This proposed update to the outside business activities disclosure requirement sounds great! The existing rules force financial institutions to overstep monitoring of employees' personal lives. For example, someone who has a hobby of buying Chuck E. Cheese tokens in bulk and then re-selling them on eBay to collectors should not need to disclose this activity to their employer.
Financial Industry Regulatory Authority, Inc. (“FINRA”) is filing with the Securities and Exchange Commission (“SEC” or “Commission”) a proposed rule change to amend FINRA Rule 3220 (Influencing or Rewarding Employees of Others) to increase the gift limit from $100 to $250 per person per year, provide for exemptive relief, and incorporate existing guidance and interpretive letters. The proposed
(a) Respondent Request for Hearing.
With the filing of any Respondent's answer, such Respondent may:
(1) request a hearing;
(2) propose an appropriate location for the hearing; and
(3) propose, if the complaint alleges at least one cause of action involving a violation of a statute or rule described in Rule 9120(u), that the Chief Hearing Officer select a Market
To assist the financial industry in fulfilling its obligation to provide all available breakpoint discounts on sales of front end load mutual funds, the Joint NASD/Industry Task Force recommended that broker-dealers provide investors with a Written Disclosure Statement, explaining the availability of breakpoint discounts, at the time of purchase or on a periodic basis.
I see no reason why a financial advisor should need permission from a broker/dealer before owning crypto assets. This has nothing to do with their duties as advisors.Separately, allow me to say wow. How much time and energy did staffers at FINRA spend on the excessive verbiage that went into this notice and all the deliberations over proposing such a silly and unnecessary rule? You guys need to
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 “family office,” as defined in the Advisers Act, may be considered an “investment adviser” for purposes of meeting the limited exception of FINRA Rule 5131.02.
(a) Contents of the Record, Retention
The record shall consist of:
(1) the complaint, answers, each notice of hearing, pre-hearing order, and any amendments thereto;
(2) each application, motion, submission, and other paper, and any amendments, motions, objections, and exceptions to or regarding them;
(3) each transcript of a pre-hearing conference and of a hearing, and each
Thank you so much Lori for that kind introduction, and thank you, Mr. Chairman, for hosting this important program. I am thrilled to be here. And I want to add my welcome to Lori's and Chairman Cox's.
REQUEST FOR COMMENT
Prohibition of Certain Bank Tying Arrangements
Comment Period Expires: October 21, 2002
SUGGESTED ROUTING
KEY TOPICS
Corporate Finance
Legal & Compliance
Senior Management
Investment Banking
Just and Equitable Principles of Trade
NASD Rule 2110
Discussion
NASD is concerned that the practice of tying commercial credit to investment banking
