WASHINGTON — The Financial Industry Regulatory Authority (FINRA) submitted to the Securities and Exchange Commission (SEC) proposed rules addressing the financial exploitation of seniors and other vulnerable adults. FINRA is proposing amendments that would require firms to make reasonable efforts to obtain the name of and contact information for a trusted contact person for a customer's account.
News Releases & Statements
Implementation Date Set for July 10, 2017
WASHINGTON — The Securities and Exchange Commission has approved FINRA’s proposal to require its members to report certain transactions in Treasury Securities to FINRA’s Trade Reporting and Compliance Engine (TRACE). FINRA has set July 10, 2017 as the implementation date.
The requirement will apply to all Treasury securities except savings bonds. At this time, FINRA will not disseminate information on transactions in Treasuries and will not charge fees on reports for Treasuries.
WASHINGTON — The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Merrill Lynch, Pierce, Fenner and Smith Inc. $2.8 million for systemic trade reporting, Order Audit Trail System (OATS) reporting, books and records, and related supervisory violations that occurred over a period of several years.
WASHINGTON — The Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA) and the Municipal Securities Rulemaking Board (MSRB) today announced the opening of registration for the Compliance Outreach Program for Municipal Advisors to be held on November 10 as a live webcast on the MSRB website.
WASHINGTON — Beginning today, FINRA is expanding its alternative trading system (ATS) transparency initiative by publishing monthly information on block-size trades occurring on ATSs. The data is available free of charge on FINRA’s website.
Firm Fined $229,000, Ordered to Offer Rescission to Defrauded Investors, and Suspended Two Years From Engaging in Self-Offerings; Registered Representative Suspended Two Years
WASHINGTON — The Financial Industry Regulatory Authority (FINRA) announced today that a FINRA hearing panel has sanctioned Avenir Financial Group, fining the NY-based firm $229,000 and suspending it for two years from engaging in any self-offerings of securities for misconduct including the fraudulent sales of equity interests in the firm and promissory notes.
FINRA Provides Information and Assistance to Investors
WASHINGTON — Investors should beware of offers to recover money lost from securities investments for an upfront fee, according to an Investor Alert issued today by the Financial Industry Regulatory Authority (FINRA). In particular, FINRA cautions investors who live outside the U.S. that some of these offers may be fraudulent.
WASHINGTON —The Financial Industry Regulatory Authority (FINRA) announced the results of voting that took place at its 2016 Annual Meeting today in Washington, D.C. In accordance with FINRA By-Laws, small firms elected one Governor. FINRA also named two new public Governors to its Board of Governors.
Bob Muh, Chief Executive Officer, Sutter Securities, Inc. was elected as a Small Firm Governor, one of three representatives of small firms on the Board of Governors.
Office Manager Took $370,000 From Own Family’s Brokerage Accounts
WASHINGTON — The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Ameriprise Financial Services, Inc. $850,000 for failing to detect the conversion of more than $370,000 from five customer brokerage accounts by one of its registered representatives. Ameriprise failed to adequately investigate red flags associated with nine third-party wire requests, including that the funds were being transmitted to a business bank account associated with an Ameriprise representative.