Home Sweet Home
This June, the Financial Industry Regulatory Authority (FINRA) will permit a broker-dealer to designate a home office as a “Residential Supervisory Locations” (RSL) within its supervisory structures. (While this is certainly welcome news, as Vince Neil will tell you, just when things went right, it doesn't mean they were always wrong.) The...
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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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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