Afleveringen
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In late May, certain amendments to FINRA's margin rule, Rule 4210, went into effect to address a significant source of potential systemic risk and risk to FINRA member firms. The amendments introduced specific margin requirements related to covered agency transactions.
On this episode, we talk to David Aman, senior advisor, and James Barry, director of Credit Regulation, both with FINRA's Office of Financial and Operational Risk Policy, and with Michael MacPherson, a senior advisor with Member Supervision’s Risk Monitoring team, to learn more about the purpose of the rule, which firms might be impacted by the change and what those firms need to think about to ensure compliance with the amended rule.
Resources mentioned in this episode:
Contact: [email protected]
Key Topics: Margin
FAQs Regarding Covered Agency Transaction Margin under FINRA Rule 4210
Reg Notice 23-14: Amendments to Covered Agency Transaction Requirements Under FINRA Rule 4210
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Protecting investors from harm is a top FINRA priority. And when it comes to specific individuals who may pose a risk, FINRA's High Risk Representative (HRR) Program is on the case.
On this episode, Brooks Brown, Senior Director, and Eric Hebert and John Salerno, Investigative Directors, from the HRR unit join us to explain how they identify and monitor individuals who pose an elevated risk of misconduct to protect investors and maintain the integrity of the market.
Resources mentioned in this episode:
Episode 114: Bringing Cases Against Individual Brokers
Episode 150: A Cybersecurity Update with FINRA’s Complex Investigations and Intelligence Team (CII)
Key Topic: Protecting Investors from Misconduct
Virtual Conference Panel: Supervision of High-Risk Activities
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Every day, FINRA's Insider Trading Detection Program uses sophisticated technology and analytics to monitor 100% of trading in stocks, options and bonds for potentially suspicious activity around material news events, resulting in hundreds of referrals to the SEC and law enforcement every year.
On this episode, we hear from Sam Draddy, a Senior Vice President of the Market Abuse Unit within FINRA's Market Regulation and Transparency Services, and Karen Braine, Vice President of the Insider Trading Detection Program, about how they connect trading data, information from public sources and from companies and FINRA firms to pull together actionable intelligence.
Resources mentioned in this episode:
Episode 23: Insider Trading: Finding the Needle in the Haystack
Blog: FINRA Plays a Vital Role in Exposing Insider Trading
SEC Litigation Release: Sean R. Steward et al.
SEC Litigation Release: Andreas Bechtolsheim
SEC Litigation Release: Joseph C. Lewis et al.
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Senior investor protection has long been a priority for FINRA, and the Vulnerable Adults and Seniors Team (VAST) is at the forefront of FINRA's efforts in this space.
On this episode, we hear from Brooke Hickman, Director of the Vulnerable Adults and Seniors Investigative Team, Mike Paskin, a manager with VAST Investigations, and Liz Yoka, a manager of the VAST Intake team, to hear how the groups work with individual investors, firms, states and other regulators to prevent and detect financial exploitation of senior and other vulnerable investors.
Resources mentioned in this episode:
2024 Annual Regulatory Oversight Report
Episode 72: Anti-Money Laundering and Elder Exploitation
Episode 128: The 2023 Senior Investor Protection Conference
Episode 105: The Essential Senior Investor Protection Tools: FINRA Rules 2165 and 4512
FINRA Securities Helpline for Seniors – 844-57-HELPS (844-574-3577)
FINRA Key Topic Page: Senior Investors
FAQ Regarding FINRA’s Rules Relating to Financial Exploitation of Seniors
Trusted Contact Infographic
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On May 28th, U.S. markets are moving to a one-day settlement cycle, familiarly known as T+1. This move, which returns the settlement time frame back to a point at which it last stood a century ago, will have wide ranging impacts for firms, investors and regulators.
On this episode, we hear from James Barry, Director of Credit Regulation with FINRA's Office of Financial and Operational Risk Policy, Bobby Gomez, a Senior Director with Market Regulation and Transparency Services' Strategic Initiatives team, Mike MacPherson, a Senior Advisor in Member Supervision's Risk Monitoring group, and John Nachmann, Associate General Counsel with the Office of General Counsel's Regulatory Practice, to discuss what all market participants need to be thinking about and testing ahead of the transition.
Resources mentioned in this episode:
Episode 127: Understanding the Unique Risks of Every Firm
DTCC: The Key to T+1 Success Blog
Reg Notice 23-15: Regulation T and SEA Rule 15c3-3 Extension
Technical Notice: T+1 Settlement Testing
FINRA Margin Regulation
FINRA Investor Insight: Understanding Settlement Cycles
2024 Annual Regulatory Oversight Report
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These days, it's not a matter of if, but when, when it comes to cybersecurity incidents, which is why it's essential for all firms to ensure they're prepared for the inevitable.
