Articles Posted in FINRA

The 2024 FINRA Annual Regulatory Oversight Report provides a detailed overview of FINRA’s regulatory activities, priorities, and key initiatives for the year. The report covers areas such as market regulation, member supervision, enforcement actions, and rulemaking efforts. It also highlights trends in the financial industry, emerging risks, and FINRA’s response strategies. The document emphasizes the…

FINRA recently released Regulatory Notice 22-23 providing guidance on what firms should consider when constructing succession plans for Financial Advisors (“FAs”) who will no longer service their customers do to expected or unexpected life events. The Need for a Plan The Notice begins by listing the various cost/benefits of having or not having a succession…

On December 20, 2019, FINRA announced a settlement with John Carneglia. According to the AWC, Carneglia violated FINRA Rule 3210 for failing to notify his member firm of a brokerage account and violated FINRA Rule 3270 for failing to timely disclose an outside business activity. Underlying Facts Carenglia was registered with BNP Paribas from June…

FINRA wants a member firm to enforce its written supervisory procedures. And FINRA wants a member firm to recommend securities that fit within the customer’s investment objectives. And certainly FINRA wants a member firm to avoid falsification of business records. So what happens when a member firm doesn’t quite live up to FINRA’s expectations? Let’s…