FINRA Archives

Regulatory Insights Regarding Compliance Assessments of Regulation Best Interest and Form CRS

These are certainly interesting days. So much is taking the attention of compliance professionals. By now everyone has implemented their business continuity plans (BCP) and likely made modifications to them here and there as the true test of these plans has been realized. BCP has now become yet another compliance ball to juggle for the foreseeable future. BCP recordkeeping will be important so be sure to track as you go. Regulators are certain to ask about this in upcoming exams. Now that everyone is settled into their temporary work environments and any BCP gaps have been shored up, the looming […]

Observations From FINRA’s January 2020 Disciplinary Actions Report

Outside business activities and private securities transactions were a focus of FINRA’s January 2020 Disciplinary Actions Report with at least nine (9) cases being cited within the report. Several registered persons were sanctioned for failure to notify and obtain prior written approval from their member firm before engaging in an outside business activity or private securities transactions. Those who failed to cooperate with FINRA’s investigation by refusing to provide on-the-record testimony have been barred from the industry. For those who did cooperate in the FINRA investigation, all but one received fines. Fines ranged from $10,000 to $30,000. (A fine was […]

SEC and FINRA Exam Priorities to Include Firms’ AML Compliance Programs, Including Policies and Procedures

SEC’s Office of Compliance Inspections and Examinations (OCIE) has issued its examination priorities for 2020. According to the document, OCIE will assess the adequacy of firms’ AML compliance programs, including relevant policies and procedures. AML Compliance was also cited by FINRA as an area of focus in its recent 2020 Risk Monitoring and Examination Priorities Letter. “The Bank Secrecy Act requires financial institutions, including broker-dealers and investment companies, to establish anti-money laundering (AML) programs. These programs must, among other things, include policies and procedures reasonably designed to identify and verify the identity of customers and beneficial owners of legal entity customers…Given the importance […]

FINRA Priorities Letter Highlights Customer Communications as the Subject of Heightened Focus for 2020

FINRA’s 2020 Risk Monitoring and Examination Priorities Letter serves to document areas of emphasis for the coming year, which firms may consider for opportunities to improve their compliance and supervisory programs. Among the highlights in the 2020 letter is an emphasis on firms’ compliance with obligations relating to FINRA Rule 2210 (Communications with the Public), including their marketing, advertising and sales materials. “FINRA will review how firms review, approve, supervise and distribute retail communications regarding private placement securities via online distribution platforms, as well as traditional channels.”– FINRA 2020 Risk Monitoring and Examination Priorities Letter Learn how leading firms partner with RegEd […]

SEC’s 2020 Examination Priorities Demonstrate a Continued Focus on Conflicts of Interest, Including Outside Business Activities

SEC’s Office of Compliance Inspections and Examinations (OCIE) has issued its examination priorities for 2020. According to the report, OCIE will continue its focus on the protection of retail investors, including seniors and those saving for retirement. Examinations in these areas will include reviews of disclosures relating to fees, expenses, and conflicts of interest. “Registered firms must effectively implement controls and systems to ensure disclosures are made as required and that a firm’s actions match those disclosures… Examinations will relatedly focus on registered firms’ disclosures and supervision of outside business activities of its employees and associated persons, and any conflicts that may […]

Key Takeaways: FINRA’s 2019 Report on Examination Findings and Observations

On October 16, 2019, FINRA published its 2019 Report on FINRA Examination Findings and Observations. This report is a useful resource for firms to leverage to improve their compliance and risk management programs. One of the findings in the report pertains to failure to effectively monitor for and react to regulatory changes. Firms are required to review regulatory changes against their supervisory systems, including their written supervisory procedures and training programs. FINRA found that some firms did not adequately respond to recent regulatory changes such as FinCen’s new Customer Due Diligence (CDD) obligations and requirements around Financial Exploitation of Specified […]

RegEd to Showcase Enterprise Platform Solution at 2019 FINRA Annual Conference

Attendees will have the opportunity to learn how RegEd enables clients to efficiently meet compliance and registration obligations while presenting a unified enterprise view of requirements. Raleigh, NC, May 10, 2019 (GLOBE NEWSWIRE) — RegEd, the leading provider of compliance technology solutions to broker-dealers and other financial services firms, is pleased to announce its participation at the 2019 FINRA Annual Conference in Washington, DC, May 15-17, 2019. FINRA’s annual conference provides securities industry practitioners with guidance on regulatory priorities and addresses the compliance and regulatory issues investment advisers and broker-dealers face in today’s evolving industry with interactive forums led by […]

Efficiencies with Advertising Review’s Two-Way FINRA Integration

Firms filing their advertisements with FINRA know how time consuming and cumbersome the process can be. Not only does the firm need to review collateral based on internal processes, but they also need to organize and send firm-approved files to FINRA based on FINRA 2210. FINRA offers two ways to initiate the review process – either manually through their web portal, or by integrating with its Advertising Review Electronic Files (AREF) system. Since AREF was introduced with RegEd’s Advertising Review solution in 2010, firms had the ability to automate the sending process. As of the spring 2018 release, firms can […]

RegEd to Showcase Enterprise Platform Solution at 2018 FINRA Annual Conference

Attendees will have the opportunity to learn how RegEd enables clients to efficiently meet obligations across compliance management, conflicts of interest, education, and licensing and registration processes RegEd, the leading provider of compliance technology solutions to broker-dealers and other financial services firms, is pleased to announce its participation at the 2018 FINRA Annual Conference in Washington, DC, May 21-23, 2018. FINRA's annual conference provides securities industry practitioners with guidance on regulatory priorities and addresses the compliance and regulatory issues investment advisers and broker-dealers face in today's evolving industry with interactive forums led by experienced industry veterans and regulators. The conference […]

RegEd Announces Innovations in Branch Audit-Management Capabilities as Part of Enterprise Compliance-Platform

Increased automation, improved data management and simplified user experience streamline the end-to-end process of planning, conducting and resolving branch audits RegEd, the leading provider of Compliance Management, Licensing and Registration, and Education solutions to the financial services industry, has announced the rollout of an upgraded version of its industry-leading Enterprise Branch Audit Management. The release is the result of significant investment and ongoing technology innovation to enable greater levels of automation and improved data accuracy in firms’ branch audit and inspections programs. Branch Audit Management 4.0 incorporates more than three years of market input gained through continuous collaboration with more […]

1 2 3

Posts navigation