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We publish The Neutral Corner to provide arbitrators and mediators with current updates
on important rules and procedures within securities dispute resolution. FINRA’s dedicated neutrals serve parties and other participants in the FINRA forum by taking advantage of this valuable learning tool.
SUGGESTED ROUTING
Senior Management
Legal & Compliance
Operations
Trading
Training
Executive Summary
On January 7, 1997, in Release No. 34-38132, the Securities and Exchange Commission (SEC) approved NASD® rules permitting the quotation of Direct Participation Programs (DPPs or limited partnerships) in the OTC Bulletin Board® Service (OTCBB) and requiring all transactions in DPPs to
FINRA is a not-for-profit, self-regulatory organization (SRO) dedicated to promoting investor protection and market integrity in a manner that facilitates vibrant capital markets. One of FINRA’s tools for achieving this objective is fair and effective enforcement of member firms’ compliance with securities laws and regulations.
FINRA’s highest priority when it identifies misconduct is to seek
The following is an overview of the rules and procedures applicable to funding portal members seeking to hire or retain a person who is or becomes subject to disqualification, and for funding portal members that themselves are or become subject to disqualification.
General Information on FINRA’s Eligibility Requirements
Under the FINRA By-Laws, no person shall be admitted to or continued in
On March 16, 2023, FINRA published responses to frequently asked questions concerning the MMTLP corporate action and trading halt (March 16, 2023, MMTLP FAQ). In that corporate action, the issuer decided that MMTLP shares would be cancelled and investors in those shares would receive a distribution of shares of Next Bridge Hydrocarbons, Inc. (Next Bridge). FINRA has continued to receive questions regarding the circumstances surrounding these events. In particular, some have questioned the level of short selling in MMTLP and suggested that there was a substantial amount of “counterfeit shares.” Although it is not clear what is meant by the term “counterfeit shares,” it has been used in social media when discussing “naked” short selling in a security and failures-to-deliver (FTDs). Some investors have expressed concern that, even though their brokerage account statements include shares of Next Bridge in their account, these shares may not have actually been delivered to their broker-dealer.
Transparency plays a central role in promoting the fairness and efficiency of U.S. markets, lowering transaction costs, leveling the playing field and enhancing public trust in our markets. And the data market transparency provides serves as the lifeblood of FINRA's surveillance program. On this episode, we hear about FINRA's historical commitment to market transparency and how it has impacted FINRA's regulatory regime.
Summary
With the recent increase in the number of customers seeking to open brokerage accounts and trade options, FINRA reminds members of the requirements for determining whether to approve a customer to trade options. Regardless of whether the account is self-directed or options are being recommended, members must perform due diligence on the customer and collect information about the customer
INFORMATIONAL
Minor Violations Of Rules And Late Fees
SUGGESTED ROUTING
KEY TOPICS
Legal & Compliance
Senior Management
Minor Rule Violation Plan
Schedule A of the NASD By-Laws
Executive Summary
On July 3, 2001, the Securities and Exchange Commission (SEC) approved rule changes proposed by the National Association of Securities Dealers, Inc. (NASD®) that afford the NASD more
We publish The Neutral Corner
to provide arbitrators and
mediators with current updates
on important rules and
procedures within securities
dispute resolution. FINRA’s
dedicated neutrals serve parties
and other participants in the
FINRA forum by taking advantage
of this valuable learning tool.