On this episode, we're catching up with Bryan Smith, the new senior vice president of FINRA’s Complex Investigations and Intelligence (CII) team and Brita Bayatmakou, vice president of the Cyber and Analytics Unit within CII, for an update on CII, the cyber threat landscape and what firms should be thinking about and doing in response to the latest trends.
Resources mentioned in this episode:
FINRA's FBI Cyber Threat Briefings (Next Briefing: April 22)
Episode 112: Introducing FINRA’s Complex Investigations and Intelligence Team
CISA Alerts and Advisories
FBI Internet Crime Complaint Center: Industry Alerts
Reg Notice 21-29: Obligations Related to Outsourcing to Third-Party Vendors
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U.S. financial markets today are not what they were ten years ago, five years ago, or even just a couple of years ago. Over the years, FINRA's Market Regulation and Transparency Services (MRTS) team successfully grew and evolved to meet the changing demands of the markets they oversaw. But recently, the group took time to ask, how would we build this team if we were starting from scratch? And the answer to that question involved redesigning the group structure around specific functions, rather than around specific rules or products.
On this episode, we hear from Feral Talib, Executive Vice President of Surveillance and Market Intelligence, Jackie Perrell, a Senior Vice President and Chief of Staff for MRTS, and Steve Price, Senior Vice President of Market Investigations to learn how the MRTS team has realigned itself, allowing it to be more nimble in addressing and anticipating risks, to better leverage its data and more.
Resources mentioned in this episode:
2024 FINRA Annual Regulatory Oversight Report
Feral Talib Named Executive Vice President and Head of Surveillance & Market Intelligence
Episode 60: Greg Ruppert and the National Cause and Financial Crimes Detection Programs
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Generative Artificial Intelligence (AI) and large language models (LLM) are taking the world by storm, presenting numerous opportunities to create business efficiencies. While the new technologies offer many potential benefits to firms, regulators and investors, they also introduce unique risks.
On this episode, we hear from Brad Ahrens, senior vice president of Advanced Analytics, Andrew McElduff, vice president with Member Supervision's Risk Monitoring team and Haime Workie, vice president and head of FINRA's Office of Financial Innovation, who are closely looking at these technologies and following developments in this space to learn how FINRA is looking at and thinking about generative AI when it comes to its own business and what it's looking at and seeing when it comes to firm use of these tools.
Resources mentioned in this episode:
Artificial Intelligence (AI) in the Securities Industry
Artificial Intelligence (AI) and Investment Fraud
Reg Notice 21-19: Obligations Related to Outsourcing to Third-Party Vendors
Rule 3110: Supervision
2024 FINRA Annual Regulatory Oversight Report
2023 Executive Order on Artificial Intelligence for Congress
NIST: Artificial Intelligence
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The FINRA Investor Education Foundation has released a new report, Investors of Color in the United States, examining the behavior and attitudes of investors of color based on data from the FINRA Foundation's National Financial Capability Study coupled with a series of focus groups conducted with young Black/African American, Hispanic/Latino and Asian American/Pacific Islander investors.
The report shows interesting trends related to the pace at which these investors are entering the market, their views on risk, where they're receiving information and more. On this episode, we hear more from Ritta McLaughlin, Director of Investor Education, Community Outreach, and Principal Research Analyst Olivia Valdes to learn more.
Resources mentioned in this episode:
Investors of Color in the United States (2024)
Gen Z and Investing: Social Media, Crypto, FOMO, and Family (2023)
Investors in the United States: The Changing Landscape (2022)
New Accounts and the People Who Opened Them (2021)
FINRA Investor Education Foundation
Episode 134: Gen Z Investors
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FINRA Enforcement works tirelessly on the front lines of investor protection, whether looking into cases of fraud or ways that bad actors try to manipulate the markets. This tremendous undertaking demands steadfast leadership.
On this episode, we meet Bill St. Louis, the former head of FINRA’s National Cause and Financial Crimes Detection Program and FINRA's new Executive Vice President and Head of Enforcement, to learn more about the man at the helm and what's on the horizon for Enforcement in the new year.
Resources mentioned in this episode:
2024 FINRA Annual Regulatory Oversight Report
FINRA Enforcement Homepage
FINRA Names Bill St. Louis as New Head of Enforcement
FINRA Fines BofA Securities $24 Million for Treasuries Spoofing
FINRA Expels Monmouth Capital Management
Qualification Exams
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FINRA recently wrapped up a targeted review of the practices of certain member firms when it comes to communicating with retail investors regarding crypto products and services. On this episode, Ira Gluck, Senior Director, Advertising Regulation at FINRA, joins us to share the results of that crypto asset communications sweep that began in November 2022.
