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Industry Challenge
Broker-dealers are subject to FINRA Rule 4530(a), which requires firms to promptly report specified events to FINRA no later than 30 calendar days after the firm knows or should have known of their existence. FINRA Rule 4530(b) requires a firm to report to FINRA within 30 calendar days after the firm has concluded, or reasonably should have concluded, on its own that the firm or an associated person of the firm has violated any securities, insurance, commodities, financial or investment-related laws, rules, regulations or standards of conduct of any domestic or foreign regulatory body or self-regulatory organization.

Relegating complaint management to anything less than a methodical, compliant and closed-loop process can greatly increase non-compliance risk exposure and the potential for financial consequences resulting from fines, sanctions and legal actions