Blog

Summaries and explanations of the latest regulatory compliance announcements, reports and related stories.

Regulatory Briefs Jon Hurd Regulatory Briefs Jon Hurd

Increase in Electronic Communication Disciplinary Actions

COVID-19 has impacted the world’s operations tremendously. From volatile markets, to business loan grief, and overwhelming cyber threats, member firms have been forced to a new work environment, remote. Though the world entirely has been forced to a pause, FINRA has notified member firms they have used this time of uncertainty to crack down rule and regulation enforcement to protect investors.

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Regulatory Briefs Olivia Scuteri, CAMS Regulatory Briefs Olivia Scuteri, CAMS

ThinkAdvisor Article: “CCO Hit by FINRA for Business Email Infractions”

ThinkAdvisor published an article on June 18, 2020 discussing the importance surrounding broker-dealers retention and review of electronic communications. FINRA took action against a firm’s Chief Compliance Officer (“CCO”) for failing to retain business communications and for using an outside email address to conduct business.

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Regulatory Briefs Olivia Scuteri, CAMS Regulatory Briefs Olivia Scuteri, CAMS

April 2020 FINRA Disciplinary Actions

FINRA disciplinary actions taken against firms and individuals due to violations of FINRA rules, federal securities laws and MSRB rules. Firms Fined. ACS Execution Services, LLC. The Firm was fined $75,000 for reporting Reportable Order Events (ROE) to OATS that contained inaccurate or incomplete or improperly formatted data regarding events timestamped in milliseconds.

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Regulatory Briefs Olivia Scuteri, CAMS Regulatory Briefs Olivia Scuteri, CAMS

December 2019 FINRA Disciplinary Actions

FINRA disciplinary actions taken against firms and individuals due to violations of FINRA rules, federal securities laws and MSRB rules. FIRMS FINED: World Equity Group. The Firm was fined $18,500 for failing to report to the Trade Reporting and Compliance Engine (“TRACE”).

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Regulatory Briefs Olivia Scuteri, CAMS Regulatory Briefs Olivia Scuteri, CAMS

November 2019 FINRA Disciplinary Actions

FINRA disciplinary actions taken against firms and individuals due to violations of FINRA rules, federal securities laws and MSRB rules. Individuals Barred: Hannah Burgess. Burgess was barred from association with any FINRA members for converting customer funds in the amount of $1,869.

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Regulatory Briefs Olivia Scuteri, CAMS Regulatory Briefs Olivia Scuteri, CAMS

October 2019 FINRA Disciplinary Actions

FINRA disciplinary actions taken against firms and individuals due to violations of FINRA rules, federal securities laws and MSRB rules. Firm Fined: Dawson James Securities, Inc. The Firm was fined $20,000 as a result of Registered Representatives contacting phone numbers that appeared on a national do not call list.

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Regulatory Briefs Jonathan Hurd, CAMS Regulatory Briefs Jonathan Hurd, CAMS

'Tis the Season for an AML Inspection

As Summer has turned to Fall and you are getting around to that “To Do” list that may have hit the back burner all summer, it’s time to focus on your year-end compliance priorities. Plenty of people use a pen and paper, calendar, or online diary without any issues. And yet, a new to do list seems to emerge daily with important items being left behind.

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Regulatory Briefs Olivia Scuteri, CAMS Regulatory Briefs Olivia Scuteri, CAMS

September 2019 FINRA Disciplinary Actions

FINRA disciplinary actions taken against firms and individuals due to violations of FINRA rules, federal securities laws and MSRB rules. Firm Fined: Clearpool Execution Services, LLC. The Firm was censured and fined $473,000, of which $43,000 was paid to FINRA and the remaining paid to other self-regulatory organizations for failing to create and maintain a compliance system fulfilling FINRA requirements.

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Regulatory Briefs Olivia Scuteri, CAMS Regulatory Briefs Olivia Scuteri, CAMS

August 2019 FINRA Disciplinary Actions

FINRA disciplinary actions taken against firms and individuals due to violations of FINRA rules, federal securities laws and MSRB rules. Firm Fined: Robert W. Baird & Co. Incorporated (Milwaukee, Wisconsin). The Firm was censured and fined $150,000 for publishing seven (7) research reports authored by an analyst that was in employment discussions with the issuer.

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