Financial Industry Regulatory Authority

News & Analysis as of

SEC Expands to Retail Customer Debt Transactions Disclosure of Broker-Dealer Mark-Ups and Mark-Downs

Currently, U.S. broker-dealers are not required to disclose their compensation in respect of fixed-income transactions effected as principal. In November 2016, the SEC approved a rule proposal of the U.S. Financial Industry...more

SEC Staff Addresses Mutual Fund Fee Structures in Response to DOL’s Fiduciary Rule

Summary of Recent SEC Staff Actions - As the April 10, 2017, compliance date for the United Stated Department of Labor’s (“DOL”) new fiduciary rule (the “Fiduciary Rule”) approaches, many mutual fund sponsors have...more

Investment Management Update

SEC Issues Guidance on Mutual Fund Fee Structure - The Securities and Exchange Commission’s (SEC) Division of Investment Management recently issued a guidance update addressing disclosure issues and certain procedural...more

Financial Services Weekly News - January 2017 #2

Editor's Note - In This Issue.The SEC and FINRA released their examination priorities for 2017; the SEC’s Division of Investment Management issued an interpretative letter that would permit brokers to charge their own...more

New Year, Similar Priorities: SEC Announces 2017 OCIE Areas of Focus

On January 12, 2017 the SEC announced its Office of Compliance Inspections and Examinations (OCIE) priorities for the year, including areas of focus for Retail Investors, Senior Investors and Retirement Investments,...more

2017 Financial Industry Regulatory Priorities - OCIE and FINRA Announce Examination Areas of Focus

In early January, both the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) and FINRA announced their examination priorities for 2017. As in previous years, both the SEC and FINRA share many examination...more

SEC Announces 2017 Exam Priorities

Each year, the SEC’s Office of Compliance Inspections and Examinations (the “OCIE”) releases its priorities for the upcoming year. For regulated entities such as investment companies and investment advisers, the release of...more

Cybersecurity 2017: Top Exam Priorities for Federal Securities Regulators

Hedge funds and broker dealers can expect their cybersecurity preparedness to come under scrutiny again this year by federal securities regulators....more

Culture: Meeting Regulatory Expectations

“Culture remains a key driver of significant risks … and the root cause of high-profile and significant failings. Our focus on culture in financial services firms and its impact on conduct has been, and remains, a priority....more

OCIE 2017 Exam Priorities: Focus on Retail, Elderly and Retirement Investors; Market Risks

The SEC’s National Examination Program (NEA) of the Office of Compliance Inspections and Examinations (OCIE) announced that its examination priorities in 2017 will focus on three general areas: retail investors, risks...more

Is It Safe? Limits of “Safe Harbor” for Temporary Holds on Senior Investor Transactions Under Proposed FINRA Rule 2165

Introduction - In addition to the recent increase in regulatory focus on senior investors, earlier this fall, the Financial Industry Regulatory Authority (FINRA) filed a rulemaking proposal (the filing) with the...more

FINRA’s Most Significant 2016 Enforcement Actions

The Financial Industry Regulatory Authority (“FINRA”), the self-regulatory organization for broker-dealers, brings about 1,500 enforcement actions a year. Often lost in the volume of actions, however, are the ones that merit...more

Cybersecurity Still Top FINRA Operational Risk

On January 4, the Financial Industry Regulatory Authority (FINRA) published its annual Regulatory and Examination Priorities Letter providing firms with information about areas FINRA plans to review in 2017 as well as...more

SEC’s 2017 Exam Priorities

OCIE released its 2017 exam priorities on January 12. The priorities list was most notable for being shorter than prior years. But that likely means only more focus, rather than less vigor....more

Global Private Equity Newsletter - Winter 2017 Edition: Broker-Dealer Registration in the Private Equity Fund Adviser Context: How...

The U.S. Securities and Exchange Commission (SEC) announced on June 1, 2016, that Blackstreet Capital Management, LLC, a private equity fund advisory firm (BCM), and its owner had agreed to pay more than US$3.1 million to...more

Regulatory Update and Recent SEC Enforcement Actions

FINRA Bar Results from Assertion of Fifth Amendment Right against Self-Incrimination in Criminal Action - On October 5, 2016, the Financial Industry Regulatory Authority (“FINRA”) barred an indicted investment adviser,...more

FINRA's Regulatory and Examination Priorities of 2017

This week, FINRA published its Regulatory and Examinations Priorities Letter providing member firms and industry professionals with information about FINRA plans for 2017. While not comprehensive or all inclusive, FINRA’s...more

Top FINRA Priorities for 2017

On January 4, FINRA released its Annual Regulatory and Examination Priorities Letter, which outlines the areas it plans to review over the coming year.  FINRA President and CEO, Robert Cook, says that attention to these core...more

Back to the Future: 2017 [Expect Focus Life Insurance – December 2016]

- Should Your Company Purchase Bitcoin to Pay a Cyber Ransom? - NAIC Draws Line in CFPB Sandbox - NAIC’s Big Data Task Force Sets Charges for 2017 - Broker-Dealers Can Hold Customers’ Initial Checks...more

FINRA Issues 2017 Examination Priorities Letter

Introduction - Consistent with prior practice, with the arrival of the new year, FINRA has published its key examination priorities. As in prior years, the letter covers a broad array of topics. This year’s topics...more

The FINRA WORM Turns

It’s a new year, and time for the Financial Industry Regulatory Authority (FINRA)’s annual Regulatory and Examination Priorities Letter (the “2017 Letter”) We remind regulated entities of this list of examination...more

FINRA Focus on Cybersecurity Continues

On November 14, the Financial Industry Regulatory Authority (FINRA) imposed a $650,000 fine against Lincoln Financial Securities Corporation (Lincoln Financial) for its failure to implement adequate data security measures to...more

FINRA’s 2017 Regulatory & Exam Priorities

On January 4, new President and CEO Richard Cook issued FINRA’s Annual Regulatory and Examination Priorities Letter. This year’s list in summary is: New for 2017: Targeted electronic off-site reviews “on select...more

FINRA fines again target financial firms for failure to follow regs

The Financial Industry Regulatory Authority (FINRA) has, of late, been very aggressive in enforcing its regulations in the area of cybersecurity. FINRA took a strong stance on cybersecurity earlier this year when it fined a...more

SEC Watchdog to Watch Watchdog

The SEC’s Office of Compliance Inspections and Examinations (OCIE) has established a dedicated team charged specifically with inspecting FINRA and other FINRA-related work. This follows through on the SEC’s...more

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