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Stories of Interest
- State Street Challenging BNY Mellon As Largest Custody Bank
- Changes to FINRA Advisory Committees: Phase 1
- SEC Approves CAT Fee Dispute Resolution Process
- Boston-Area Consultant & Friend Settle SEC Insider Trading Charges
- SEC Chair Clayton: Statement on Status of the Consolidated Audit Trail ('CAT')
- Goldman to Launch $5bn Fund with China Investment Corp.
- Wells Fargo Launches Robo-Adviser Targeting Millenial Investors
- Barclays Fails to End U.S. 'Dark Pool' Class Action
- Goldman Sachs' Chief Risk Officer, Craig Broderick, to Retire
- Time to Renew FINRA Registrations - B/D, IA, Agent, IA Rep, Branches
- New Jersey’s Next Governor Could Be a Democrat Who Worked at Goldman Sachs
- FINRA New York Region Networking Seminar - December 1st
- SEC Approves “Pay-to-Play” and Related Rules for Capital Acquisition Brokers
- Hedge Fund Giant Paul Singer Targeted for Destruction by Steve Bannon
- Saudi Arabia's arrest of Prince Alwaleed 'would be like arresting Warren Buffett or Bill Gates' in the US
- Arrest of Billionaire Saudi Prince Touches Sizable Stakes - Citigroup, Twitter, Lyft
- New York Fed President William Dudley set to announce retirement
- FINRA Arbitration Panel Rules Against ex-LPL Broker in $30Mn Lawsuit vs. Firm
- OOPS! Goldman, JPMorgan, BofA Fail in Pricing an IPO
- Former Merrill Broker Pleads Guilty to Fee Fraud, Faces Up To 25 Years
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NEWSLETTERS & ALERTS
Broker-Dealer Cybersecurity - FINRA Podcast
In the Part I of a 3-part series, Chip Jones, FINRA SVP of Member Relations and Education, leads a discussion with Susan Axelrod, FINRA EVP for Office of Regulatory Operations, and Dave Kelley, Surveillance Director from FINRA's KC District Office, about common deficiencies FINRA staff see during examinations of firms' cybersecurity programs. The podcast duration is 6-1/2 minutes.
PODCAST HIGHLIGHTS. While FINRA has no Cybersecurity Rule, and has no intention of implementing one, it takes every available opportunity to converse with member firms about the issue, including:
- to understand what steps firms take to safeguard customer data.
- to share best practices with member firms.
- to evaluate each firm's risk assessment framework.
- to evaluate each firm's consistency with peers.
FINRA seeks to allay firms' concerns about these dialogs. Rarely, rarely will FINRA write up a firm for deficiencies. However, write-ups will occur when FINRA comes across situations it feels strongly about - e.g., where access controls are so weak that someone who has left the firm can still access the system to enter trades.
NEXT UP - PART II. Formalizing the oversight of a firm's cyber program in strengthening controls around access to data and systems.