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FINRA Fines Firms For Not Supervising L-Share Annuity Sales

USA - December 22 2016 For two years FINRA has made sales and marketing of L-Share variable annuities (VAs) a regulatory and examination priority. Not surprisingly, FINRA in...

FINRA to Overhaul Gifts, Non-Cash Compensation, and Business Entertainment Rules

USA - October 13 2016 On August 5, FINRA proposed amendments to its gifts rule (Rule 3220) along with new rules to replace the current provisions governing noncash...

Regulatory Musical Chairs for Money

USA - June 30 2016 The SEC and FINRA continue to play musical chairs with staff resources allocated to examinations of investment advisers and broker-dealers. According...

FINRA and NASAA Proposals to Protect Vulnerable Customers

USA - December 23 2015 The Financial Industry Regulatory Authority (FINRA) is seeking comments on proposed rules addressing financial exploitation of (i) seniors (age 65 or...

“Promptly transmit” redefined for some customer checks

USA - September 28 2015 The SEC and FINRA recently extended relief originally granted to accommodate suitability reviews of deferred variable annuities, so that the relief...