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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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.
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.
SEC Commissioner Jaime Lizárraga criticized the Investment Advisory Committee's draft recommendations on digital engagement practices that urged the SEC to amend existing rules instead of adopting new ones.
The SEC charged five unregistered broker-dealers and four unregistered investment companies with deceptive pre-initial public offerings.