FINRA Releases Podcast Recapping Recent Developments

FINRA released a podcast that summarized the latest FINRA notices, compliance resources and news from July 2015. Recent developments highlighted in the podcast included:

• A guidance reminder that firms engaging in muni transactions (1) must have written supervisory procedures for detecting, resolving and preventing the consequences of firm short positions and fails to receive and (2) must have controls to make sure communications with customers about muni transactions are not false or misleading.
• FINRA's comment letter that criticized the Labor Department's proposed Conflict-of-Interest Rule and related proposals, and that reiterated FINRA's support of a so-called "fiduciary best-interest standard" for all financial intermediaries, including broker-dealers.
• A Board of Governors meeting on July 9 to discuss a number of issues found in several rulemaking items, such as a proposal for fixed-income pricing disclosure. The proposal would require firms to disclose additional pricing information to retail customers for trades in corporate and agency securities.
• A review of communications with seniors, and the recommendations that were made to them, to ensure that the presentations made by firms to seniors were fair and balanced and not misleading.

The podcast also touched on a number of other developments including: the nomination process to fill one vacancy on the National Adjudicatory Council, a new TRACE academic data set and updates to frequently asked questions about FINRA's Research Conflicts-of-Interest rules and eligibility proceedings for firms participating in the Securities and Exchange Commission's Municipalities Continuing Disclosure Cooperation Initiative, among others.

See: Transcript of FINRA Podcast; Listen to Podcast.