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FINRA Fines Revere Securities $800,000 for Small-Cap IPO-Related AML and Supervisory Failures

WASHINGTON—FINRA has fined Revere Securities LLC $800,000 for anti-money laundering (AML) and supervisory violations related to small-cap initial public offerings (IPOs) for foreign-based issuers. As part of the settlement, FINRA also required Revere to retain a third-party consultant to conduct a review of compliance with FINRA rules, obtain a report from the consultant with recommendations on how to remediate its supervisory procedures and systems, and implement those recommendations.

Regulatory Notice 26-17

Summary

FINRA has adopted amendments to FINRA Rule 4515.01 (Allocations of Orders Made by Investment Advisers) to eliminate the requirement that a principal review and approve allocations of bulk investment adviser orders received after trade date. The amendments preserve investor protections while removing unnecessary burdens in light of technological advances in the processing of allocations. The amendments will become effective on November 16, 2026.

Best Execution in Focus: A FINRA Forum on Regulatory Compliance in an Evolving Market Structure (Full Duration: 139 minutes)

Join FINRA for a forum bringing together market experts to examine the evolving landscape of best execution in today’s markets. With significant market structure developments underway, including the SEC’s proposed rescission of Regulation NMS Rules 611 and 610(e), this forum provides an opportunity to explore the practical and regulatory implications for firms’ duty of best execution under FINRA Rule 5310. This event will feature two expert panels exploring these topics from both a practical and regulatory perspective.
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