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Compliance Concepts

FINRA Quarterly Disciplinary Review - April 2017

April 4, 2017

FINRA just published its quarterly review of recent disciplinary actions involving registered reps - which complement the detailed disciplinary information and decisions and a summary of monthly disciplinary actions on FINRA's web site.This quarter, FINRA highlights the following categories:


1.  Failing to Adopt and Implement Supervisory Procedures Related to Research Reports and an AML Compliance Program.


2.  Using Non-Firm Communication Methods to Communicate With a Customer, and Making Exaggerated and Promissory Claims About Securities


3.  Purchasing Securities While in Possession of Material Nonpublic Information


4.  Improperly Effecting Discretionary Trades in Accounts, Failing to Mark Trades as Discretionary, and Making False Statements on Compliance Questionnaires


5.  Exercising Time and Price Discretion in the Purchase of Municipal Bonds, and Failing to Disclose the Use of That Discretion on Compliance Questionnaires


6.  Failing to Timely Disclose an outtside Business Activity and Providing False Information on Compliance Questionnaires


7.  Accessing Study Materials and Personal Notes During a General Securities Representative (Series 7) Exam


8.  Opening a Securities Account at an Outside Firm, Effecting Securities Transactions in the Outside Account, and Signing New Account Documents at the Outside Firm


[Click link below for specific case studies.]