NASD has filed with the Securities and Exchange Commission (“SEC” or “Commission”) a proposed rule change to amend the Code of Arbitration Procedure (“Code”) by adopting a new Interpretive Material (IM) 10308 to clarify that (1) fees for service as a mediator are not included in determining whether an attorney, accountant, or other professional derives 10% of his or her annual revenue from
Proposed Rule Change Relating to Dissemination of Agency-Pass Through Mortgage-Backed Securities and SBA-Backed ABS Traded in Specified Pool Transactions
January 2024BackgroundIn November 2022, FINRA launched a targeted exam to review the practices of certain member firms that actively communicate with retail customers concerning crypto assets and crypto asset-related services (Crypto Assets).1 FINRA reviewed retail communications received from these firms for compliance with FINRA Rule 2210 (Communications with the Public) which
Year 2000 Countdown
As 1999 winds down, Year 2000 issues will receive increased focus as public attention to these issues increase and companies in virtually every industry accelerate efforts to meet Year 2000 compliance deadlines. During this critical period, the securities industry will heighten its focus on regulatory compliance, investor communication, Year 2000 testing, and contingency
NASD has filed with the SEC a proposed rule change to amend NASD Interpretive Material 8310-2 ("IM-8310-2") to enhance investor protection by expanding the types of information NASD makes available through its public disclosure program; to address fairness and privacy concerns by excluding certain information currently disclosed through the program based on the status or disposition of
Proposed Rule Change to Amend FINRA's Customer and Industry Codes of Arbitration Procedure to Revise the Public Arbitrator Definition
(a)(1) In any transaction for or with a customer or a customer of another broker-dealer, a member and persons associated with a member shall use reasonable diligence to ascertain the best market for the subject security and buy or sell in such market so that the resultant price to the customer is as favorable as possible under prevailing market conditions. Among the factors that will be
In 2021, considerable industry, and in some cases public, attention was focused on topics that FINRA also addressed through its exam and risk monitoring program. These topics include newer SEC Rules (e.g., Regulation Best Interest (Reg BI), Form CRS, amendments to Rule 606), recent increases in the number and sophistication of cybersecurity threats, and the proliferation of securities trading
(a) Consolidation Initiated by Chief Hearing Officer
The Chief Hearing Officer may order the consolidation of two or more disciplinary proceedings, upon his or her own motion, under circumstances where such consolidation would further the efficiency of the disciplinary process, and where the subject complaints involve common questions of law or fact, or one or more of the same Respondents. In
