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The Liquidity Risk Management section of the 2022 Report on FINRA’s Risk Monitoring and Examination Activities (the Report) informs member firms’ compliance programs by providing annual insights from FINRA’s ongoing regulatory operations, including (1) relevant regulatory obligations and related considerations, (2) exam findings and effective practices, and (3) additional resources.
Report Brings Attention to Opportunities and Risks Presented by the Technology
WASHINGTON— FINRA released today a new report, Quantum Computing and the Implications for the Securities Industry. While practical quantum computing remains nascent, the research examines how the emerging technology that relies on quantum mechanics to perform complex calculations could significantly alter the
(a) Member Application Process
(1) Definitions
(A) "Associated Person"
Solely for purposes of paragraph (a) of this Rule, the term "associated person" means any: (1) sole proprietor, partner, officer, director or manager of a funding portal, or other natural person occupying a similar status or performing similar functions; (2) natural person directly
I do not believe testing investors' knowledge of complex products as a prerequisite to their purchase is an effective way to protect those investors. Test answers could be obtained from the internet without the investor actually retaining the knowledge effectively. Additionally, a lack of understanding of a particular subset of complex products should not be reason to deny the purchase of a
It is an investors right to be able to access the entirety of the public securities markets. To limit this to certain high net worth individuals is discriminatory and likely easily overturned in court. Why waste the public's money on guaranteed litigation? Requiring testing before allowing investment is also a barrier to entry. What if I'm someone of lesser means, do I have to pay to
As a reminder, FINRA will be retiring the current FINRA New Issue Form and will be replacing it with an updated submission platform beginning Monday, September 28, 2020. The new platform will be available with the same log in credentials used to access the FINRA New Issue Form today.
FINRA has now included a training video to assist clients in the transition to the new platform.
To find more
WASHINGTON—FINRA, Cboe Global Markets, The Nasdaq Stock Market LLC, the New York Stock Exchange, and their affiliated Exchanges (collectively, “Exchanges”) today announced that they censured Credit Suisse Securities (USA) LLC, and fined the firm a total of $6.5 million for supervisory violations and violations of various provisions of Rule 15c3-5 of the Securities Exchange Act of 1934 (known as
WASHINGTON—FINRA announced today that it has fined Robinhood Financial, LLC $1.25 million for best execution violations related to its customers’ equity orders and related supervisory failures that spanned from October 2016 to November 2017. As part of the settlement, Robinhood also agreed to retain an independent consultant to conduct a comprehensive review of the firm’s systems and procedures
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Executive Summary
On March 18, 1993, the Securities and Exchange Commission (SEC) approved NASD rules regarding quotation- and transaction-reporting requirements for members trading high-yield, fixed-income securities. The following Notice answers some commonly asked