Investors Financial Industry Regulatory Authority

News & Analysis as of

FINRA Sets Effective Dates for Research Report Conflicts Rules

FINRA rules addressing conflicts of interest relating to the publication of equity research reports become effective on September 25, 2015, or December 24, 2015. Corresponding rules for debt research reports become effective...more

DOL Open to Changing Fiduciary Proposal, But Some Press for it to be Scrapped

As we wrote about previously, in April the Department of Labor issued its highly anticipated, re-proposed regulation addressing the standard of care for broker-dealers and other financial professionals who provide retirement...more

SEC Issues Investor Alerts

Have you, a family member, a client or a friend ever been approached to make an investment where you were not sure if the person soliciting you to invest was trustworthy? If so, you are not alone. In fact, in response to...more

Broker-Dealer Beat - June 2015: Foreign Finders

Foreign Finders - The longstanding rules on foreign finders – when a brokerage firm can pay transaction-based compensation to a non-registered foreign finder – will be incorporated into new FINRA Rule 2040, effective...more

Court Dismisses Challenge Of FINRA Arbitration Award For Lack Of Jurisdiction

In a case involving a FINRA arbitration between investors and their financial advisor, Judge Anita S. Brody of the United States District Court for the Eastern District of Pennsylvania found that she did not have the...more

The Battle Lines Continue to Form Over the DOL’s Fiduciary Proposal

Earlier this month, the Securities Industry and Financial Markets Association (“SIFMA”) released its “Proposed Best Interests of the Customer Standard for Broker-Dealers” – an alternative to the U.S. Department of Labor’s...more

Broker-Dealer Beat - May 2015

FINRA has published updated and revised Sanction Guidelines that, among other things, highlight the SRO's position that penalties in disciplinary actions should be significant enough to achieve deterrence and not serve merely...more

FINRA Approves Use of Related Performance in Mutual Fund Marketing Materials to Institutional Investors

On May 12, 2015, the FINRA staff published an interpretive letter (the “Letter”) permitting FINRA members to include Related Performance Information in mutual fund marketing materials directed at institutional investors...more

FINRA Issues Guidance on Avoiding Investment Scams

The Financial Industry Regulatory Authority (“FINRA”) recently issued an Investor Alert (the “Alert”) to warn investors about the most prevalent types of investment fraud and provide guidance on how to avoid being defrauded....more

The Results Are In: Investors Favor Additional Regulatory Protection

On November 6, 2014, FINRA released results from a survey of U.S. investors measuring the demand for additional regulatory protections. The survey polled 1,000 adults and revealed that an overwhelming majority felt that it...more

SEC and FINRA Issue Risk Alert on Penny Stock Companies

I’m not your legal advisor. And I’m definitely not your investment adviser. But the first rule of penny stock companies should be: do not invest in penny stock companies. I mean, does that seem like a smart thing to do? ...more

Structured Thoughts: Volume 5, Issue 4 - May 30, 2014

In This Issue: - No More KIDding Around: European Parliament Approves PRIIPs Regulation - FINRA Amends Rule 5110 to Exempt Certain Collective Investment Vehicles from Its Filing Requirements - The Time for the...more

Corporate and Financial Weekly Digest - Volume IX, Issue 19

In this issue: - FINRA Proposes to Amend Rule 11892 - SEC Approves FINRA Rule Change to Limit Self-Trading - FATCA Transitional Relief and Extension of Time for the Implementation of New Account...more

Closed End Funds

The Financial Industry Regulatory Authority (“FINRA”) has, in recent months, increased its regulatory focus on investor awareness regarding closed-end funds (“CEFs”). In October of last year, FINRA issued an Investor Alert...more

FINRA’s 2014 Regulatory And Examination Priorities Address Existing And Emerging Investor Protection And Market Integrity Issues

On January 2, the Financial Industry Regulatory Authority (FINRA) published its annual regulatory and examination priorities letter. The letter identifies and sets forth how FINRA intends to address significant risks and...more

SEC Approves Amendment to FINRA IPO Allocation Rule 5131, Easing Compliance for Fund Investors

Introduction - On November 27, 2013, the Securities and Exchange Commission (“SEC”) approved a change (the “Amendment”) to FINRA’s IPO allocation rule 5131 (the “Rule”).The Amendment allows a fund-of-funds to rely on a...more

FINRA Issues New Investor Alert on Closed-End Funds

The Financial Industry Regulatory Authority issued an investor alert regarding closed-end funds to explain what investors should know before investing. Like other mutual funds, closed-end funds are professionally managed...more

FINRA Warns Investors to Look Behind Closed-End Fund Distribution Rates

FINRA issued an Investor Alert concerning closed-end fund distributions, principally to warn the public that a fund’s distributions might include a return of principal. Financial firms that create or distribute closed-end...more

FINRA Raises the Bar on Due Diligence by Broker Dealers Involved in EB-5

At the end of August, the Financial Industry Regulatory Authority, Inc. (FINRA) issued an interpretive guidance letter to a registered broker dealer (BD), Trustmont Financial Group, Inc. (Trustmont). Trustmont had sought...more

FINRA Warns Investors About Private Placements

On the eve of an anticipated increase in private-placement activity as a result of recent reforms made pursuant to the JOBS Act, FINRA issued an Investor Alert on Monday about risks associated with private placements. The...more

Structured Thoughts -- Volume 4, Issue 10 -- July 9, 2013

In This Issue: - Chasing Return, Reprise - IOSCO: Uniform Regulation and More Transparency for ETFs - FINRA Removes Proposal to Require Supervision of Non-Securities Business - In Case You Missed It -...more

Structured Thoughts -- Volume 4, Issue 9 -- June 17, 2013

In This Issue: UK’s FCA Restricts Marketing of Unregulated Collective Investment Schemes and Similar Products to Retail Investors; Electronic Structured Note Systems and U.S. Securities Regulation; and Reminders from...more

Periodic Exams Coming to an Investment Adviser Near You (Probably)

The Bernie Madoff scandal exposed a lot of people and institutions. One of those, obviously, was the SEC, and it has been working hard to live that fiasco down ever since. But one aspect of the current securities enforcement...more

New York Court Rules that Professional Services Exclusion Bars Coverage for Underlying Actions Brought By FINRA and Private...

In David Lerner Associates, Inc. v. Philadelphia Indemnity Insurance Company, 2013 WL 1277882 (E.D.N.Y. Mar. 29, 2013), the United States District Court for the Eastern District of New York affirmed the plain meaning of the...more

Structured Thoughts -- Volume 4, Issue 3 -- February 6, 2013

In This Issue: Reverse Inquiry Transactions in the Spotlight; How Will the Fed’s Proposed Foreign Bank Rules Affect Foreign Bank Debt Financing Activities in the U.S.?; IOSCO Commences Consultation on Benchmarks; and...more

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