Recent posts

SEC recently issued Guidance on IA Social Media (Testimonial Rule)

The SEC recently issued Guidance for Investment Advisors on the Testimonial Rule and Social Media (the “Guidance”). The SEC prohibits the advertising of client testimonials, with the thinking that if an Advisor cherry picks certain client testimonials the advertising piece that references them is misleading because they emphasize comments favorable to the Advisor and...
Read more

FINRA Risk Control Assessment Survey

FINRA is sending out a Risk Control Assessment (RCA) survey to every member firm's executive representative. This survey is intended to allow FINRA to gather information so that they get better prioritize and risk focus examinations. Everyone is getting the survey, it does not mean that you are targeted for an examination anytime soon. In addition, FINRA...
Read more

SEC Approves New Supervision Rules

FINRA Regulatory Notice 14-10
The SEC approved FINRA’s new consolidated rules governing supervision. The new Rules 3110, 3120, 3150 and 3170 replace NASD Rules 3010, 3012 and 3110(i) and other corresponding NYSE rule provisions. The new rules become effective on December 1, 2014.
It's time to review your procedures to ensure you are prepared to update...
Read more

FINRA’s New Muscle – Amended Rule 8210

By Harry Chaffee, CFA, CIPM ◊ In December 2012, The Securities and Exchange Commission approved changes to FINRA Rule 8210, which became effective on February 25, 2013. While the changes may appear innocuous at first, they should prompt members to consider the potential expanded access FINRA will have to the records of affiliated...
Read more