WASHINGTON—FINRA announced today that it has fined Deutsche Bank Securities, Inc. $2 million for failing to comply with its obligation to seek best execution for its customers’ orders.
News Releases & Statements
WASHINGTON—FINRA announced today that it has hired the Lowenstein Sandler law firm to conduct an independent review of how FINRA Dispute Resolution Services (DRS) complied with its rules, policies and procedures for arbitrator selection in an arbitration proceeding whose award was recently vacated by an Atlanta Superior Court judge.
Includes Initial Findings From Reg BI Exams; Highlights Emerging and Ongoing Regulatory Topics
Washington, D.C. – FINRA today published its 2022 Report on FINRA’s Examination and Risk Monitoring Program to provide insights from FINRA’s oversight programs to FINRA member firms. The 70-page Report covers 21 different topics—including five new subjects—relevant to an evolving securities industry.
WASHINGTON—FINRA announced today that it has fined Credit Suisse Securities $9 million for failing to comply with securities laws and rules designed to protect investors, including the Securities and Exchange Commission’s Customer Protection Rule and FINRA rules requiring firms to disclose potential conflicts of interest when issuing research reports. As part of the settlement, FINRA also required Credit Suisse to certify that it has implemented supervisory systems and procedures reasonably designed to comply with the Customer Protection Rule and other requirements.
Settlements Reached with Six Member Firms Resulted in Nearly $17 Million in Restitution to 10,000 Harmed Customers
WASHINGTON—FINRA announced today that as a result of its targeted examination of Unit Investment Trust (UIT) early rollovers, FINRA has reached settlements with six member firms and obtained more than $16.8 million in restitution to approximately 10,000 investors. All of the firms, including two that agreed to settlements today,1 failed to
Board Approves Rule Proposals and FINRA’s 2022 Budget, Appoints SFAC and NAC Members
WASHINGTON – FINRA’s Board of Governors met on Dec. 1-2 in New York. During the meeting, it approved two rule proposals and FINRA’s 2022 budget, appointed members to the Small Firm Advisory Committee (SFAC) and National Adjudicatory Council (NAC), and received the results of recent SFAC and Regional Committee elections.
WASHINGTON—FINRA announced today that it has appointed Bill St. Louis to Executive Vice President and Head of its National Cause and Financial Crimes Detection Program (NCFC). St. Louis, currently Senior Vice President and Firm Group Leader in FINRA’s Member Supervision department, will begin his new role on December 13 and report to Greg Ruppert, Executive Vice President and Head of Member Supervision. St. Louis will succeed Ruppert, who previously led the NCFC.
Firm Also Fined $1.1 Million for Supervisory Failures
WASHINGTON—FINRA announced today that it sanctioned Aegis Capital Corp. approximately $2.8 million, including $1.7 million in restitution to 68 customers whose accounts were potentially excessively and unsuitably traded by the firm’s representatives. FINRA also imposed a $1.1 million fine for Aegis’ supervisory violations.
Small, But Encouraging Gains Apparent Among Some Groups
WASHINGTON—African Americans and Hispanics/Latinos continue to be underrepresented among investor households in America, despite modest gains by African Americans in recent years, according to new research released by the FINRA Investor Education Foundation (FINRA Foundation).
Champion of Financial and Investor Education in Native Communities Receives Highest Honor
WASHINGTON—The FINRA Investor Education Foundation (FINRA Foundation) today awarded Shawn Spruce the 2021 Ketchum Prize—its highest honor—in recognition of his outstanding advocacy, teaching and outreach as a champion of investor education and financial capability in Native communities.