Public GovernorKPMG LLP, Former Managing DirectorGovernor Since 2021Committees: Finance, Operations & Technology Committee, Regulatory Oversight Committee, Regulatory Policy CommitteeProfessional ExperienceManaging Director, KPMG LLP (2014 – 2020)Deloitte & Touche Consulting Managing Director, Banking & Securities Regulatory Practice (2012 – 2014)
Summary
FINRA warns member firms of an ongoing phishing campaign that involves fraudulent emails (see sample in Appendix) purporting to be from “FINRA Membership” and using the email address “[email protected]”. The email asks the recipient to respond to an issue of “regulatory non-compliance for which your immediate response is required” and then asks the recipient to click on a link or
Mr. Chairman and Members of the Subcommittee: NASD would like to thank the committee for the invitation to testify regarding self-regulation in the securities industry.
SUGGESTED ROUTING*
Senior Management
Internal Audit
Legal & Compliance
Operations
*These are suggested departments only. Others may be appropriate for your firm.
REQUEST FOR COMMENTS
EXECUTIVE SUMMARY
The NASD invites comments on a proposed rule that would restrict the
*IF THIS GOES PUBLIC PLEASE RESPECT MY PRIVACY AND DONT USE THE WORD 'DIG'*
I HAVENT BEEN ABLE TO RESPOND TO A REQUEST FOR COMMENTS SUGGESTIONS REQUESTED A COUPLE OF YEARS AGO BECAUSE I WAS TAKING CARE OF 3 FAMILY MEMBERS WHO HAVE DEMENTIA ONE OF WHICH RECENTLY DIED SO I AM NOW ABLE TO COMMENT IMMEDITELY.
AWHILE BACK I HAD WENT TO VARIOUS FULL SERVICE BROKERS SEEKING TO JOIN UP
The NASD Office of General Counsel Regulatory Policy and Oversight (OGC) publishes the Disciplinary Update to provide registered representatives with a summary sampling of recent disciplinary actions involving misconduct by registered representatives. The sample of disciplinary actions includes settled matters and decisions in litigated cases (National Adjudicatory Council (NAC) decisions and decisions of the Securities and Exchange Commission in NASD cases).
Dear Sir or Madam,
I am writing to express my fear and displeasure in relation to the regulations being considered by FINRA that would prevent investors like myself from accessing products like leveraged ETFs.
I have worked for a decade in the financial industry designing systematic financial products and am a CFA charterholder.
I, like many others, have held positions in leveraged investments
I urge you NOT to restrict ordinary investors from trading leveraged and inverse ETFs for the following reasons:
1. Inverse and inverse leveraged ETFs are often the only vehicles available to ordinary investors to hedge their cash and retirement accounts in a down market, or even to profit from down markets. Wealthy investors have many means to do this. Taking these products away from ordinary
.
Under the regulations being considered by the Financial Industry Regulatory Authority (FINRA),
you may not be able to buy leveraged and inverse funds and dozens of other popular
investments deemed to be complex unless you:
Pass a regulator-imposed test of your specialized investment knowledge
Demonstrate a high net worth
Get special approval from your broker
Attest to reading certain
FINRA announced today that it has fined M1 Finance LLC $850,000 for social media posts made by influencers on the firm’s behalf that were not fair or balanced, or contained exaggerated, unwarranted, promissory, or misleading claims.
