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Stories of Interest
- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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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.