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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
Rules & Regulations
FINRA’s Gift Policy – Glacial Pace of Some Rule Changes
by Howard Haykin
In mid-2016, FINRA proposed changes to its Gifts, Gratuities and Non-Cash Compensation Rules - Regulatory Notice 16-29. The announcement was greeted by unbridled anticipation - as FINRA was finally increasing the $100 gift limit (established in 1992) to $175 per person per year, and was also discontinuing the recordkeeping requirement for gifts valued below a de minimus amount.
Alas, the planned amendments to FINRA Rule 3220 (Influencing or Rewarding Employees of Others), and the adoption of 2 new FINRA rules - Rule 3221 (Restrictions on Non-Cash Compensation) and Rule 3222 (Business Entertainment), were too good to be true. The rule changes were never adopted, ... and that $100 gift made in 1992 is now equal to $178.77.
FINANCIALISH TAKE AWAYS. While it's difficult to imagine what issue(s) prevented passage of those rule changes, we can only hope that FINRA addresses this folly and renews its intention to enact new gifts and entertainment guidelines. Until such time, we offer registered broker-dealers the following advice for the upcoming holiday season – 13 Gifts That Could Get You In Big Trouble With FINRA - courtesy of OnWallStreet.Financial-Planning.com. [It matters little that this article was published in December 2011.]