The Compliance Digest

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

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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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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. This list included deadlines for firm's Annual Audit, Financial and Operational Combined Uniform Single (FOCUS), Form Custody, and supplemental FOCUS Report filing obligations. 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

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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

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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

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FINRA Proposes Rule to Prevent Senior Abuse

To address the financial exploitation of seniors, FINRA has recently submitted a proposal to the SEC that would require firms to make reasonable efforts to obtain the name of and contact information for a trusted contact person for a customer’s account. Read More

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Tips to Stay on Track with 75 Days Left in 2016

As difficult as it is to believe, there’s only 75 working business days left in the year. For your compliance department, that means your firm's training needs to be completed, deadlines need to be met and boatloads of extra work needs to be accounted for before the bustle of the busy holiday season sets in. Read More