The FINRA rules governing communications with the public have undergone significant changes with the approval of FINRA Rule 2210 (“Rule”) by the Securities and Exchange Commission (“SEC”). The Rule was submitted to the SEC by…more
Annual Audited Financial Report Submission
The Financial Industry Regulatory Authority (FINRA) announced in Regulatory Notice 11-46 that commencing November 8, 2011, member firms having a fiscal year end on or after September…more
The Financial Industry Regulatory Authority (FINRA) recently issued a Frequently Asked Questions (FAQ) release on the qualifications necessary to engage in investment banking activities, and it is apparent that membership…more
After substantial debate and comments between FINRA and its membership, FINRA recently issued Notice to Members 11-33 and notified membership that covered persons will have to qualify and register as an Operations Professional,…more
The SEC recently issued a No-Action Letter that extends the ability for a broker-dealer to treat an investment adviser as if it were subject to an Anti-Money Laundering Program (AML Program) and rely on the investment adviser to…more
The FINRA policy related to the granting of extensions for the filing of annual financial audits contains a significant shift in its policy with respect to the length of extension that it will grant. The Annual Audit Extension…more
As a result of the efforts of the Securities Industry and Financial Markets Association (SIFMA), the Securities and Exchange Commission (SEC) has extended the compliance date out four months with respect to the delivery of the…more
New FINRA Rule 3270 (the Rule) replaces NASD Rule 3030, effective December 15, 2010. This change will have a significant impact on the compliance efforts related to outside business activities for member firms of the Financial…more
The DOL recently issued interim final regulations under Section 408(b)(2)of the Employee Retirement Income Security Act of 1974 (ERISA). The amendment is a fee disclosure regulation which will require fiduciaries and certain…more
The Commodity Futures Trading Commission (“CFTC”) has issued final, foreign exchange (forex) rules which become effective on October 18, 2010. The new rules require registration as a Retail Foreign Exchange Dealer (“RFED”) for…more
The Securities and Exchange Commission’s (SEC) position on the payment of finder’s fees to non-registered broker-dealers has been further clarified in a recent request for a No-Action Letter which was denied by the SEC. That…more
After years of speculation by investment advisers regarding when the proposed changes to the Form ADV Part II would be implemented, the Securities and Exchange Commission (SEC) unanimously adopted the proposed changes on July…more
Companies and individuals who provide investment advice to others are generally subject to regulation by federal and or state securities regulators. Therefore, before providing financial advice to anyone, prospective advisers…more
As the financial services industry has evolved, the supervision of registered persons that are dually registered or affiliated, either with another broker-dealer, an investment adviser or other financial services firm has become…more
As a result of a broker-dealers’ special relationship with a customer, when a broker-dealer recommends a security, they are under a duty to conduct a reasonable investigation concerning that security and the issuer’s…more
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