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Updated 2023– Who Does What: Broker Dealers | Registered Investment Advisers | Commodities/Futures Entities

I. Starting a Broker-Dealer- Becoming an owner of a broker-dealer (BD) is a time-consuming and expensive endeavor. Although the United States Securities and Exchange Commission (SEC) requires BD registration pursuant to the...more

SEC’s Office Of Compliance Inspections Releases Its 2018 Examination Priorities

The Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) has released its 2018 examination priorities, an annual report outlining the areas of the securities industry its examiners...more

FINRA’s Further Guidance On Seniors

Nearly a year ago, FINRA adopted Rule 2165 (Financial Exploitation of Specified Adults) and amended Rule 4512 (Customer Account Information). This new rule and amended rule were ways to address the myriad of issues dealing...more

What FINRA Found In Its Examinations

FINRA recently issued a report regarding its examination findings. FINRA issued this report so that firms can gain insight from the work of FINRA’s examination of other firms. Among the FINRA’s findings are the following...more

What’s The Deal With Branch Office Inspections?

In Notice to Members 17-38, FINRA has put out for comment a change to Rule 3110 that would allow the remote inspection of certain “qualifying offices” as that term is defined by FINRA. In its Notice to Members, FINRA...more

So Who Wants To Lie On Their U-4

The SEC recently upheld a statutory disqualification that FINRA imposed where the representative filed a false U-4 and falsely answered compliance questionnaires. It appears as though the registered representative failed to...more

The Tale Of The Recidivist Broker

The CEO of FINRA recently announced that FINRA plans to provide firms with additional resources to deal with recidivist brokers. So what does this mean? For years, FINRA’s exam priorities have focused on, among other...more

What Are You Doing About Outside Business Disclosures

FINRA is currently reviewing its rules regarding outside business activities and private securities transactions. From time to time, FINRA reviews its rules and application of those rules to see if anything needs to be...more

So You Want To Change Firms

One certainty in the brokerage world is that registered representatives often switch from one member firm to another. There is nothing wrong with the switch, but there is a word of caution to be shared....more

Who Does What: Broker Dealers | Registered Investment Advisers | Commodities/Futures Entities

At Fox Rothschild LLP, we have a wealth of experience in creating and forming broker-dealers, registered investment advisers, commodity entities and various hedge funds. Over the years, our strategy has been to work with our...more

FINRA Is Sanctioning What

In Notice to Members 17-13, FINRA announced changes to its sanction guidelines. In other words, FINRA has listed its new top hits that it is pursuing. Two items bear particular attention....more

So I Guess It Is All About The Seniors

Contrary to what the title may suggest, I am not referring to students who are about to graduate from high school or college. Instead, this post is about that group of our society who all too often (based upon my years of...more

Don’t argue; the client is always right even when they are not

Over the years that I have defended broker-dealers and investment advisors on customer-initiated claims, I have seen many things that would make any compliance officer cringe. One spine tingling (not in the good way) type of...more

Why treating customer complaint with therapeutic neglect always fails

When faced with a customer complaining through a letter or email, it is human nature to try to appease the customer with a conciliatory response or no response at all. I have seen this “human nature” all too often when...more

Elder Abuse Takes Another Twist and Turn

If you thought the SEC and FINRA were serious about elder issues, welcome to the Alabama, Indiana and Vermont. Each has focused on elder abuse issues. These states will have mandatory reporting to state officials in...more

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