FINRA

FINRA Announces Initiative to Transform CRD, Other Registration Systems

New Technology Will Lead to Enhanced Efficiencies and Reduced Compliance Costs for Firms

FINRA

FINRA Foundation Expands Efforts to Increase Financial Capability in Communities Nationwide

WASHINGTON – The FINRA Investor Education Foundation (FINRA Foundation) Board of Directors approved initiatives at its June meeting to expand personal finance programs and services for adults and children, and particularly those in underserved communities.

FINRA
FINRA

FINRA Foundation Honors Outstanding Research on Financial Capability in the United States

Awards Recognize Research by Undergraduate and Graduate Students in Economics, Psychology, Consumer Sciences and Social Work WASHINGTON – The FINRA Investor Education Foundation (FINRA Foundation) today announced the recipients of two higher-education awards created to recognize outstanding analysis by researchers-in-training using data from the FINRA Foundation’s National Financial Capability Study …

FINRA
FINRA

Report from FINRA Board of Governors Meeting – May 2018

Board Approves Rule Proposals and Previews Annual Financial Report WASHINGTON – FINRA’s Board of Governors held its second meeting of 2018 on May 9-10 in New York, where it approved two new rule proposals and previewed a draft of the organization’s Annual Financial Report, which FINRA issues each year to …

FINRA
FINRA

FINRA Fines ICBCFS $5.3 Million for Anti-Money Laundering Compliance Deficiencies and Other Violations

WASHINGTON — The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Industrial and Commercial Bank of China Financial Services LLC (ICBCFS) $5.3 million for systemic anti-money laundering (AML) compliance failures, including its failure to have a reasonable AML program in place to monitor and detect suspicious transactions, …

FINRA
FINRA

FINRA Sanctions Fifth Third Securities, Inc., $6 Million for Cost and Fee Disclosure Failures and Unsuitable Recommendations Related to Variable Annuity Exchanges

WASHINGTON — The Financial Industry Regulatory Authority (FINRA) announced today it has fined Fifth Third Securities, Inc., $4 million and required the firm to pay approximately $2 million in restitution to customers for failing to appropriately consider and accurately describe the costs and benefits of variable annuity (VA) exchanges, and …

FINRA
FINRA

FINRA Progress Report on FINRA360 Highlights Significant Changes

One-year Report Lays out Changes through the Organizational Review WASHINGTON — The Financial Industry Regulatory Authority (FINRA) today released a comprehensive progress report summarizing the significant operational and regulatory changes FINRA has made in the first year of its ongoing FINRA360 organizational review.

FINRA
FINRA

FINRA Names Timothy C. Scheve to Board of Governors

WASHINGTON — The Financial Industry Regulatory Authority (FINRA) has named Timothy C. Scheve, President and Chief Executive Officer of Janney Montgomery Scott LLC, as a new Large Firm Governor on its Board of Governors. Scheve was appointed to complete the term of former Governor John W. Thiel, who left the …

FINRA
FINRA

FINRA, BOX, Cboe, IEX, NASDAQ and NYSE Fine Instinet, LLC for Market Access Rule Violations

WASHINGTON – Instinet, LLC has been censured and fined a total of $1.575 million for violations of various provisions of Rule 15c3-5 of the Securities Exchange Act of 1934 (known as the Market Access Rule) and related exchange supervisory rules. The action was taken by the Financial Industry Regulatory Authority …

FINRA
FINRA

Bari Havlik Joins FINRA as Executive Vice President, Member Supervision

WASHINGTON — The Financial Industry Regulatory Authority (FINRA) announced today that it has named Bari Havlik as Executive Vice President for Member Supervision. In that capacity, Havlik will be responsible principally for leading FINRA’s Member Regulation program, which includes surveillance and examination programs for member firms. She will replace Susan Axelrod, …

FINRA
FINRA

FINRA Helps Consumers Assess Risks of Using Data Aggregators to Organize Personal Finances

Sharing Sensitive Information Can Pose Potential Privacy and Security Risks WASHINGTON — The Financial Industry Regulatory Authority (FINRA) today issued an Investor Alert to help consumers consider the risks of sharing personal financial account information and other sensitive information with data aggregators.

FINRA
FINRA

FINRA Fines Aegis Capital Corp. $550,000 for Anti-Money Laundering and Supervision Rule Violations

WASHINGTON — The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Aegis Capital Corp. $550,000 for failing to have adequate supervisory and anti-money laundering (AML) programs tailored to detect “red flags” or suspicious activity connected to its sale of low-priced securities.