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Top Regulatory Areas of Focus for 2009
At SIFMA’s annual Compliance and Legal Conference in Phoenix, Arizona, March 22-25, 2009, senior officials from FINRA and the SEC presented the top areas of focus for this year. These areas were determined from a variety of factors, including customer complaints, investment products deemed to be of higher risk, and systemic examination findings. |
By: Nathan Jodat |
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Heard Any Securities Rumors? The SEC and FINRA Have
The Securities and Exchange Commission (SEC), in a release dated April 24, 2008, charged Wall Street trader Paul S. Berliner with securities fraud and market manipulation for intentionally spreading false information about The Blackstone Group’s acquisition of Alliance Data Systems (ADS) while selling ADS short. |
By: Renee Hall and Katie Hughes |
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Electronic Storage of Books and Records FAQs
SEC Rule Reference 17a-3 and 17a-4
Most firms are aware that some books and records may be stored in electronic format. What records need to be preserved? In a word: everything. For how long? Six years for securities blotters, financial ledgers and bank and brokerage accounts of the firm, all brokerage transactions for all customers and the firm, and securities ledgers; three years for most everything else. |
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Forms U-4, U-5 and ‘Broker Check’ Rule –
Recent FINRA changes may affect your liability
On May 13, 2009 FINRA released Notice to Members (NTM) 09-23 as approved by the SEC in Release No. 34-59916. This NTM adopts two changes which affect the way registered broker-dealers and their representatives disclose information. |
By: Geoffrey T. Chalmers, Esq. |
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Approval By SEC of FINRA VA Rule
The SEC granted approval to FINRA’s proposed changes to NASD Rule 2821 pertaining to sales practices and supervision for transactions in deferred variable annuities (VA). On May 5, 2008, Rule 2821 became partially effective. With the new SEC approval, the remainder of the rule will now become effective 240 days after FINRA publishes the regulatory notice announcing the SEC approval. |
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Highlights of 2009 National Society of Compliance Professionals (NSCP)
East Coast Regional Meeting
Lucile Corkery shared that SEC exams will have a new approach for investment advisor firms: a focus on custody verification and the role of the compliance officer. She added that auditors will now reach out to custodian and third-party administrators when auditing advisors for confirmation of client assets and transactions. |
By: Renee Hall |
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Employee Spotlight |
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Wendy McCarthy
Senior Administrative Assistant |
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The Compliance Exchange -
Online Store Delivers Quality Securities Exam Preparation - When you’re preparing for a securities licensing exam, you want easy access to high quality materials to gain the confidence and knowledge needed to pass.
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