A dually registered investment adviser and broker-dealer was penalized for failing to adequately and periodically review wrap fee accounts to identify instances of "reverse churning."
An investment adviser settled SEC charges for failing to comply with the independent verification requirement for client assets over which the adviser was deemed to have custody.
A broker-dealer settled FINRA charges for failing to (i) implement reasonably designed AML policies, (ii) identify and respond to potentially manipulative trading and (iii) establish sufficient market access controls and procedures.
FINRA proposed amendments to update references to the new arbitrator list selection process in the Codes of Arbitration Procedure.
SIFMA criticized FINRA's proposal to require daily trade reporting for OTC options transactions, saying that it lacked regulatory clarity as to its scope and would leave broker-dealers ill-equipped to timely implement any changes necessary for compliance.