Suitability Requirements

News & Analysis as of

Colorado Supreme Court to Rule on Yet Another Key Construction Defects Issue

On July 5, 2016, the Colorado Supreme Court announced it will consider the construction defects case of Forest City Stapleton, Inc., et al. v. Rogers. In this case the Colorado Court of Appeals, for the first time, imposed...more

Suitability Of Broker-Dealer Recommendations And Litotes

The Financial Industry Regulatory Authority, better known as FINRA, imposes a suitability requirement on its members. Rule 2111(a) requires, in part, that a broker-dealer or registered representative “have a reasonable basis...more

FCA publishes wealth management thematic review

FCA has published the results of its Thematic Review into suitability at wealth management firms. It wanted to assess whether firms had improved their practices around suitability assessments and appreciation of the risks...more

IAIS adopts revisions to ICP

IAIS has adopted revisions to the insurance core principles (ICP) following self-assessments and peer reviews. These changes are in relation to licensing, suitability of persons, corporate governance, risk management and...more

“Promptly Transmit” Redefined for Some Customer Checks

The SEC and FINRA recently extended relief originally granted to accommodate suitability reviews of deferred variable annuities, so that the relief is now also available for mutual funds, Section 529 plans, and other...more

FINRA’s NAC Strengthens Sanction Guidelines Related to Fraud and Suitability

On May 12, the Financial Industry Regulatory Authority announced that the National Adjudicatory Council (NAC) revised its Sanction Guidelines to call for tougher sanctions against those who commit fraud or make unsuitable...more

What A Broker Needs To Know About Suitability Under FINRA Rule 2111

The Financial Industry Regulation Authority (“FINRA”) updated the suitability requirements for brokers in July 2012. FINRA’s goal was to codify principles found in case law and expand language to account for a wide range of...more

FINRA: “Fiduciary” Standard Architect?

FINRA is encouraging broker-dealers (BDs) to act in their customers’ best interests, although the "suitability" standard applicable to BDs does not expressly require it. For example, in 2012, FINRA implemented an...more

New Jersey Supreme Court Clarifies Site Suitability Criteria for Use Variance

It is fundamental that all applicants seeking to obtain a use variance from a municipal zoning board of adjustment under the Municipal Land Use Law (“MLUL”) must prove that they satisfy both the so-called “positive” and...more

Structured Thoughts -- Volume 4, Issue 2 -- January 24, 2013: IOSCO Publishes Suitability Requirements for Distribution of Complex...

On January 21, 2013, the International Organization of Securities Commissions (IOSCO), of which the Financial Industry Regulatory Authority, Inc. is an affiliate member, published its final report on Suitability Requirements...more

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