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UPDATE 10/19/2018: During the week of Oct. 8, 2018, exceptional market volatility again produced record numbers of electronic messages processed by FINRA, including the three highest-volume days in history:
The 107 billion messages processed on Oct. 10 topped the previous record of 101 billion set on March 28, 2018.
The very next day – Oct. 11 – saw a significantly higher record set: 135
Just over one year ago, FINRA launched the Innovation Outreach Initiative as part of FINRA360, our comprehensive organizational review. The Initiative began an ongoing dialogue with industry participants, investor advocates and policy makers centered on the implications of financial technology (fintech) for the broker-dealer industry.
Imagine a new age of regulation in which compliance efforts were highly effective, and were also inexpensive. This seeming alchemy is coming to financial services in the form of new-generation “regtech.”
We are conducting a comprehensive self-evaluation and organizational improvement initiative called FINRA360. The objective of this effort, which CEO Robert Cook launched in early 2017, is to ensure that FINRA is operating as the most effective self-regulatory organization (SRO) it can be, working to protect investors and promote market integrity in a manner that supports strong and vibrant
Listen to FINRA CEO Robert Cook discuss proposed new Rule 4111 at the 2019 FINRA Annual Conference.
Summary
As part of FINRA’s ongoing initiatives to protect investors from misconduct, FINRA is requesting comment on proposed new Rule 4111 (Restricted Firm Obligations) that would impose tailored obligations, including possible financial requirements, on designated member firms that cross
Restitution Ordered; Firm Ordered to Send Corrective Disclosures to Affected Plan Participants
WASHINGTON — FINRA announced today that it has fined AXA Advisors, LLC (AXA) $600,000 and ordered the firm to pay approximately $172,000 in restitution to affected 401(k) retirement plan participants for distributing materials that negligently misrepresented that certain bond funds offered for 401(k)
Industry Governor (Independent Dealer/Insurance Affiliate Governor)
President and CEO, Cambridge Investment Research, Inc.
Governor Since 2017
Committees: Regulatory Oversight Committee
Professional Experience
President and CEO, Cambridge Investment Research, Inc. (1998 – present)
Director, SunAmerica Securities, Inc. (1995 – 1998)
Operations Principal, Coordinated Capital Securities
/01 Responsibility of Personnel
Rule 435(5)T, which prohibits the circulation of rumors, extends personal responsibility for its observation to all member organization personnel. Those who service accounts, those who are handling the member organization's long distance wires and those on the trading desks must in particular exercise a high degree of individual responsibility as their
(a)
/01 Reserved.
/02 Information to be Disclosed
Statements of accounts to customers must clearly and prominently disclose on the front of the statement:
1. the identity of the introducing and carrying organization and their respective phone numbers for service1;
2. that the carrying organization is a
/01 Automatic Money Market Fund Redemptions
Member organizations that establish an automatic money market fund redemption program for customers having both a securities and money fund account, wherein the customer may elect to have securities purchases paid for via an automatic liquidation of fund shares, will not be required to obtain a customer's written authorization provided that:
1