brokerage firms Archives - The Industry Spread

FINRA Launches Initiative to Simplify Firms’ Digital Experience with FINRA, Facilitating More Efficient and Effective Compliance Programs

May 20, 2019

FINRA announced today that it is launching an initiative to transform the digital platform that firms use to engage with FINRA across several programs. The Digital Experience Transformation, as it is being called, is a wide-ranging, multi-year effort to integrate and simplify brokerage firms’ digital interactions with FINRA, facilitating more efficient and effective compliance programs. The initiative is the latest outgrowth of the ongoing FINRA360 organizational improvement initiative.

FINRA Orders BBR to Pay Approximately $205,000 in Restitution to Customers for Supervisory Failures Involving Excessive and Unsuitable Trading

April 28, 2019

FINRA announced today that it has ordered New Jersey-based broker-dealer Buckman, Buckman & Reid, Inc. ( BBR ) to pay approximately $205,000 in restitution to seven customers for failing to reasonably supervise two former registered representatives who recommended excessive and unsuitable trades in multiple customer accounts. As part of the settlement, FINRA also required the firm to review and revise its supervisory system and written supervisory procedures. FINRA previously barred both registered representatives from the industry.

SEC and FINRA to Hold National Compliance Outreach Program for Broker-Dealers

April 18, 2019

The Securities and Exchange Commission (SEC) and FINRA announced today the opening of registration for their 2019 National Compliance Outreach Program for Broker-Dealers, which will be held June 27, in Chicago, IL. The program is designed to provide an open forum for regulators and industry professionals including compliance, audit and other senior personnel of broker-dealer firms and branch offices to discuss current compliance practices and promote an effective compliance structure for the protection of investors.

FINRA Releases 2019 Risk Monitoring and Examination Priorities Letter

January 24, 2019

FINRA today released its 2019 Risk Monitoring and Examination Priorities Letter, highlighting new priorities as well as identifying areas of ongoing concern that FINRA will continue to review in the coming year. This year’s letter’s focus on materially new issues may help firms better identify those priorities that are relevant to their business.