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Firm Also Failed to Maintain Supervisory System, Report Customer Complaints
WASHINGTON—FINRA announced today that it has fined Webull Financial LLC $3 million for not exercising reasonable due diligence before it approved customers for options trading; not maintaining a supervisory system reasonably designed to identify and respond to customer complaints; and not reporting certain written
Money laundering looks different in the securities industry and that poses its own challenges. Add to that a landscape of constantly evolving threats and it is a lot to keep up with. On this episode, we hear about emerging threats and how firms can ensure their AML program remains strong and effective.
In observance of Christmas and New Year’s Day, FINRA’s Market Transparency Reporting Systems will follow the schedule below:Monday, December 25, 2023 ClosedMonday, January 1, 2024 ClosedAffected applications include:Alternative Display Facility (ADF)Over-the-Counter Reporting Facility (ORF)Trade Reporting and Compliance Engine (TRACE)FINRA/Exchange Trade
SUGGESTED ROUTING*
Legal & Compliance
Mutual Fund
*These are suggested departments only. Others may be appropriate for your firm.
EXECUTIVE SUMMARY
The Securities and Exchange Commission recently approved an amendment to Article 111, Section 35 of the NASD Rules of Fair Practice. The amendment requires that
SUGGESTED ROUTING*
Internal AuditLegal & ComplianceTrading
*These are suggested departments only. Others may be appropriate for your firm.
EXECUTIVE SUMMARY
The Department of the Treasury recently established a toll-free number, 800-BSA-CTRS, as a hotline for reporting suspicious currency transactions. Broker-dealers can use the hotline to refer information on transactions that appear
SUGGESTED ROUTING*
Senior Management
Legal & Compliance
Mutual Fund
Trading
*These are suggested departments only. Others may be appropriate for your firm.
IMPORTANT MAIL VOTE
EXECUTIVE SUMMARY
The NASD invites members to vote on a proposed amendment to Article III, Section 35 of the NASD
TO; All NASD Members
LAST VOTING DATE IS MAY 28, 1988
EXECUTIVE SUMMARY
NASD members are invited to vote on new Section 3 to Article VII of the NASD By-Laws, which grants emergency authority to the NASD Board of Governors and a committee consisting of the Chairman of the Board (or Vice Chairman in his absence), the NASD President, and a member of the Executive Committee—to take various actions
FINRA Revises the Investment Company and Variable Contracts Products Principal (Series 26) Examination Program
SEC Approves Amendments to the Codes of Arbitration Procedure to Establish a $200 Honorarium for Contested Subpoenas or Orders
SUGGESTED ROUTING:*
Senior ManagementLegal & ComplianceOperations*These are suggested departments only. Others may be appropriate for your firm.
EXECUTIVE SUMMARY
On April 17, 1991, the Department of Treasury issued 56 FR 15529-15532 containing proposed amendments to 17 CFR Part 403 ("Protection of Customer Securities and Balances"). The proposal would implement a buy-in