FINRA is expanding its permissive registrations to include all associated persons, including those working solely in a clerical or ministerial capacity. Previously, firms were only allowed to register or maintain the registrations of certain types of job functions (e.g., technology department employees). These changes take effect October 1, 2018. Registered individuals will be subject to… READ MORE
FINRA is restructuring its Representative level qualification exams (e.g., Series 7 and 79) to eliminate the redundancies that currently exist in the examination process. Beginning October 1, 2018, new representatives will need to take a new exam, the Security Industry Essentials (SIE) exam. In addition, new representatives will need to take a top-off exam in… READ MORE
In addition to the changes to its Principal Financial Officer and Principal Operations Officer designations, FINRA is establishing three new registration categories: Compliance Officer, Investment Banking Principal, and Private Securities Offering Principal. These categories become effective October 1, 2018. All Chief Compliance Officers (CCOs) on Schedule A of the Form BD will have the CCO… READ MORE
FINRA is changing its registration requirements for Chief Financial Officers (CFOs) and Chief Operating Officers (COOs). The new registration rules take effect October 1, 2018. It is more than just a title change. The requirement for certain firms to have a CFO/COO (requiring Series 27/28 licensing) is being applied to ALL firms, and the registration… READ MORE
Last October, the SEC approved sweeping, new FINRA registration rules that consolidated and restricted existing NASD and NYSE registration rules. The rules affected are FINRA Rules 1210, 1220, 1230, and 1240. The rules are effective October 1, 2018. Over the next few weeks, Oyster will post blogs on the following topics to help you understand… READ MORE
January 24, 2018 at 3:00pm EST A recording of this webinar is now available RICHMOND, Va., Jan. 16, 2018 (GLOBE NEWSWIRE) — On Wednesday, January 24, Oyster Consulting LLC and Hirschler-Fleischer will host an interactive webinar on the key considerations for starting a registered investment adviser (RIA). The attendee list will be kept confidential. Getting… READ MORE
On November 7, 2017 the SEC Office of Compliance Inspections and Examinations (OCIE) issued a risk alert announcing it had conducted 110 exams of municipal advisors. The examinations evaluated compliance with regulatory obligations including registration, statutory fiduciary standard of care, fair dealing, record keeping, and supervision. The staff observed that municipal advisors were “generally unfamiliar… READ MORE
