FINRA has delayed rollout of the new Securities Industry Essentials Examination (SIE) until October 1st, 2018. The new SIE will allow candidates to sit for a core qualification exam without sponsorship from a FINRA member firm.  (Presently, candidates must be sponsored by a FINRA member broker/dealer to sit for the Series 6 or Series 7.)  After […]

Read More →

FINRA Updates (Fixes?) Its Definition of Nonpublic Arbitrator… and Pulls Talent from the Bench! The SEC has approved FINRA’s proposed amendments to the definition of nonpublic arbitrator contained in FINRA’s Code of Arbitration Procedure. Back in 2015, FINRA tinkered with the definition of nonpublic arbitrator, which essentially knocked hundreds of qualified individuals out of the […]

Read More →

FinCEN’s Venezuela Advisory and FATF’s Updated Jurisdiction Documents On September 20, 2017, FinCEN published Advisory FIN-2017-A006 to financial institutions about potential abuse of the U.S. financial systems by all Venezuelan government agencies and bodies, including state-owned enterprises (SOEs). The Venezuelan government uses its control over large parts of its socialist economy to generate considerable wealth […]

Read More →

FinCEN Advisory to Financial Institutions on Political Corruption Risks from South Sudan FinCEN has publish an advisory to alert financial institutions about the potential abuse of the U.S. financial systems by senior political figures from South Sudan. The U.S. Department of State has been documenting the civil unrest with the warring parties who have failed to […]

Read More →

Changes to MSRB Customer Complaint Rules Now in Effect As of September 1, amendments to MSRB Rules G-8, G-9, and G-10 addressing firms’ responsibility regarding written customer complaints, are in effect. The amendments: Extend these rules to both nonsolicitor and solicitor municipal advisors (no longer just MSRB-registered broker/dealers) Update and make these MSRB rules more […]

Read More →

BSA Back in the Regulatory Focus Today’s geopolitical climate has caused more focus on money laundering activity related to illegal drug trafficking and terrorist financing. Consequently, regulators place higher priority on enforcing the Bank Secrecy Act (BSA), which mandates financial industry standards to detect and prevent money laundering. Therefore, examiners across the financial services industry […]

Read More →

Effective September 5, the Settlement Cycle Changes from T+3 to T+2 Last March, the SEC amended Rule 15c6-1(a) under the Securities Exchange Act of 1934 to shorten the standard securities transaction cycle for most securities transactions from T+3 to T+2. Under the amendment, “T” refers to the day of the transaction and the parties have […]

Read More →