A municipal securities firm settled FINRA charges for failing to file complete and timely quarterly reports with the Municipal Securities Rulemaking Board and for failing to establish, maintain, and enforce an adequate supervisory system.
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FINRA proposed rule amendments to strengthen the general prohibition against borrowing and lending arrangements with customers, narrow certain exceptions to those prohibitions and enhance the notification requirements for approval of such arrangements.
A firm settled FINRA charges for placing transactions for customers directly with product sponsors, without recording such transactions in the firm's records or supervising their suitability.
A broker-dealer settled charges with FINRA for excessive trading in accounts and incurring "substantial losses" for customers.
A broker-dealer and a former representative settled FINRA charges for suitability and supervisory failings concerning recommendations involving Unit Investment Trusts and preferred stock of a real estate investment trust.