The Financial Industry Regulatory Authority (“FINRA”) has pressed charges against Merrill Lynch in a case of excessive mutual fund sales charges to certain small business and charity client accounts. A payout of $32 million – including an $8 million fine … Read More
On May 19, 2014, the Financial Industry Regulatory Authority’s (“FINRA’s”) Chairman and CEO Rick Ketchum made his opening remarks to the assembly of financial professionals at FINRA’s Annual Conference in Washington D.C. The centerpiece of Ketchum’s speech was “restoring trust … Read More
On the heels of a wave of newly-launched regulatory Rules involving Supervision and other areas, the Financial Industry Regulatory Authority (“FINRA”) is taking a step back to reassess its process of reviewing past rules in a process called “retrospective rule … Read More
The Securities and Exchange Commission (“SEC”) has recently approved the Financial Industry Regulatory Authority’s (“FINRA’s”) proposed new consolidated rules for Supervision and Supervisory Control Systems. These FINRA rules – issued as Rules 3110, 3120, 3150, and 3170, to replace regulatory … Read More
At the beginning of March 2014, the Financial Industry Regulatory Authority (“FINRA”) announced that they would amend their proposal, pursuant to Regulatory Notice 13-42, for a Comprehensive Automated Risk Data System (“CARDS”) to include restrictions on the amount of sensitive … Read More
At the Financial Industry Regulatory Authority (“FINRA”) Board of Governors meeting held on February 13, 2014, a previously withdrawn rule change proposal was revived that would require brokerage firms to incorporate a link to “BrokerCheck” on their public websites and … Read More
On February 4, 2014, the Securities and Exchange Commission (“SEC”) announced charges against two traders involved in a “parking” scheme in which one trader temporarily placed securities in the other’s trading book in order to bypass a policy at his … Read More
At the end of each month, Core Compliance & Legal Services, Inc. (“Core Compliance”) publishes a Risk Management Update (RMU), an in-depth article written by one of our staff members on a current relevant topic in the compliance, securities and … Read More
