BROWSE BY TOPIC
Stories of Interest
- Billionaire Investor John Paulson's Hedge Fund Is 'Rightsizing', And a Bunch of Senior Staff are Leaving
- 10 Years Ago a Wall Street Firm With $400Bn in Assets Collapsed. Why Bear Stearns Could Happen Again
- FINRA Disciplinary Actions for March 2018
- Ex-Deutsche Bank Trader Pleads Guilty Over Euribor Rigging
- SEC Proposes Transaction Fee Pilot for NMS Stocks
- FINRA Board of Governors Meeting - March 2018
- Winklevoss Twins Have a Plan to Police Cryptocurrency Trading
- Trump Picks Larry Kudlow as New Top Economic Adviser, Source Says
- A Decade On, Was Bear a Bad Deal for JPMorgan?
- Theranos, Its CEO and Former President Charged With Massive Fraud
- Wall Street's ‘Diva of Distressed’ Throws Her Funds Into Bankruptcy
- How a Former NBA #1 Draft Pick Went From $61Mn Fortune to Owing $157K
- Foreign Affiliates of KPMG, Deloitte, BDO Charged in Improper Audits
- Trump Fires Secretary of State Tillerson - Picks CIA Director Pompeo
- Credit Karma, Pre-IPO FinTech Company, Violated Rule 701 Disclosure Requirements - SEC
- Goldman Sachs' Schwartz Retires, Paves Way for Solomon as Next CEO
- Damning Emails: Trump's Lawyer Used Trump Organization Email in Hush-Money Negotiations with Porn Star Stormy Daniels
- 'Pharma Bro' Martin Shkreli Sentenced to 7 Years In Prison - Says 'This is My Fault'
- FINRA Investor Alert: Lost Property - Don't Be Escheated Out of Your Savings or Investments
- Analyst Dick Bove Calls Possible Blankfein Exit from Goldman 'Wonderful' News
We seek to provide information, insights and direction that may enable the Financial Community to effectively and efficiently operate in a regulatory risk-free environment by curating content from all over the web.
Stay Informed with the latest fanancialish news.
NEWSLETTERS & ALERTS
FINRA Highlights Its 2017 Exam Priorities
FINRA is using podcasts to highlight its 2017 Exam Priorities that were disseminated to member firms earlier this year. In today’s podcast, the third in a 4-part series, FINRA presents the following observations pertaining to key issues:
1. CYBER SECURITY. FINRA has noted repeated branch cyber compliance shortcomings pertaining to:
- branch office cyber compliance controls - (i) password strength and sharing; (ii) data encryption; (iii) portable storage device use; (iv) virus protection.
- correct data storage – (i) failure to store certain records in non-rewritable, non-erasable format.
2. FIRM’S OWN TESTING OF SUPERVISORY CONTROLS. FINRA notes that controls most commonly break down when a firm increases the scales or scope of its business, or it changes from a legacy to a new compliance system. Most common
3. CUSTOMER PROPERTY AND SEGREGATIONS OF CLIENT ASSETS (SEC RULE 15C3-3). When looking at firms’ documentation and procedures, FINRA has noted: (i) some firms engage in transactions with little or no economic substance just to reduce their reserve or segregation requirements.
4. SEC REG. SHOW (SHORT SALES). FINRA finds that: (i) firms don’t always have reasonable grounds to believe that shares are available for borrowing before entering short sales.
5. AML AND SUSPICIOUS ACTIVITY TRANSACTIONS. FINRA has noted deficiencies related to: (i) data integrity issues; (ii) suspicious microcap activity; (iii) foreign currency transaction monitoring; and, (iv) accounts controlled by nominee companies.
6. MUNI ADVISOR REGISTRATION. FINRA finds that: (i) some firms are not registering correctly with the SEC and the MSRB; and, (ii) not adequately registering their personnel.