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Interactive Brokers, Schwab plan to fight $4.6 million arbitration award
The companies are concerned about bias on the arbitration panel. But an attorney for the claimants said the two failed to warn investors of red flags detected in their accounts.
Finra fines jump 43% in 2020 to $57 million
The number of of the regulator's disciplinary actions held steady, according to an Eversheds Sutherland analysis.
Cambridge Investment Research working on Finra settlement over alt fund sales
Finra's department of enforcement has investigated Cambridge's due diligence of the sale of the defunct LJM Preservation and Growth Fund.
Finra offers additional licensing exams online amid Covid-19
Finra will not require the documentation normally needed to obtain a testing accommodation. That will allow candidates to opt for an online exam if they’re reluctant to go to a test center.
SEC isn’t dropping the hammer yet in Reg BI exams
An SEC official indicated reviews are still meant more to help firms comply with Reg BI than to punish them for violations of the rule. But it's a good idea to document recommendations.
Finra censures, fines Securities America $125,000
Regulator says the firm caused recruits to take nonpublic personal client information.
Warren presses Finra to review whether forced arbitration harms Robinhood customers
'Investors harmed by Robinhood’s trading restrictions should be able to argue their case in court, rather than in closed-door proceedings that are too often rigged against claimants,' Warren wrote in a letter to Finra CEO Robert W. Cook.
Pandemic prompts brokerages to seek relaxed in-person inspection requirements
Member firms and trade associations representing them told Finra their pandemic experience has shown that supervisors don’t need to look over the shoulders of registered reps physically to ensure they’re following the rules.
Triad Advisors dinged $194,000 by Finra over supervision
Short-term mutual fund trades and variable annuity switching is generally regarded in the retail securities industry as a way for brokers and advisers to increase commissions at the expense of clients.
GameStop fireworks are likely to bog down in a regulatory slog
Those who oversee the markets are not built to react quickly to disruptions within them. Theirs is a world of study and deliberation. They have to listen to a wide range of public input. and they often leave much regulatory ambiguity in place.
Finra arbitrators order J.P. Morgan, former brokers to pay $19 million
A retailing matriarch won the decision against her grandsons, who invested her money in complex products. J.P. Morgan and the grandsons were also found liable for elder abuse under Florida law.
Finra zeroes in on online brokerage apps
The broker-dealer self-regulator cited a surge of new retail investors entering the markets via online platforms, which has led to a spike in more sophisticated kinds of trading, such as options.
Finra examines reps taking PPP loans for potential violations
Finra is concerned that some reps are receiving federal financial support connected to work they’re doing outside of their brokerage jobs. Its exams are not part of a sweep; they target individual reps who received loans.
Critics say Finra proposal to rein in rogues falls short
Under the measure, which the Financial Industry Regulatory Authority Inc. first released in May 2019, the broker-dealer self-regulator would use numeric thresholds for regulatory disclosures to identify firms that pose a heightened risk to investors.
Finra obtains $2.7 million in restitution related to 529 share-class initiative
Morgan Stanley’s $1.7 million settlement highlights remedies for excessive fees
Finra licensing policy puts women at a disadvantage amid COVID
Taking time off to have a child, care for a family member or provide home schooling amid the pandemic can derail a career in finance.
SEC’s amped-up oversight of complex financial products expected to continue under Biden
Agency says advisers, brokers must apply ‘heightened scrutiny’ to sales of risky ETPs
SEC warns of tougher Reg BI exams next year
The agency will ‘conduct enhanced transaction testing’ to see if firms are acting in customers’ best interests
Finra hits Transamerica with $8.8 million sanction
The settlement includes $4.4 million in restitutions to harmed customers over the sales of unsuitable VA, mutual fund and 529 products
Brokers, tell the B-D when selling cannabis investments
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