The Compliance Digest

Get expert compliance tips and up-to-date regulatory news.

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Representative Fined $10K for Bribing Exam Proctor

A representative from Gig Harbor, Washington submitted an AWC in which he was assessed a deferred fine of $10,000 and suspended from association with any FINRA member in any capacity for two years due to the entry of findings that when he was a candidate for the Series 7 exam, he offered $2,000 to an exam proctor for her assistance to help him pass the exam. Read More

training

Why Training is the Best Compliance Remedy

If you were given the choice between two different pilots – one that is trained, the other not – which one would you choose? The answer seems like a pretty simple one, doesn’t it? So why would you treat your firm’s training plan any differently? Read More

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FINRA Notice: 2017 Report Filing Due Dates

In an Information Notice released Monday, December 5, 2016, FINRA outlined several due dates for annual filings in 2017. Read More

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Takeaways from the FINRA Small Firm Conference

On November 9, 2016, FINRA kicked off its annual "Small Firm Conference" in Phoenix, Arizona. Keynote speakers included FINRA’s CEO Robert Cook as well as the DOL’s Chief Operating Officer of DOL Employee Benefits Security, Tim Hauser. Read More

sec-enforcement

Mary Jo White: A New Model for SEC Enforcement

Last Friday, SEC Chairwoman Mary Jo White gave a speech at the New York University School of Law Program on Corporate Compliance and Enforcement, during which she addressed how her agency has transformed the way it enforces federal securities laws. Read More

whistleblower-20-million

SEC Issues $20 Million Whistleblower Reward

The SEC recently issued a $20 million award in a case involving a tipster who came to the agency early on, enabling it to secure a “near-total recovery” of investor funds in a matter. Read More

fiduciary-rule-dol

Your Questions to the DOL Fiduciary Rule Answered

The Department of Labor has released its first series of Frequently Asked Questions (FAQ) regarding the fiduciary rule. In total, there were 34 questions and answers, most of which circled around the rule’s Best Interest Contract Exemption. Read More

cross-selling-feature

FINRA Launches Sweep of Cross-Selling Practices

FINRA has sent targeted exam letters to several broker-dealers to determine the scope and consequences of incentives they give employees to promote loans, credit cards and other products of a parent bank or affiliate to retail brokerage customers. Read More

form-adv-diploma

Representative Fined $10K for Falsifying Diploma

A representative was fined $10K due to the entry of findings that he inaccurately stated on his Form ADV that he had graduated from and obtained a bachelor’s degree from a university located in Massachusetts. Read More

FINRA-proposes-rule

SEC Reports Record-Breaking Enforcement Actions

On October 12, 2016 the SEC announced its enforcement results for the 2016 fiscal year, which touted a recording breaking year. Not only did the SEC increase the number of enforcement actions this past year but it also obtained judgments totaling more than $4 billion in disgorgement and penalties. Read More