Is The Past Prologue? FINRA Permits Remote Inspections . . . For Now
On July 1, FINRA amended Rule 3110.17 to allow broker-dealers to remotely inspect offices of supervisory jurisdiction (OSJs), branch offices and non-branch locations through the end of 2022. The substantive requirements remain unchanged. A broker-dealer must: (1) have procedures for...
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Finding Balance as a Lawyer, Part 2: Fitness
An Ode to Curly and Work-Life Balance: Fitness
I noted that the one thing that I need to maintain – Curly’s finger, if you will – is balance. The balance between managing my practice, being a good husband, father, friend, etc....
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Not Quite the “Wild West”
Last week Congress received a bill that would grant the Commodity Futures Trading Commission, not the Securities and Exchange Commission, jurisdiction over the growing digital assets market. The goal is to, as CNBC put it, tame the “’Wild West’ crypto...
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Finding Balance as a Lawyer, Part 1: Food
An Ode to Curly and Work-Life Balance, Part 1: Food
In a previous post, I noted that the one thing that I need to maintain – Curly’s finger, if you will – is balance. I need to have balance between...
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Cowboy Curly, Mitch and Work-Life Balance
All of my commentary to this point has concerned matters involving broker-dealers, registered investment advisers and their associates. It is what I do. I help them spend more time building out their businesses by addressing their legal and compliance issues with clear, detailed advice.
Today, though, I would like...
FINRA’s Expectations (Reg Notice 22-11)
FINRA issued Regulatory Notice 22-11 in April to remind broker-dealers of their obligations in the sale of alternative mutual funds to their clients. FINRA explained that it published this guidance because of a number of recent enforcement actions it took against firms selling this product. However, upon closer inspection, 22-11 is simply FINRA’s...
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EXAMS’ Risk Alert on Advisers Act Section 204A and the Code of Ethics Rule
The SEC’s Division of Examinations (“EXAMS”) posted its observations concerning registered investment advisers’ compliance with Section 204A of the Investment Advisers Act of 1940 and Rule 204A-1 (also known as the “Code of Ethics Rule”) in...
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FINRA’s April 2022 Disciplinary and Other Actions
As noted recently, FINRA’s monthly publication of its Disciplinary and Other FINRA Actions offers various insight and teaching moments. April’s lesson for the broker-dealer industry: Ignore FINRA at your peril.
FINRA Bars for Reps for Failing to Respond Accurately . . . or At All
FINRA barred 6 individuals for violations of...
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Expungement of Complaints from the CRD
Anyone Can Indict a Ham Sandwich – or Put a Complaint on an AP’s Record [1]
From where I sit, the reporting of a complaint against an AP is one of the more controversial aspects of the broker-dealer industry. This is chiefly because the standard for reporting a complaint is extremely low. . .
Your Elementary...
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Reporting to the Consolidated Audit Trail (CAT)
MENOs and MEORs and MEOFs, Oh My! – A High-Level Overview of CAT Reporting
The Consolidated Audit Trail (CAT) is the biggest change – and many would offer, challenge – to regulatory reporting in the broker-dealer industry in some time. Perhaps ever. Accurate reporting requires a blend of regulatory expertise and technical skill...
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