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Custody of Funds or Securities of Clients by Investment Advisers
The Securities and Exchange Commission announced (Release No. IA-2876) that it is proposing amendments to Rule 206(4)-2, the custody rule under the Investment Advisers Act of 1940. The amendments, among other things, would require registered investment advisors that have custody of client funds or securities to undergo an annual surprise examination by an independent public accountant... |
By: Renee Hall |
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Direct Business and Anti-Money Laundering Responsibilities
In the broker-dealer industry, “direct business” is a phrase used to describe transactions that occur outside of brokerage accounts. Also called “check and app business” or “subscription-way,” there are many different types of products that may be purchased in this manner. Some examples include mutual funds, annuities, and alternative investments. |
By: Nathan Jodat |
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What Does That Mean Anyway? Industry Terms Defined
We all see or hear terms in our day-to-day activities that may be foreign to the business in which we usually engage or it may be a term that is just unfamiliar to us. To provide some clarity to such words or terms, we have a new section for our newsletter where we will introduce a new term and definition in each issue. This month's term is "Dark pools of liquidity." |
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FINRA Introduces New Series 79 –
Investment Banking Representative Registration
FINRA has amended Rules 1022 and 1032 to introduce a new registration category for representatives engaged in investment banking activities. Effective November 2, 2009, amendments to NASD Rules 1022 and 1032 will require individuals whose activities are limited to investment banking and principals who supervise such activities to pass the new Limited Representative – Investment Banking Qualification Examination... |
By: Katie Langridge and Beverly Fetcko |
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New FINRA Regulation of Private Placements
Pursuant to a sweep exam program of member firms who engaged in self-offerings of unregistered securities, FINRA has issued Rule 5122, which will regulate the private offering of securities of member firms, or entities that have control over, are controlled by or are under common control of the member firms. FINRA determined that many member firms were using funds raised through private offerings to finance bonuses... |
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Social Networking Sites: wut u shld no b4 ur peeps tweet
Social networking sites, such as Twitter, Facebook and MySpace, present a great opportunity for registered representatives and investment advisor representatives to connect with clients or potential clients. However, use of these sites also puts the firm and its reps at risk of violating federal or state rules and regulations, as well as firm policies. Therefore, these sites should be used with caution... |
By: Jane Abramczyk |
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New Employee Spotlight |
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