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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
FINRA 2019 Priorities Letter (Part One) – Recurring Areas of Focus
by Howard Haykin
Yes, FINRA’s 2019 Priorities Letter focuses “… primarily on those topics that will be materially new areas of emphasis for our risk monitoring and examination programs in the coming year.” But before focusing on new emerging areas, FINRA advises member firms to not lose sight of critical RECURRING AREAS OF CONCERN.
FINRA examiners will continue to review for compliance regarding these ongoing areas of focus:
- obligations related to suitability determinations, including recommendations relating to complex products, mutual fund and variable annuities share classes, as well as recommendations to use margin or execute trades in a margin account;
- outside business activities and private securities transactions;
- private placements;
- communications with the public;
- anti-money laundering (AML);
- best execution;
- fraud (including microcap fraud), insider trading and market manipulation;
- net capital and customer protection;
- trade and order reporting;
- data quality and governance; and,
- recordkeeping, risk management and supervision related to these and other areas.
In addition, FINRA will focus on risks related to associated persons with a problematic regulatory history. Examiners will evaluate how firms address these risks in their hiring practices and supervision programs.
FINRA will also continue to review the adequacy of firms’ cybersecurity programs to protect sensitive information, including personally identifiable information. [For guidance on cybersecurity practices recommended by FINRA, read the Financialish post, Strengthening Branch Cybersecurity Controls.]
Finally, firms are encouraged to read up on FINRA’s Reports on Examination Findings – for 2017 and 2018.