The Financial Industry Regulatory Authority has issued Regulatory Notice 10-19 reminding firms of their responsibilities when providing customers with consolidated financial account reports. These reports consolidate information regarding a customer’s various financial holdings. Among other things, FINRA reminds firms that consolidated reports are communications with the public, and, as such, must be accurate, clear and not misleading. Also, consolidated reports must be structured in such a manner that neither customers nor third parties are likely to be misled or confused as to the nature of the information presented, or mistake the reports for official account statements. The distribution of consolidated reports must comply with all applicable FINRA rules and federal securities laws.
Click here to read FINRA Regulatory Notice 10-19.