FINRA Seeks Feedback on Business Continuity Plans

FINRA is currently seeking feedback on its Business Continuity Rule, including if firms have activated their business continuity plans and whether the costs of creating, maintaining or updating such a plan outweigh the benefits.  Feedback is due April 26, 2019. What makes an effective Business Continuity Plan? An effective plan can create loyal customers by… READ MORE

NASAA & FINRA Reports Point to Regulatory Expectations for Heightened Supervision

FINRA’s 2019 Risk Monitoring and Examination Priorities Letter was released last week. While the letter’s second paragraph lists areas of focus which are detailed throughout the report, the third paragraph includes a brief statement about how FINRA will focus on risk related to associated persons with a “problematic regulatory history”.  Where there was not a… READ MORE

Regulatory Actions – ICOs and Digital Trading

Regulators in the digital asset space are focusing a significant amount of attention to Initial Coin Offerings (ICOs) and digital asset trading.  Their activities have included addressing the lack of transparency of exchanges that trade digital assets, jurisdictional issues, and the need to consider registration or qualifying for an exemption for ICOs and cryptocurrency-related investments…. READ MORE

Senior and Vulnerable Adult Client Protection: A Continuing Issue for the Securities Industry and Regulators

  If you are waiting until February 5th to implement procedures to protect senior and vulnerable adults because that is when the FINRA rule is effective, you may be risking a violation of current state regulations. In June and August 2017, the North American Securities Administrators Association (“NASAA”) published findings from a review of broker-dealer… READ MORE

State of Florida Offers Relief for Office Locations Affected by Hurricane Irma

On September 12, 2017, the Florida Office of Financial Regulation (“OFR”) issued an Emergency Order granting relief from certain provisions of Chapter 517, Florida Statutes to expedite the recovery and service the financial needs of communities affected by Hurricane. The relief will last for a period of 30 days unless terminated sooner by the Commissioner… READ MORE