Washington, DC — The Financial Industry Regulatory Authority (FINRA) today announced the launch of its first, broad-based advertising campaign aimed directly at baby boomers, a demographic that its research shows lacks confidence in their investing knowledge and is eager to better understand their investment options.
News Releases & Statements
Washington, D.C. (November 7, 2007)—A new study of employer-sponsored retirement plans shows that employees are nearly unanimous in their support of being automatically enrolled in their companies' 401(k) plans.
The study was conducted by Harris Interactive® on behalf of Retirement Made Simpler (RMS), a coalition formed by AARP, the Financial Industry Regulatory Authority (FINRA), and the Retirement Security Project (RSP) to improve the way Americans save for retirement.
Washington, DC — The Financial Industry Regulatory Authority (FINRA) today published guidance to firms on a new rule covering transactions in deferred variable annuities. FINRA Regulatory Notice 07-53 outlines the provisions of Rule 2821, which will become effective on May 5, 2008.
Washington, D.C. — The Financial Industry Regulatory Authority (FINRA) announced today that it has expelled Franklin Ross, Inc. (FRI) of Princeton, NJ from FINRA membership for repeatedly violating anti-money laundering (AML) rules. FINRA also imposed fines and suspensions against two of the firm's principals - its former president, Mark G. Ross, Jr., and its current president, Kevin K. Herridge. By federal statute, a firm must be a FINRA member in order to conduct a public securities business.
Washington, D.C. — The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Oppenheimer & Co. Inc. $1 million for submitting mutual fund breakpoint data to FINRA that the firm knew to be inaccurate, as well as for related supervisory deficiencies. FINRA also ordered the firm to engage an independent consultant to evaluate its policies, systems and procedures for responding to information requests from regulators.
Washington, D.C. — The Financial Industry Regulatory Authority (FINRA) today announced the results of elections to fill seven industry seats on its 23-member Board of Governors. The elections were conducted at FINRA's first-ever Annual Meeting on October 26. The newly elected Governors will serve three-year terms.
FINRA Fines UBS Financial Services $370,000 for Late Reporting, Failing to Report Broker Information
Washington, D.C. — The Financial Industry Regulatory Authority (FINRA) announced today that it has censured and fined UBS Financial Services, Inc. (UBS) $370,000, for making hundreds of late disclosures to FINRA's Central Registration Depository (CRD) of information about its brokers, including customer complaints, regulatory actions and criminal disclosures. Those reporting violations occurred over a three-year period, from January 2002 through December 2004.
Washington, DC — The Association for Financial Counseling and Planning Education (AFCPE) today is launching a unique financial training program for professionals who counsel married or divorcing couples, a program funded by the FINRA Investor Education Foundation.Formerly known as the NASD Investor Education Foundation, the FINRA Investor Education Foundation was established in 2003 and is the largest foundation in the United States dedicated to investor education.
FINRA Identifies Energy Stocks as Latest "Pump and Dump" Scheme
Washington, D.C. — The FINRA Investor Education Foundation has awarded a grant of $324,125 to the University of Central Florida to analyze how well investors understand the disclosure information presented with financial products—and how to make that information more meaningful to both retail and institutional investors.Formerly known as the NASD Investor Education Foundation, the FINRA Investor Education Foundation was established in 2003 and is the largest foundation in the United States dedicated to investor education.