News Releases & Statements

WASHINGTON—FINRA today announced the opening of registration for the 2020 FINRA Artificial Intelligence (AI) Virtual Conference and FinTech Office Hours Nov. 9-10.

FINRA and the FINRA Investor Education Foundation (FINRA Foundation) join securities regulators and investor advocates around the globe to raise awareness about the importance of investor education and protection in recognition of World Investor Week 2020, a global weeklong campaign held Oct. 5-11, which will be celebrated throughout the entire month of October due to the ongoing pandemic.

A Key Architect of the ABLE Act Recognized for Efforts to Advance Financial Capability for People with Disabilities WASHINGTON – The FINRA Investor Education Foundation (FINRA Foundation) today awarded Michael Morris the 2020 Ketchum Prize—its highest honor—for his extraordinary leadership in creating a better economic future for people with disabilities through advocacy, research and educat

WASHINGTON – FINRA announced today that Michael Rufino will leave the organization at the end of this year after more than 32 years of dedicated service protecting investors and ensuring market integrity. Rufino most recently served as Head of Member Regulation (Sales Practice), where he guided and oversaw FINRA’s Sales Practice Examination, Risk Monitoring and Membership Application Programs in 14 District offices.

The FINRA Investor Education Foundation, in collaboration with researchers from Rush University Medical Center, released two studies today examining links among financial and health knowledge, cognitive health and financial and health decision making among older persons.  

Board Approves Two Rulemaking Items, Meets With External Stakeholders WASHINGTON – FINRA’s Board of Governors met virtually on September 9 and 10. During the meeting, the Board approved two rulemaking items, and received updates on FINRA’s operations, including the Examination and Risk Monitoring Program Transformation and the Market Regulation Enforcement program.

Study Suggests Overconfidence in Financial Knowledge May Lead to Excessive Financial Risk Taking Among Older Investors WASHINGTON, D.C. – America’s older investors, many facing diminished financial knowledge and overconfidence in their ability to make sound investment decisions, may engage in more risky financial behaviors as they continue to age, according to new research from the FINRA Investor Education Foundation (FINRA Foundation), in collaboration with researchers from Duke University and Rush University Medical Center.

Firms to Pay $1.4 Million in Restitution to Approximately 100 Affected Customers WASHINGTON—FINRA announced today that Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC (Wells Fargo) have agreed to pay more than $1.4 million in restitution, plus interest, to approximately 100 customers and fines totaling $675,000 for failing to supervise recommendations that customers switch from variable annuities to investment company products.

WASHINGTON – Military service members and their families often face unique financial challenges complicated by frequent moves, cost of living adjustments and un- or underemployment of military spouses. In an ongoing effort to increase the financial capability of service members and their spouses, the FINRA Investor Education Foundation Military Spouse Fellowship awarded 50 fellowships to military spouses seeking to earn their AFC® (Accredited Financial Counselor®) designation.

WASHINGTON—FINRA announced today that it has fined Interactive Brokers LLC $15 million for widespread failures in the firm’s anti-money laundering (AML) program, which persisted for more than five years. As part of the settlement, FINRA also required Interactive Brokers to certify that it will implement the recommendations of a third-party consultant to remedy the firm’s AML program failures.