FINRA Reminds Firms of Their Obligations Relating to Senior Investors and Highlights Industry Practices to Serve these Customers
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<p>A broker/dealer cannot pay continuing commissions to a former registered representative who is no longer in the securities industry, unless such payments are made in reliance on an SEC no-action position addressing the permissibility of those payments under Section 15(a) of the Securities Exchange Act of 1934; under the facts presented, NASD IM-2420-2 did not apply.</p>
<p>Separate sales contests are permissible under NASD Rule 2820(g) for group variable contracts.</p>
The Series 7 exam — the General Securities Representative Qualification Examination (GS) — assesses the competency of an entry-level registered representative to perform their job as a general securities representative.
<p>Rule 3060 does not limit ordinary and usual business entertainment provided by a member or its associated persons to the member's clients and their guests.<br/></p>
<p>Application of Rule 2210 to the use of investment projections and marketing material when registered persons are conducting advisory services.</p>
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Beginning October 1, 2018
FINRA is restructuring its representative-level qualification exam program by creating the Securities Industry Essentials (SIE or Essentials) exam and revising the representative-level qualification exams.
The program is being restructured to:
Reduce duplicative testing of general
FINRA Provides Limited Relief Regarding Requirement to Promptly Transmit Funds in Connection With Sales of Securities on a Subscription-Way Basis for the Purpose of Completing Suitability Reviews Under Identified Conditions
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