Summary
The Financial Crimes Enforcement Network (FinCEN) has issued the first government-wide priorities for anti-money laundering and countering the financing of terrorism policy,1 which was mandated by the Anti-Money Laundering Act of 2020 (AML Act).2 FinCEN also issued a statement to provide covered non-bank financial institutions (NBFIs), including broker-dealers, with
A. Delegation of Functions and Authority:
1. Subject to Section I.B.9., FINRA hereby delegates to FINRA Regulation and FINRA Regulation assumes the following responsibilities and functions as a registered securities association:
a. To establish and interpret rules and regulations and provide exemptions for FINRA members including, but not limited to, fees, membership requirements and dispute
R. F. LAFFERTY & CO., INC.40 WALL STREET, 29TH FLOOR, NEW YORK, NY 10005R. SEELAUS & CO., LLC26 MAIN STREET, SUITE 300, CHATHAM, NJ 07928R.J. O'BRIEN SECURITIES, LLC222 SOUTH RIVERSIDE PLAZA, SUITE 1200, CHICAGO, IL 60606Mailing Address: 222 SOUTH RIVERSIDE PLAZA, SUITE 1200, CHICAGO, IL 60606R.M. DUNCAN SECURITIES, INC.10201 W MARKHAM ST, SUITE 219, LITTLE ROCK, AR 72205R.M
Summary
Several firms have recently informed FINRA that malicious actors are using registered representatives’ names and other information to establish websites (“imposter websites”) that appear to be the representatives’ personal sites and are also calling and directing potential customers to use these imposter websites. Imposters may be using these sites to collect personal information from
New Rate for Fees Paid Under Section 31 of the Exchange Act
About FINRAFINRA is a not-for-profit organization authorized by Congress that is dedicated to protecting investors and ensuring market integrity. It regulates one critical part of the securities industry—member brokerage firms doing business in the U.S.FINRA, overseen by the SEC, writes rules, examines for and enforces compliance with FINRA rules and federal securities laws, registers broker-
The Net Capital section of the 2022 Report on FINRA’s Risk Monitoring and Examination Activities (the Report) informs member firms’ compliance programs by providing annual insights from FINRA’s ongoing regulatory operations, including (1) relevant regulatory obligations and related considerations, (2) exam findings and effective practices, and (3) additional resources.
NASDR has filed with the SEC a proposed rule change to amend Rule 2520 of the Rules of the NASD relating to margin for exempted borrowers, good faith accounts, joint back office arrangements and options transactions.
(a) Excessive Transactions
No member shall effect with or for any customer's account in respect to which such member or his agent or employee is vested with any discretionary power any transactions of purchase or sale which are excessive in size or frequency in view of the financial resources and character of such account.
(b) Authorization and Acceptance of Account
No member or
