Conflicts of interest can arise in any relationship where a duty of care or trust exists between two or more parties, and, as a result, are widespread across the financial services industry. While the existence of a conflict does not, per se, imply that harm to one party’s interests will occur, the history of finance is replete with examples of situations where financial institutions did not
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Publication Date: March 20, 2025Interpretations are marked in blue background beneath the rule text to which they relate. 15c3-3 Customer protection — reserves and custody of securities.Except where otherwise noted, § 240.15c3-3 applies to a broker or dealer registered under section 15(b) of the Act (15 U.S.C. 78o(b)), including a broker or dealer also registered as a security-
INFORMATIONAL
Confidential Customer Information
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KEY TOPICS
Legal & Compliance
Senior Management
Consumer Information
SEC Regulation S-P
Executive Summary
In light of recently enacted federal law, NASD Regulation, Inc. (NASD RegulationSM)
Market Regulation Compliance Report Cards
On September 24, 1998, staff of the Market Regulation Department (Market Regulation) of NASD Regulation began making available quantitative reports for each NASD member firm concerning its compliance with trade reporting, firm quote, and best execution. The reports are being provided to firms as a compliance aid to assist them in ensuring that they are
The Best Execution topic of the 2024 FINRA Annual Regulatory Oversight Report (the Report) informs member firms’ compliance programs by providing annual insights from FINRA’s ongoing regulatory operations, including (1) regulatory obligations and related considerations, (2) findings and effective practices, and (3) additional resources.
By Kara Williams and Gargi Sharma
Here is a look back at a few key topics related to anti-money laundering (AML) obligations that rose to the level of being included in FINRA’s 2023 Examination and Risk Monitoring Report. These threats continue to be prevalent today and remain as areas of focus for FINRA’s Complex Investigations and Intelligence (CII) section.
One was manipulative trading in
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FINRA hosted a Regulation Best Interest (Reg BI) conference on Dec.18, 2019 in Washington, D.C. for firms to discuss best practices and approaches. Approximately 500 compliance officers and other industry participants attended the one-day event focused on assisting firms as they gear up for the June 30, 2020 compliance date for the SEC’s Reg BI and Form CRS.Reg BI establishes a "best
(a) Filing Requirements
Each member that sells a security in a non-public offering in reliance on an available exemption from registration under the Securities Act ("private placement") must: (i) submit to FINRA, or have submitted on its behalf by a designated member, a copy of any private placement memorandum, term sheet or other offering document, including any materially amended
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Legal & Compliance
Operations
Systems
Trading
Executive Summary
Effective June 1, 1995, the Securities and Exchange Commission (SEC) is adopting Rule 17a-23 and Form 17A-23 under the Securities Exchange Act of 1934. The Rule requires broker/dealers that operate automated trading systems to maintain participant, volume, and transaction
