WASHINGTON—FINRA today announced it has made available new resources to assist member firms in their efforts to comply with the Securities and Exchange Commission (SEC) Regulation Best Interest (Reg BI) and Form CRS by the rules’ compliance date of June 30, 2020. FINRA is assisting members in a variety of ways including by providing a new Reg BI and Form CRS Checklist – available on FINRA’s Reg BI webpage along with a number of other resources – and by hosting several FINRA Reg BI events in the coming months.
News Releases & Statements
University of Pennsylvania Professor Recognized for Outstanding Service and Research to Advance Investor Protection and Financial Capability in the U.S.
Olivia Mitchell
WASHINGTON – FINRA’s Board of Governors met on Sept. 24-26 at FINRA’s offices in New York, where it approved six rule proposals and received several operational updates from FINRA staff.
Statistical Overview of Brokerage Firms, Registered Representatives and Trading Activity
WASHINGTON—FINRA today published the 2019 FINRA Industry Snapshot, its second annual statistical report on the brokerage firms, registered representatives and market activity that FINRA regulates.
Firm Inaccurately Represented the Tax Status of Thousands of Interest Payments to Customers; Restitution Ordered
WASHINGTON—FINRA today announced it has censured and fined UBS Financial Services Inc. (UBS) $2 million for the firm’s repeated failures in timely addressing municipal short positions and in inaccurately representing the tax status of thousands of interest payments to customers.
Joint Research by FINRA Foundation, BBB and Stanford Center for Longevity show increased public awareness from news media reports, word of mouth and business intervention boost consumers’ defenses
WASHINGTON – The FINRA Investor Education Foundation (FINRA Foundation) today released new fraud research that shows that the scams with the highest engagement and victimization rates involve online purchases and social media—outpacing telephone, mail and email fraud.
WASHINGTON—FINRA announced today that Susan Schroeder plans to leave FINRA later this year, after leading the Department of Enforcement since 2017. Schroeder led the consolidation of FINRA’s enforcement functions into a new, unified group. The consolidated enforcement team now comprises 340 employees working in New York, Rockville, and 14 district offices handling disciplinary actions from across FINRA, from potential fraud to trading-based misconduct to sales practice violations.
Prevented Numerous Regulatory Investigations; Prevented Other Member Firms and Public from Learning About Allegations Including Misappropriation of Funds
WASHINGTON—FINRA today announced it has censured and fined J.P. Morgan Securities LLC (JPMS) $1.1 million for failing to timely disclose 89 internal reviews or allegations of misconduct by its registered representatives and associated persons spanning a six-year period. FINRA also required an undertaking by the firm to certify within 60 days that it has taken appropriate corrective measures.
WASHINGTON — FINRA today announced the retirement of Executive Vice President Cam Funkhouser after more than 35 years of service at the organization. Funkhouser has led FINRA’s Office of Fraud Detection and Market Intelligence (OFDMI) – including the Insider Trading and Fraud Surveillance units, FINRA's Complaint Center and FINRA's Whistleblower program – since its creation 10 years ago. He will remain in his position until the end of the year.
WASHINGTON—FINRA announced today the election or appointment of four Governors to its Board of Governors: