Tag: FINRA

FINRA's 2018 volume tops 2017 activity by 87%
June 09, 2017 BY Valentina Kirilova

FINRA issues research on securitized-asset liquidity

The Financial Industry Regulatory Authority (FINRA) Office of the Chief Economist posted a new Research Note on liquidity in structured products, complementing an earlier report on corporate-bond liquidity. The new analysis focused on two categories of products: real-estate securities, including mortgage-backed securities in residential housing and commercial buildings, as well as collateralized mortgage products and…

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FINRA's 2018 volume tops 2017 activity by 87%
June 02, 2017 BY LeapRate Staff

FINRA bars Morgan Stanley rep who hid bond trades to skirt AML rules

U.S. Securities industry regulator Financial Industry Regulatory Authority (FINRA) announced today that it has barred former Morgan Stanley Smith Barney registered representative John Batista Bocchino for concealing approximately $190 million in Venezuelan bond trades from the firm, which had restricted such trading due to the regulatory, anti-money laundering and reputational risks it posed. Instead, Bocchino…

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FINRA's 2018 volume tops 2017 activity by 87%
May 16, 2017 BY Valentina Kirilova

FINRA reviews rules on outside business activities and private securities transactions

The Financial Industry Regulatory Authority (FINRA) today requested comment on its rules governing outside business activities and private securities transactions as part of a new retrospective rule review. The review aligns with the ongoing FINRA360 initiative, a comprehensive review of the organization’s operations and programs. The review centers on rules governing broker-dealer employees’ business and…

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May 05, 2017 BY Valentina Kirilova

SEC and FINRA announce National Compliance Outreach Program for Broker-Dealers

Cybersecurity, investing by seniors, and other regulatory topics of interest will be discussed when the Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA) hold their National Compliance Outreach Program for Broker-Dealers on July 27. Registration opened today for the program, which is designed to provide an open forum for regulators and industry…

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FINRA's 2018 volume tops 2017 activity by 87%
March 31, 2017 BY Valentina Kirilova

FINRA's rule proposal addressing financial exploitation of seniors approved by SEC

The Securities and Exchange Commission (SEC) has approved FINRA’s rule proposal addressing financial exploitation of seniors. FINRA today issued Regulatory Notice 17-11 announcing a February 5, 2018 effective date for the rule proposal. The changes approved by the SEC involve two key steps to protect investors: firms will be required to make reasonable efforts to…

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UN report says North Korea laundered $2 billion theft via Hong Kong firm
March 28, 2017 BY Valentina Kirilova

FINRA and exchanges charge Lek Securities and CEO with aiding and abetting securities fraud

The Financial Industry Regulatory Authority (FINRA), along with the New York Stock Exchange; NYSE Arca; NYSE MKT; the four Bats Exchanges, Bats BZX, Bats BYX, Bats EDGA, and Bats EDGX; Nasdaq; Nasdaq BX; and the International Securities Exchange, today announced that they have commenced disciplinary proceedings against Lek Securities Corporation and its Chief Executive Officer,…

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UN report says North Korea laundered $2 billion theft via Hong Kong firm
March 17, 2017 BY Valentina Kirilova

IRS imposters trying to scam money from Binary Options traders: FINRA

The Financial Industry Regulatory Authority (FINRA) today issued an Investor Alert warning anyone involved in binary options trading through unregistered non-U.S. companies to be on guard for a one-two punch: losses followed up by potentially fraudulent pitches to help recoup those losses. Ploys include recovery scams and IRS impersonation scams. Binary options are inherently risky…

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December 06, 2016 BY admin

FINRA fines Credit Suisse $16.5 million for AML deficiencies

The U.S. based regulator Financial Industry Regulatory Authority (FINRA) announced today that it has fined Credit Suisse Securities (USA) LLC $16.5 million for anti-money laundering (AML), supervision and other violations. The regulator just last week, sanctioned Merrill Lynch $7 million for inadequate supervision of leverage in customer brokerage accounts. In this case, FINRA found that Credit…

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November 30, 2016 BY admin

FINRA sanctions Merrill Lynch $7 million for inadequate supervision of leverage in customer brokerage accounts

The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Merrill Lynch, Pierce, Fenner & Smith Inc. $6.25 million and the firm will pay approximately $780,000 in restitution for inadequately supervising its customers’ use of leverage in their Merrill brokerage accounts. Merrill “loan management accounts” (LMAs) are lines of credit that allow the…

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