BROWSE BY TOPIC
Stories of Interest
- Canada's CIBC Completes $5Bn PrivateBancorp Buy
- Word ‘Women’ Literally Never Appears in U.S. Senate’s 142-Page Health-Care Bill
- Stephen Pierce, Goldman Sachs Global Head of Equity Markets, To Retire
- Al Gore 'Not Very Smart,’ But Became Filthy Rich Using Simple Investing Formula - Charlie Munger
- U.S. Regulators, Lawmakers Support Volcker Rule Revamp at Hearing
- Morgan Stanley Opts for Frankfurt as New EU Hub
- A New Risk for Goldman, Morgan Stanley in Stress Tests (subsc reqd)
- A Trump Bump for Law Firm of President’s Lawyer - Kasowitz Benson Torres
- JPMorgan, BofA, Goldman, Citi, Wells Fargo Pass Fed's Stress Test
- Blackstone Stock Still Trading at $31 - Its IPO Price From 10 Years Ago
- NJ Resident and NY-Based Global FX Club Charged with Solicitation Fraud, Misappropriation - CFTC
- Senate Republicans Release Plan to Replace Obamacare - The Details
- Berkshire Hathaway Throws $1.5Bn Lifeline to Canada's Home Capital
- Inside Nomura: Day in the Life of a Junior Banker
- Inside Travis Kalanick’s Resignation as Uber’s C.E.O.
- Creative Planning, KS Investment Firm, Spurring Change on Wall Street
- SEC Obtains Judgment Against Attorney Who Defrauded Escrow Clients
- SEC Files Fraud Charges Against Stock Promoters in Market Manipulation Scheme
- Power Lunches and Dinners in New York, London, Washington
- Banks to Cut $1.2Bn in Research Spending, Analyst Jobs - McKinsey
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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.