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Spring Cleaning – Your Master Compliance Checklist

Approaching updates with a “housekeeping” frame of mind can help your organization make the minor adjustments it needs to meet any new requirements. Read More

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Firm Expelled and Fined $100K

A firm from Carrollton, Texas was expelled from FINRA membership and fined $100,000, while it’s CCO was fined $25,000, barred and suspended for three months. Read More

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FINRA’s “Top Five” Biggest Fines from 2016

According to a recent report conducted by Eversheds Sutherland, 2016 was a record shattering year for FINRA fines, surpassing last year’s total by 87% and breaking the previous record set back in 2014. Read More

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FINRA Requests Comment on Rule 2210

As part of FINRA’s retrospective review of its rules governing communications with the public, the self-regulatory authority is soliciting comment on proposed amendments to FINRA Rule 2210 (Communications with the Public). Read More

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FINRA Suspends Rep in Text Message Incident

According to this month’s FINRA disciplinary actions notice, a representative from New York, New York was assessed a deferred fine of $7,500 and suspended from association with any FINRA member in any capacity for 60 days due to the entry of findings that contrary to her member firm’s policies, she used the text-messaging function of a non-firm-issued smartphone to exchange business related messages with a customer. Read More

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The SEC’s Top Five Advisor Compliance Failures

On February 7, 2017, the Office of Compliance Inspections and Examinations (“OCIE”) issued a Risk Alert discussing the five most frequent compliance topics identified in OCIE examinations of investment advisors. The Alert was compiled based on deficiency letters from over 1,000 investment advisor examinations completed during the past two years. Read More

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Axelrod Discusses “Area of Significant Regulatory Focus”

Earlier this month, SIFMA hosted its annual Anti-Money Laundering and Financial Crimes conference in New York, NY. During the program, FINRA’s Executive Vice President of Regulatory Operations, Susan Axelrod, took the stage to address an "area of significant regulatory focus" for FINRA, Anti-Money Laundering. Read More

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DOL Publishes FAQ on Fiduciary Rule

The Department of Labor has released its second wave of frequently asked questions regarding the forthcoming fiduciary rule. While the first announcement was intended for financial advisors impacted by the rule, this list was written for a completely different audience – retirement investors. Read More

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FINRA Issues Suspension Over Firm Element Training

In this month’s FINRA Disciplinary Actions Notice, a registered representative was suspended from association with any FINRA member in any capacity for three months due to the entry of findings that she instructed her assistant to complete her Firm Element continuing education coursework on her behalf. Read More

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SEC Releases Risk Alert on Investment Adviser Exams

Last week, the SEC’s Office of Compliance Inspections and Examinations released a Risk Alert announcing an upcoming examination initiative that focuses on the supervisory practices of SEC-registered investment advisers and how they monitor advisory personnel in disparate branch locations. Read More