On April 11, the Financial Industry Regulatory Authority (FINRA) issued Regulatory Notice 21-18 (Notice) in response to increasing reports from customers experiencing customer account takeover (ATO) incidents.
Continue Reading FINRA Shares Practices Firms Use to Protect Customers from Online Account Takeover Attempts
Susan Light
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FINRA Dispute Resolution Services to Reopen Most Hearing Locations for In-Person Arbitration and Mediation
By Susan Light & Shelby Kost on
Posted in Broker-Dealer
Beginning on June 5, the Financial Industry Regulatory Authority Dispute Resolution Services (FINRA DRS) will permit in-person hearings to resume at most of its hearing locations for in-person arbitration and mediation proceedings. …
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SEC Division of Investment Management Staff Publishes Public Statement on Funds Registered Under Investment Company Act Investing in Bitcoin Futures Market
By Susan Light & Shelby Kost on
Posted in Broker-Dealer
On May 11, the Securities Exchange Commission’s (SEC) Division of Investment Management (IM) staff issued a Public Statement (Statement) strongly encouraging any investor interested in investing in mutual funds exposed to the Bitcoin futures market to carefully consider the risks involved with such investments. …
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Consolidated Audit Trail Publishes New Roadmap to Assist Small Firms With Reporting Obligations
By Susan Light & Shelby Kost on
Posted in Broker-Dealer
On May 7, Consolidated Audit Trail, LLC and FINRA CAT, LLC (CAT) published a new roadmap to assist Small Firms with their reporting obligations for CAT Reportable Securities by the compliance date of December 13. …
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FINRA Seeks Comment Regarding Diversity and Inclusion Initiatives
By Susan Light & Gregory A. Uffner on
Posted in Broker-Dealer
The Financial Industry Regulatory Authority (FINRA) is seeking comment on rules, operations and administrative processes that may create unintended disparate impacts on those within the industries that FINRA regulates. …
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FINRA Seeks Comment on Proposed Amendments to Margin Rule Requirements
By Susan Light & Gregory A. Uffner on
Posted in Broker-Dealer
The Financial Industry Regulatory Authority (FINRA) is requesting comment on proposed amendments to Rule 4210 (Margin Requirements) that seek to clarify current interpretations related to extended settlement transactions. …
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SEC Small Business Capital Formation Advisory Committee to Discuss Opportunities for Underrepresented Founders and Investors
By Susan Light & Jack A. West on
Posted in Broker-Dealer
On April 26, the Securities and Exchange Commission announced that its Small Business Capital Formation Advisory Committee (Committee) will meet on Friday, April 30, to discuss solutions to increase access to capital for underrepresented founders and investors from smaller, regional funds. The meeting will include a presentation from the Office of the Advocate for Small…
Upcoming Effective Date of FINRA Rules Regarding Brokers With a Significant History of Misconduct
By Susan Light & Jack A. West on
Posted in Broker-Dealer
On March 10, the Financial Industry Regulatory Authority (FINRA) issued Regulatory Notice 21-09 announcing FINRA’s adoption of new rules to address brokers with a significant history of misconduct and the broker-dealers that employ them, as discussed in the March 12, 2021 edition of Corporate & Financial Weekly Digest). Amendments to FINRA Rule 8312 (FINRA…
Alex Oh Resigns From SEC; Melissa Hodgman Named Acting Director of Enforcement
By Susan Light & Jack A. West on
Posted in Broker-Dealer
On April 28, the Securities and Exchange Commission announced that Alex Oh resigned her position as Director of the Division of Enforcement. Melissa Hodgman, who had previously served as the Acting Director of the Division of Enforcement prior to Ms. Oh’s appointment, will return to such role.
Gary Gensler Names Initial Senior Staff Members
By Susan Light & Elise W. Michael on
Posted in Broker-Dealer
On April 19, the Securities and Exchange Commission announced the appointments of SEC Chair Gary Gensler’s senior staff, who will be responsible for advising Gensler on matters before the SEC. Prashant Yerramalli, appointed as SEC’s Chief of Staff, will continue to serve the role, which he has held since January under Acting Chair Allison Herren…