“Consistent with our longstanding practice, FINRA is introducing greater transparency in a calibrated and careful manner, benefiting liquidity and resilience in this critical market while also mitigating potential information leakage concerns.”
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“As investors increasingly use social media to inform their financial decisions, FINRA’s rules on communicating with the public are especially critical. FINRA will continue to consider whether firms are using practices and maintaining supervisory systems that are reasonably designed to address the risks related to social media influencer programs.”
Interactive Brokers LLC has settled with FINRA following alleged rule violations.
The CFTC has announced Ted Kaouk as Chief Data Officer, John Coughlan as Chief Data Scientist. FINRA has appointed Feral Talib as Head of Surveillance and Market Intelligence.
BofA Securities failed to detect spoofing due to inadequate supervisory systems. These systems were not equipped to identify manual spoofing by traders.
A study, which analyzed 2,506 “straight-in” expungement awards—cases where brokers seek the removal of customer complaints against their own firms—found that brokerage firms did not oppose their brokers’ expungement requests in 92% of the cases. The report suggests that the lack of opposition is likely due to brokerage firms’ own interest in removing customer complaints from their records.
“It is a privilege to lead such a talented and expert group of Enforcement professionals who are dedicated to FINRA’s mission of investor protection and market integrity.”
Over the course of a decade, however, Merrill Lynch’s parent company improperly used a $25,000 threshold instead of the required $5,000 threshold for reporting suspicious transactions or attempted transactions where a suspect may have been seeking to use Merrill Lynch to facilitate criminal activity and could not be identified.
“A range of macroeconomic and social factors such as rising inflation, the growing popularity and accessibility of cryptocurrency, and social media ‘finfluencers’ are having a profound impact on how, where and what they invest in.”
“Firms cannot make material misstatements or omissions when they sell securities to customers. Firms also must reasonably surveil for, and respond to, red flags of excessive trading and churning.”
The Financial Industry Regulatory Authority continues to take disciplinary actions against financial services firms for providing inaccurate securities trading information.
The Financial Industry Regulatory Authority continues to take disciplinary actions against financial services firms for failing to ensure they had appropriate systems and controls in place to detect market abuse.
“We intend to be fully operational as a brokerage house in the U.S. by the end of H1 2023 and look forward to forging long term relationships with new business partners and clients.”
“The US regulations ensure that investors can participate in the market with confidence. Further, investors will now have access to a wider gamut of securities on our platform which gives them more investing options.”
FINRA has fined Barclays Capital $2 million for failing to comply with its best execution obligations in connection with its customers’ electronic equity orders between January 2014 and February 2019.
FINRA has fined UBS $2.5 million for Reg SHO violations and supervisory failures spanning a period of nine years.
The Financial Industry Regulatory Authority continues to take disciplinary actions against financial services firms for providing inaccurate securities trading information.
FINRA has ordered Merrill Lynch to pay more than $15.2 million in restitution and interest to thousands of customers who purchased Class C mutual fund shares when Class A shares were available at substantially lower costs.
Binance had appointed former regulators from the Financial Conduct Authority (FCA) and Financial Industry Regulatory Authority (FINRA), part of an attempt to undo regulatory red flags and reinvent itself as a regulated financial firm.
