The Second Circuit joined the Ninth in holding that a subsequent contractual forum-selection clause requiring federal-court litigation trumps the base requirement that FINRA member firms must arbitrate upon a customer’s...more
On July 22, the SEC approved amendments to FINRA Rule 2081 that prohibit member firms from conditioning arbitration settlements (or seeking to) upon a customer’s assent to CRD expungement relief. The Rule amendments prohibit...more
FINRA operates the Central Registration Depository (“CRD”) – the central, publicly-accessible licensure and registration information source on the US securities industry. Industry members seek to remove – “expunge” – ...more
This past February, FINRA issued an acceptance, waiver and consent (“AWC”) against a firm and its global anti-money laundering (“AML”) Compliance Officer (“CO”) for failures in AML compliance regarding brokerage and custodial...more
Reacting in part to recent data-breaches and cyber-attacks on larger retailers, the Financial Industry Regulatory Authority (“FINRA”) is conducting a targeted examination of some 20 broker-dealer member firms’ compliance and...more
The SEC’s new Municipal-Advisor Rules, 17 CFR § § 240.15Ba1-1 to 15Ba1-8 were to become effective Monday, January 13, 2014 but that morning were delayed until July 1. SEC Rel. 34-71288. Adopted last September, SEC Rel....more
PIABA – the securities-investor plaintiff’s bar – issued an October 16 press release roundly criticizing industry self-regulatory rules allowing a broker to seek expungement of a customer-claim from her permanent record....more