BROWSE BY TOPIC
- Bad Brokers
- Compliance Concepts
- Investor Protection
- Investments - Unsuitable
- Investments - Strategies
- Wall Street News
- Investments - Private
- Rules & Regulations
- Bad Advisors
- Boiler Rooms
- Terminations/Cost Cutting
- General News
- Donald Trump & Co.
- Big Banks
- Regulatory Sanctions
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
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
Rules & Regulations
FINRA Enhances Its Reviews of Form U4 Disclosures
by Howard Haykin
Starting July 9th, FINRA will enhance its search of public financial records relating to bankruptcies, judgments and liens. FINRA will conduct these searches within 15 calendar days from the date of an applicant’s Form U4 (Uniform Application for Securities Industry Registration or Transfer). ‘’
Currently, FINRA conducts a search of public financial records for all registered persons on an annual basis to verify the accuracy and completeness of information relating to bankruptcies, judgments and liens reported to the Central Registration Depository (“CRD”) system via the Form U4..
This new verification process will be in addition to FINRA’s monitoring of public financial records for all registered persons.
The enhancements are expected to: (i) reduce the costs to firms associated with conducting these public records checks, which often involve finding and hiring a vendor; (ii) result in more timely reporting of disclosure information to the benefit of regulators, investors and firms; and, (iii) result in a significant reduction of late disclosure fees related to judgments and liens.
Firms and registered persons are required to report unsatisfied liens and judgments within 30 calendar days of learning of the event.
FINANCIALISH TAKE AWAYS. For further details on FINRA’s new process, as well as the ongoing obligations of firms and their associated persons, consider clicking on the following web pages: