Investment Fiduciaries Must Comply with Its BIC Exemption and Principal Transaction Requirements Until New Regs Are Passed On Monday, May 7, the Department of Labor issued a “field bulletin” to industry stakeholders stating that it would not pursue enforcement actions against investment advice fiduciaries “who are working diligently and in good faith to comply” with […]

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If you’ve been following the saga of the DOL’s fiduciary standard, you know that after a few years of hashing it out, it is still being debated.  Now the SEC has picked up this onerous task.  On April 18, the SEC voted to propose “Regulation Best Interest,” a “leisurely” 1,000-page read that spells out the […]

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In another twist to evolving fiduciary standards in the securities industry, a 2-1 decision of the U.S. Court of Appeals for the 5th Circuit vacated the entire Department of Labor’s “fiduciary rule” last Thursday.  The DOL rule would extend a fiduciary standard to brokers, insurance agents, and anyone else offering “advice” regarding retirement accounts. We’ll […]

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Is It Outside Business, Personal Trading, or Insider Trading? In the absence of long-term regulatory solutions to the whirlwind that is digital or cryptocurrency, we have been provided with guidance on how to apply current regulations to this evolving market.  The regulators are making it clear that industry professionals will be held accountable for actions […]

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October 1, 2018, marks the day that FINRA will begin to administer the newly revised qualification process where candidates will need to pass a Securities Industry Essentials (SIE) exam before taking a condensed version of the Series 6 or Series 7, known as Top-Off, or Specialized Knowledge Exams (SKE). Currently, only candidates who are sponsored […]

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Have you dreamed of a lucrative career on Wall Street, but thought that the barriers to entry were too high?  As of October 1, 2018, that bar will be lowered a bit.  You may have heard that the qualifications process for entering the securities industry is getting a major makeover.  The current Series Exams (i.e., […]

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February 12, 2018 – FINRA released its revised representative level qualification exam outlines, which have been referred to as Specialized Knowledge Exams (SKEs) or Top-Off Exams under FINRA’s new testing procedures. As of October 1, 2018, FINRA will require new registrants to take a Securities Industry Essentials (SIE) exam followed by an appropriate SKE. While […]

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On February 5, 2018, two FINRA rules designed to lessen the financial exploitation of seniors and vulnerable adults (“specified adults”) have taken effect. Specified adults are persons 65 years of age or older or those persons with mental or physical disabilities that impair their abilities to engage in financial transactions. Amended FINRA Rule 4512 requires […]

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FINRA’s transition from the current licensing exam requirements to the Securities Industry Essentials (SIE) and Specialized Knowledge Exam (SKE) raises many questions for candidates who will be testing this fall.  This discussion clarifies requirements during the coming transition period. How Do I Know Which Exam to Take? The date on which a candidate files their […]

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FINRA is radically restructuring its representative-level qualification exam program beginning October 1, 2018. Here’s what you can expect:   How is FINRA changing its qualifying exam program? Beginning October 1, 2018, all new representative-level applicants must take: General knowledge examination called the Securities Industry Essentials (SIE) Specialized knowledge examination (a revised representative-level qualification examination) for […]

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