published an FAQ concerning broker-dealer personnel hosting a virtual entertainment event or video meeting with employees of institutional customers or third-party broker-dealers where food and beverage will be provided.
A broker-dealer and a registered representative settled FINRA charges for failing to establish and enforce procedures to record and review phone calls between the firm and existing or potential customers.
A broker-dealer settled FINRA charges of failure to "establish, maintain and enforce a sufficient supervisory system ... reasonably designed to achieve compliance with applicable securities laws and regulations."
A U.S. broker-dealer agreed to pay restitution to settle FINRA charges of making unsuitable recommendations in connection with volatility-linked exchange-traded products. FINRA reminded firms of sales practice obligations for such products.
The SEC requested comments on a FINRA proposal to transfer NASD Rules on Investment Company Securities to the FINRA Rulebook, and to make only "non-substantive, technical changes to the text." The request for comments was published in the Federal Register.
A recent post on SIFMA's "Pennsylvania + Wall" blog is highly critical of a recently published academic report. SIFMA argues that the report makes "overly broad and inflated claims" concerning levels of misconduct among financial advisors.
SIFMA expressed support for the Senior$afe Act of 2015. In a letter to Senators Susan Collins (R-ME) and Claire McCaskill (D-MO), SIFMA stated that the act would prevent financial exploitation and "better protect firms and advisors who are looking out for the best interest of their elder clients".
FINRA released the second podcast in a four-part continuing education series by the Securities Industry Regulatory Council. It highlights regulatory and sales practices for firms to consider in their firm element training plans. This episode focuses on municipal securities. The following new and...
SIFMA filed an amicus curiae brief with the U.S. Supreme Court in Merrill Lynch, Pierce, Fenner & Smith, Inc., et al. v. Manning . The case presents the question of whether claims that are based on state law but that relate to violations of the Exchange Act must be heard in federal court. The...