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Tune in to the Latest FINRA Unscripted Podcasts

June 20, 2018
Volume 25
disciplinary actions

Disciplinary Actions


Upcoming Deadlines and Effective Dates
  • FINRA Requests for Comment
  • SEC Request for Comment
  • FINRA Elections

Education and Compliance Programs

Responses to the 2018 Risk Control Assessment (RCA) survey are due this Friday, June 22. The RCA survey is an important part of FINRA's risk-based surveillance and examination programs. FINRA uses it to better understand the risks associated with the business activities in which individual member firms engage, the products and services they offer, and the kinds of clients and counterparties with which they deal. In addition, the RCA helps FINRA identify and assess the integrity of the controls intended to manage those attendant risk exposures.

Each firm’s executive representative and designated assistant was emailed a link to his or her firm’s unique RCA survey last month, with subsequent reminder emails over the past several weeks

Tune in to the latest FINRA Unscripted podcasts to hear FINRA leaders review existing and emerging regulatory topics that impact the broker-dealer industry, as well as other insights into the operations of FINRA. 

Rick Berry, FINRA’s Executive Vice President of Dispute Resolution, sheds light on how FINRA’s arbitration process works and how a case might end up in arbitration.

Haime Workie and Kavita Jain, in FINRA’s Office of Emerging Regulatory Issues (ERI), examine the role of ERI in forecasting the market. From volatility to tax reform, learn what these FINRA experts think about the future.

 Disciplinary Actions

FINRA publishes disciplinary actions to remind registered representatives and firms of specific conduct that violates FINRA rules and may result in disciplinary action. FINRA posted the following disciplinary items on the website this week:

  • Monthly Disciplinary Actions for June 2018.
  • A FINRA hearing panel permanently barred broker Bruce Martin Zipper of Miami, FL, for continuing to conduct firm business while serving a three-month suspension. The hearing panel also expelled his firm, Dakota Securities, from FINRA membership for not adequately supervising Zipper, allowing him to associate while suspended (and later while statutorily disqualified) and for falsifying books and records.

 Upcoming Deadlines and Effective Dates

FINRA Requests for Comment

FINRA has three open requests for comment:

  • Regulatory Notice 18-16 seeks comment on proposed rule amendments that would impose additional restrictions on member firms that employ brokers with a history of significant past misconduct. These brokers, while relatively small in number, may present heightened risk of harm to investors, and any misconduct by them also may undermine confidence in the securities markets as a whole. The rule proposals would strengthen the existing controls FINRA has applied to such brokers to further promote investor protection and market integrity. The new proposals are one part of FINRA’s initiatives to confront high-risk brokers. Comments are due June 29, 2018.
  • FINRA is conducting a retrospective review of Rule 3110 (Supervision), governing annual compliance meetings to assess its effectiveness and efficiency. Regulatory Notice 18-14 outlines the general retrospective rule review process and seeks responses to several questions related to firms’ experiences with this specific rule. Comments are due June 25, 2018.
  • FINRA has extended the comment period to June 22 for Regulatory Notice 18-10, which outlines the general retrospective rule review process and seeks responses to several questions related to firms’ experiences with this specific rule.

SEC Request for Comment on FINRA Rules

  • The SEC requests comment on FINRA’s proposal to amend FINRA Rule 6730 (Transaction Reporting) to require alternative trading systems (ATSs) that report transactions in U.S. Treasury Securities to the Transaction Reporting and Compliance Engine (TRACE) to identify non-FINRA member subscribers on those transaction reports. The comment period expires July 5, 2018. See the Federal Register notice.

FINRA Elections

  • FINRA will conduct a Special Meeting of large firms on Thursday, June 28, 2018, to elect one individual to fill a Large Firm Governor seat on the FINRA Board of Governors (Board). Large firms that are members of FINRA as of the close of business on Friday, June 8, 2018, are eligible to vote in this election. See Election Notice 6/11/18 for details about the special election process and candidates.
  • Petitions for candidacy are due July 9 for the annual meeting of FINRA firms to elect one Large Firm Governor, one Mid-Size Firm Governor, and one Small Firm Governor to the FINRA Board of Governors (FINRA Board). The election meeting will be held on or about Friday, August 17. A formal notice of the meeting, including the precise date, time and location, will be mailed to executive representatives on or about July 19, 2018. Eligible individuals who have not been nominated for election to the FINRA Board by the Nominating Committee may be included on the ballot for the election of governors by following the petition procedures set forth in the By-Laws and as further described in the Election Notice 5/25/18.

 Education and Compliance Programs

Only a few weeks left to register for Week I of the FINRA Institute at Georgetown Certified Regulatory and Compliance Professional (CRCP)® Program—delivered at Georgetown University’s McDonough School of Business in Washington, DC. The program comprises two non-consecutive weeklong residential courses, and provides participants a comprehensive core of knowledge on securities regulation and the day-to-day application of those rules and regulations.

Week I: FoundationJuly 22 – 27, 2018
Week II: CapstoneNovember 11 – 16, 2018

Advance preparation is required for the program, so early registration is recommended. Visit our website for additional program information and to register

AML Half-Day Seminars
FINRA's AML Half-Day Seminars provide attendees with information on the fundamentals of money laundering and money laundering typologies, relevant rules and regulations, and monitoring for suspicious activity. The seminars are designed for AML compliance professionals from firms of all sizes who are new to their role, or to those who are looking to reinforce their understanding of regulatory requirements and compliance responsibilities.

FINRA is hosting two AML Half-Day Seminars—each led by managers of FINRA's AML Unit. Visit FINRA's website to learn more and register

District compliance events are designed for compliance and legal professionals at FINRA member firms, and offer an opportunity to hear about current regulatory issues while engaging with District Office staff. Review the list of upcoming events being held in the Boca Raton, Chicago, Denver, Dallas, Woodbridge, New Orleans, Kansas City, Los Angeles, and Atlanta districts.

Review the compliance calendar to see a complete list of events that may be in your area.

FINRA is hosting several upcoming Half-Day Compliance Boot Camps across the country, each with different areas of focus. Review the list of upcoming July events, or visit FINRA's website for a full list of FINRA's Compliance Boot Camps and to register.

Upcoming Half-Day Compliance Boot Camps:

  • July 10, 2018 | Chicago, IL
  • July 10, 2018 | Nashville, TN
  • July 12, 2018 | Atlanta, GA
  • July 27, 2018 | Seattle, WA

Also coming up:

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Regulatory Contacts
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