WASHINGTON — The Financial Industry Regulatory Authority (FINRA) announced today that it has censured and fined Merrill Lynch Professional Clearing Corp. (Merrill Lynch PRO) $3.5 million for violating Regulation SHO, an SEC rule that established a regulatory framework to govern short sales and prevent abusive naked short selling.
News Releases & Statements
WASHINGTON — The FINRA Investor Education Foundation released a new study, American Renters and Financial Fragility, which highlights the financial vulnerability of renters. American Renters reveals that renters tend to be less financially stable than homeowners, have lower rates of financial literacy and are more likely to experience a large drop in income.
FINRA's Dispute Resolution forum is a fair, efficient and cost-effective system to resolve disputes between and among investors, brokerage firms and individual brokers.
We have an aggressive recruitment campaign in place to seek individuals from diverse backgrounds to serve as arbitrators. Ongoing recruiting initiatives involve more than 100 organizations nationwide reaching out to all types of people through on-site events, targeted recruiting advertisements and direct marketing campaigns. (See Appendix)
WASHINGTON—The Securities and Exchange Commission, Financial Industry Regulatory Authority (FINRA) and the Municipal Securities Rulemaking Board (MSRB) today announced the opening of registration for the first Compliance Outreach Program for Municipal Advisors that will take place in Chicago, IL, on November 3, 2014.
WASHINGTON—The Financial Industry Regulatory Authority (FINRA) today issued Regulatory Notice 14-37 requesting comment on a proposed rule to implement the Comprehensive Automated Risk Data System (CARDS). CARDS would be designed to enhance investor protection and ensure market integrity by allowing FINRA to identify and quickly respond to high-risk areas and suspicious activities that it might not identify through its current surveillance and examination programs.
WASHINGTON—The Financial Industry Regulatory Authority (FINRA) announced that its Board of Governors approved a series of proposed rule changes regarding high-speed and algorithmic trading.
The proposals follow FINRA's meeting today, where much of the agenda focused on high-frequency trading and equity-market transparency. The Board also approved initiatives to enhance transparency and execution quality in fixed income markets.
WASHINGTON—The Financial Industry Regulatory Authority (FINRA) marked the 75th anniversary of the creation of the National Association of Securities Dealers (NASD) in 1939. In 1938, the Maloney Act amended the Securities Exchange Act of 1934 to provide for the creation of a regulatory entity that would create and enforce securities rules and promote just and equitable principles of trade.
WASHINGTON — The Financial Industry Regulatory Authority (FINRA) today announced that Linda D. Fienberg, President, FINRA Dispute Resolution, and Chief Hearing Officer is planning to leave the organization at the end of November. Ms. Fienberg joined FINRA in June 1996 and has responsibility for FINRA's dispute resolution and disciplinary hearing programs.
WASHINGTON — The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Citigroup Global Markets Inc. $1.85 million for failing to provide best execution in approximately 22,000 customer transactions involving non-convertible preferred securities, and for related supervisory deficiencies for more than three years. FINRA also ordered Citigroup to pay more than $638,000 in restitution, plus interest, to affected customers.