The Compliance Digest

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

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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

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The Economic Impact of FINRA’s “Gift Rule” Change

Earlier this month, FINRA issued Regulatory Notice 16-29, which solicits feedback regarding proposed changes to FINRA’s gifts, gratuities and non-cash compensation rules. Read More

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FINRA Seeks Justice for Elderly, Blind Widow

The Financial Industry Regulatory Authority (FINRA) charged a NY-man with securities fraud from churning the account of his customer, a 77-year old blind widow. According to the complaint, the broker began aggressively trading on the client's account after her husband died in 2012 and made more than 700 trades on 200 securities over a three- year period. Read More

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FINRA Elects Vanguard’s John Brennan as Chairman

In a unanimous decision, the Financial Industry Regulatory Authority (FINRA) Board of Governors has elected John J. “Jack” Brennan, Vanguard Group Chairman Emeritus and Senior Advisor, as its new chairman. Mr. Brennan will become chairman on August 15, 2016, around the same time Robert Cook will take over as the Chief Executive Officer (CEO) of FINRA. Read More