Finds Rules Have Been Effective, and Begins Process of Updating
WASHINGTON — The Financial Industry Regulatory Authority's rules governing its Membership Application Program (MAP) have been effective in meeting their investor-protection objectives, and there are opportunities to make the rules and related processes more efficient, according to a
News Releases & Statements
Financial-Readiness Program Helps Military Spouses Foster Their Own Careers
WASHINGTON — The FINRA Investor Education Foundation's Military Spouse Fellowship Program today opened the application process for its 2016 class of Military Spouse Fellows. The program provides military spouse recipients with the education and training needed to earn the Accredited Financial Counselor® (AFC®) designation.
WASHINGTON, D.C. — The Financial Industry Regulatory Authority's Board of Governors today approved a proposal designed to help retail customers understand and compare transaction costs in fixed-income securities. The proposal, subject to the approval of the Securities and Exchange Commission, would require member firms to disclose on retail customer confirmations the "mark-up" or "mark-down" for most transactions in corporate and agency debt securities.
Supervisor Barred from Supervising, Suspended and Fined; Additional Broker Sanctioned
WASHINGTON — The Financial Industry Regulatory Authority (FINRA) announced today that it has barred broker George Johnson from the securities industry for engaging in a manipulative trading scheme to artificially inflate the market price and trading volume for the common stock of IceWEB, Inc. (OTCBB: IWEB). FINRA also sanctioned Christopher Wynne, Johnson's supervisor, suspending him for two years in all capacities, barring him in a principal capacity, and fining him $25,000.
FINRA announced today that it has barred two Buffalo-based brokers – Timothy S. Dembski and Walter F. Grenda – from the securities industry for fraud in connection with the sale of a hedge fund, the Prestige Wealth Management Fund, LP. Dembski and Grenda's misconduct occurred while they were employed with Mid Atlantic Capital Corporation.
WASHINGTON, D.C. — Advertisements touting higher-than-average CD yields might actually be a lure to trick investors into buying costly investments, the Financial Industry Regulatory Authority said today in a new Investor Alert.
WASHINGTON — The Securities and Exchange Commission and the Financial Industry Regulatory Authority (FINRA) today announced the opening of registration for their 2016 Regional Compliance Outreach Programs for Broker-Dealers that will take place in New York, Atlanta, Dallas, Boston, Chicago, and San Francisco, beginning in the spring.
WASHINGTON — The Financial Industry Regulatory Authority (FINRA) today released its 2016 Regulatory and Examination Priorities Letter highlighting three broad issues – supervision, risk management and controls; and liquidity. The letter also emphasizes firm culture, conflicts of interest and ethics, and the significant role each of these plays in the way a firm conducts its business.
FINRA cites some overarching themes in the letter:
WASHINGTON – The Financial Industry Regulatory Authority (FINRA) wants investors to start 2016 on the right financial foot and is offering several suggestions to help investors step back and take stock – literally and figuratively – of their investment portfolios.
FINRA today released a year-end report on the FINRA Securities Helpline for Seniors 1-844-57-HELPS (1-844-574-3577), which has fielded more than 2,500 calls and helped investors recover nearly $750,000 in voluntary reimbursements from firms since its launch in April. The report highlights important lessons for investors gleaned from calls and lays out effective practices for firms to consider when working with senior investors.