Financial Industry Regulatory Authority

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SEC Announces 2015 Exam Priorities

The SEC Office of Compliance Inspections and Examinations (“OCIE” or the “Staff”) recently released its 2015 Exam Priorities. OCIE examines all types of SEC registrants, including investment advisers, broker-dealers,...more

Bridging the Week - January 2015 #3

Cybersecurity, Potential Equity Order Routing Conflicts and AML Among the Top Examination Priorities for SEC in 2015 - The Securities and Exchange Commission’s Office of Compliance Inspections and Examinations...more

FINRA Proposes Rule Change To Options Reporting

FINRA Rule 2360 requires that members file reports for each account that has an aggregate position of 200 or more options contracts on the same side of the market covering the same underlying security or index. The reports...more

FINRA’s New Background Investigation Rule Will Likely Increase Firms’ Costs and Potentially Increases Exposure for Firms in...

Recently, the SEC approved FINRA’s proposed new Rule 3110(e) relating to background investigations of registered persons. FINRA Rule 3110(e), which replaces NASD Rule 3010(e) and goes into effect on July 1, 2015, streamlines...more

This Week In Securities Litigation

The Commission brought cases related to HFT this week, but not against those traders. One action involved the operations of one of the largest dark pools. A second involved two exchanges. Each action involved specific types...more

SEC and FINRA Announce 2015 Exam Priorities

The U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) recently announced their 2015 exam priorities for their respective examination programs. Both the SEC and FINRA have...more

FINRA Issues Regulatory and Examination Priorities for 2015

On January 6, 2015, FINRA set forth its regulatory and examination priorities (the “Priorities Letter”) for 2015, providing insight into FINRA’s concerns about the operation of the securities industry and markets. The...more

SEC and FINRA Exam Priorities

The SEC and FINRA announced the priorities for their examination programs from 2015 this week. The SEC priorities build in several respects on those from the prior year. They are divided into four areas which, to some extent,...more

New Best Execution Requirement for Municipal Securities Transactions

Although the MSRB’s new best execution rule is generally consistent with FINRA’s, differences exist and questions remain regarding FINRA’s examination and enforcement of the requirements....more

Heightened Scrutiny of Brokers – SEC Approves FINRA’s Proposed Background Check Rule

In recent years, questions have been raised in many quarters about how brokers with questionable backgrounds have been able to move among firms and remain in the industry. FINRA has responded by enhancing a broker-dealer’s...more

FINRA Panel Precludes Evidence & Awards Punitives as Discovery Sanction

An all-public panel of FINRA arbitrators entered a preclusion order and awarded $750,000 in punitive damages for Respondents’ failure to participate in discovery and disregard of pre-hearing filing requirements....more

SEC Approves Amendments to NASD Rule 2340 and FINRA Rule 2310 to Address Values of Direct Participation Program and Unlisted Real...

The Financial Industry Regulatory Authority has issued Regulatory Notice 15-02 regarding the Securities and Exchange Commission’s approved amendments to National Association of Securities Dealers (NASD) Rule 2340 (and...more

SEC Approves FINRA Rule Proposal Regarding Responsibilities of FINRA Member Firms to Investigate Applicants for Registration

The Securities and Exchange Commission has granted accelerated approval of a Financial Industry Regulatory Authority proposal to adopt FINRA Rule 3110(e) concerning the responsibility of FINRA member firms to investigate...more

FINRA Issues Annual Regulatory and Examination Priorities Letter for 2015

One January 6, the Financial Industry Regulatory Authority issued its annual letter to FINRA member firms outlining FINRA’s regulatory and examination priorities for the coming year....more

Bridging the Week - January 2015 #2

FINRA Highlights Member Examinations Focus for 2015 - The Financial Industry Regulatory Authority issued its annual letter to broker-dealers setting forth its regulation and examination priorities for the new year....more

SEC Approves FINRA Rule Strengthening Background Checks

The Securities and Exchange Commission (SEC) has approved a Financial Industry Regulatory Authority (FINRA) rule requiring member firms to strengthen their background investigation of applicants seeking registration. ...more

The Financial Report (Global) - Volume 4, No. 1 • January 2015

News from the Americas - Non-bank SIFI designated. The US Financial Stability Oversight Council designated MetLife Inc. as a systemically important non-bank financial institution. (12/19/2014) Treasury Department press...more

FINRA’s 2015 Exam Priorities

The Financial Industry Regulatory Authority (“FINRA”) released its 10th annual Exam Priority Letter earlier this week (Jan. 6, 2015). The so-called “Errico Letter” advises broker-dealer member firms of the operational risks...more

Corporate and Financial Weekly Digest - Volume X, Issue 1

In this issue: - SEC Proposes Rule Amendments to Implement JOBS Act Registration Thresholds - ISS Releases FAQs on Equity Plan Scorecard and Independent Chair Policy - FINRA Issues Annual Regulatory and...more

Private Placement Due Diligence and Contingency Offerings Among FINRA’s 2015 Priorities

On January 6, 2015, FINRA released its 10th annual Regulatory and Examinations Priorities Letter in which it identified key areas of focus for FINRA investigations for 2015. Since the approval of FINRA Rule 5123 on June 7,...more

Cybersecurity: Dig That Crazy Important Beat

The SEC and FINRA are maintaining a steady drumbeat to motivate regulated firms to adequately protect themselves from cyberattack. The SEC’s Office of Compliance Inspections and Examinations (OCIE) began 2014 by...more

FINRA’s 2015 Examination Priorities Zero In On Abusive Trading Algorithms and Other Issues Involving Trading Technology

FINRA’s recently-released Regulatory and Examinations Priorities Letter for 2015 reflects substantial regulatory interest in high-frequency trading and other issues arising from trading technology. Regulatory concern over...more

FINRA Issues a Packed Priorities Letter for 2015

FINRA opened 2015 with a lengthy and ambitious agenda of regulatory priorities. This year’s Regulatory and Examination Priorities Letter is much longer than those issued the last two years, and repeats many of those years’...more

FINRA Examines Execution

For the past year, FINRA has emphasized that it is stepping up consideration of whether broker-dealers are obtaining best execution of transactions in equities, options, and fixed income securities. It also has pointedly...more

FINRA Regulatory and Examinations Priorities Letter

Earlier this week, FINRA published its annual priorities letter. Again, FINRA includes among the areas of concern private placements. FINRA cites particular issues relating to inadequate due diligence by broker-dealers in...more

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