Posts from February 2014.
Facing an examination or investigation by the Financial Industry and Regulatory Authority (FINRA) can be a stressful and intimidating experience for even the most seasoned financial advisor. Understanding the oversight role FINRA plays and the process can help you to properly prepare and reduce the risk of adverse consequences. If you find yourself the subject of a FINRA inquiry, here are some tips to help you navigate the process:
- Determine The Subject Of The Inquiry - If you find yourself involved in an inquiry, FINRA usually will send you a letter requesting information and ...
The Municipal Securities Rulemaking Board ("MSRB") held a webinar Feb. 6, 2014 discussing its proposed Rule G-42 to impose a broad range of duties, proscriptions and documentation requirements upon non-solicitor Municipal Advisors ("MA's"). Some more controversial points among the proposed Rule include: (a) a broad prohibition against principal transactions, not just by MA's but also by all their affiliates; (b) consideration of whether to mandate MA insurance and require specific coverages; and (c) potential prohibition of contractual limitations on the scope of an ...
Reacting in part to recent data-breaches and cyber-attacks on larger retailers, the Financial Industry Regulatory Authority ("FINRA") is conducting a targeted examination of some 20 broker-dealer member firms' compliance and risk-management approaches to cyber-security, aimed at increasing regulators' understanding of the cyber-security risk environment and various approaches and methods used throughout the industry. Wall Street conducted its second comprehensive cyber-security drill, Quantum Dawn 2, just this past July. The after-action study and related ...