In Regulatory Notice 14-42 (“RN 14-42”), FINRA announced amendments to the FINRA Customer and Industry Codes increasing an arbitrator’s authority to make referrals to FINRA enforcement during the course of an arbitration hearing. Previously, the referral protocol...
Representing financial professionals, financial institutions and investors in investment loss, employment and disclosure matters, and in regulatory investigations nationwide.
Month: October 2014
FINRA CAUTIONS FIRMS IN ITS REGULATORY NOTICE 14-40 THAT CONFIDENTIALITY PROVISIONS IN SETTLEMENT AGREEMENTS AND IN THE ARBITRATION DISCOVERY PROCESS MAY LEAD TO VIOLATIONS OF FINRA RULE 2010
In Regulatory Notice 14-40 (“RN 14-40”), released last week, FINRA cautioned firms on confidentiality or settlement agreements that prohibit or restrict a party from communicating or providing documents to FINRA or other securities regulators. FINRA warned that such...
FINRA Defends Arbitrator Pool Amidst Criticism From New PIABA Study
On October 7, 2014, the Public Investors Arbitration Bar Association (“PIABA”) released a report that condemns FINRA for the “lack of diversity” and “transparency” found within its arbitrator pool. The PIABA report, based on an analysis of 5,375 FINRA arbitrators,...
FINRA’S ACCOUNT REPORTING SYSTEM (“CARDS”) MOVES FROM CONCEPT PROPOSAL STAGE TO RULE PROPOSAL
In Regulatory Notice 14-37, FINRA requested comment on a rule proposal to implement the Consolidated Automated Risk Data System (“CARDS”). The system would collect account information (excluding personally identifiable information), initially, from carrying and...
