In the securities world today, there is little daylight between money laundering and fraud. On this episode, we learn how FINRA’s Special Investigations Unit works to detect and investigate cases of illicit finance and market abuse, as well as how they proactively identify and mitigate threats.
(a) Compliance with Quoting and Trading Restrictions
(1) Member Compliance
Members shall establish, maintain and enforce written policies and procedures that are reasonably designed to comply with the applicable quoting and trading requirements of the Plan.
(2) FINRA Compliance
FINRA systems will not display quotations in violation of the Plan and this Rule.
(3) Pilot Securities That Drop
Regulatory Obligations and Related Considerations
Regulatory Obligations
Reg BI establishes a “best interest” standard of conduct for broker-dealers and associated persons when they make a recommendation to retail customers of any securities transaction or investment strategy involving securities, including recommendations of types of accounts.
Broker-dealers are also required to provide a
(a) Participation Requirements
(1) Only members of FINRA in good standing may participate in the FINRA/NYSE Trade Reporting Facility.
(2) Participation in the System shall be conditioned upon the initial and continuing compliance with the following requirements:
(A) execution of, and continuing compliance with, a Participant Application Agreement;
(B) membership in, or maintenance of an
The OATS Rules require member firms to report to FINRA order information for NASDAQ-listed equity securities. Beginning February 4, 2008, the OATS Rules apply to OTC equity securities. Initial public offerings (IPOs), secondary offerings, Direct Participation Programs (DPPs), "restricted securities", as defined by SEC Rule 144(a)(3) under the Securities Act of 1933, and any securities
(a) Any member that is required to obtain, or otherwise wishes to use, more than one Market Participant Symbol ("MPID") for purposes of quoting and trading OTC Equity Securities or for reporting trades to the OTC Reporting Facility must submit a written request, in the form required by FINRA, to, and obtain approval from, FINRA Market Operations for such additional MPID(s).
(b) A
(a) Postponement of Hearings
(1) When a Hearing Shall Be Postponed
• A hearing shall be postponed by agreement of the parties.
(2) When a Hearing May Be Postponed
A hearing may be postponed:
• By the Director, in extraordinary circumstances;
• By the panel, in its own discretion; or
•&
The OATS Rules require member firms to report to FINRA order information for Nasdaq-listed equity securities and OTC equity securities. Initial public offerings (IPOs), secondary offerings, Direct Participation Programs (DPPs), "restricted securities", as defined by SEC Rule 144(a)(3) under the Securities Act of 1933, and any securities designated in the PORTAL Market are not reportable to OATS.
The timely receipt of firms’ annual audited financial statements is critical to FINRA’s ability to carry out its regulatory obligations.
As a programmer, a major source of frustration for me regarding many facets of our market relates to the fundamental lack of speed and automation endemic to our financial reporting pipelines. In a system which promotes and rewards algorithmic and high-frequency-trading, any position which would be reported and analyzed as a document and by a human would (and very likely is!) obsolete, potentially