Resources mentioned in this episode:
Advertising Regulation Department
Crypto Asset Communications Targeted Exam Letter
Crypto Asset Key Topics
Crypto Sweep Update
FINRA Blog: An Inside Look into FINRA’s Crypto Asset Work
Episode 136: An Introduction to FINRA’s Crypto Asset Work and the Crypto Hub
Episode 137: The Crucial Role of FINRA’s CAI Team
Episode 138: FINRA’s Blockchain Lab
Rule 2210: Communications with the Public
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As a self-regulatory organization, information sharing is key to FINRA's pursuit of its mission of investor protection and market integrity, and no single resource is a better example of that than FINRA's Annual Regulatory Oversight Report.
On this episode, Ornella Bergeron, Senior Vice President of Risk Monitoring, Omer Meisel, Executive Vice President of the National Cause and Financial Crimes Detection Program, Claire O'Sullivan, Vice President and Regulatory Advisor of Stakeholder Engagement, and Michael Solomon, Senior Vice President of Examinations, join us to discuss highlights from the 2024 report.
Resources mentioned in this episode:
2024 FINRA Annual Regulatory Oversight Report
Reg Notice 23-20: Guidance and Resources Related to Regulation Best Interest
Reg Notice 23-11: Concept Proposal for a Liquidity Risk Management Rule
Reg Notice 21-35: Proposed Order Routing Disclosure Requirements
SEC FAQ on Form CRS
CAT NMS Plan Website
Episode 136: An Introduction to FINRA’s Crypto Asset Work and the Crypto Hub
Episode 137: The Crucial Role of FINRA’s CAI Team
Episode 138: FINRA’s Blockchain Lab
Episode 129: A New Twist on New Account Fraud
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Succession planning, catastrophe planning, contingency planning--whatever you want to call it, these plans are important not just for customers and registered representatives but can even be a matter of life or death when it comes to the continued existence of a firm.
On this episode, we talk to Jeanette Wingler, FINRA’s Special Assistant to the CEO, and Elena Schlickenmaier, a Senior Principal Analyst in Member Supervision, to dig into Regulatory Notice 22-23 on succession planning to hear how and why firms should plan for the expected and unexpected in life.
Resources mentioned in this episode:
Regulatory Notice 22-23
Rule 4370: Business Continuity Planning
Rule 2040: Payments to Unregistered Persons
Continuing Membership Application Resources
FINRA Examination and Risk Monitoring Programs
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The small firm community, those firms with 150 or fewer registered financial professionals came together in October to discuss and engage on key areas of concern at the Small Firm Conference. On this episode, we go behind the scenes of this year's event to share with you the fireside chat between FINRA CEO Robert Cook and FINRA's Head of Member Relations, Kayte Toczylowski.
Resources mentioned in this episode:
FINRA Webinars
FINRA Small Firm Conference Calls
Office of Hearing Officers
National Adjudicatory Council
Small Firm Advisory Committee
FINRA Board of Governors
Conferences & Events
Member Firm Hub
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Forget ghosts and goblins, few things are as scary as household finances for U.S. adults. In a recent nationally representative survey, more than 1,000 adults shared what worries them most in their lives. The most common answer? Money.
On this episode, we sit down with Gerri Walsh, the head of the FINRA Investor Education Foundation, to discuss the recent survey and its findings, while also providing tips and resources to help make money a little less spooky.
Resources mentioned in this episode:
Investor Resources and Tools
FINRA Foundation Homepage
Consumer Insights: What really spooks Americans? Money.
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American consumers and investors are losing billions of dollars each year to financial fraud. It's a devastating problem for which almost no one is completely immune. But the 2023 FINRA Foundation Ketchum Prize recipient has dedicated his life to understanding what makes someone susceptible to fraud—and pioneering ways to fight it. On this episode, we hear from Dr. Doug Shadel to hear about his research and years of working as one of America's most active fraud fighters.
Resources mentioned in this episode:
2023 Ketchum Prize Announcement
AARP Foundation
AARP Fraud Watch Network
Stanford Financial Fraud Research Center
FINRA Investor Education Foundation
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FINRA oversees a diverse set of broker-dealer firms that make up a vibrant securities industry. But there's one thing all broker-dealer firms have in common. Every registered firm at one time or another must engage with FINRA's Membership Application Program, or MAP.
On this episode, Jante Turner, Senior Advisor and Head of Triage for FINRA's Membership Application Program speaks about how the MAP program kicked off a significant transformation in spring 2022, and where that initiative stands today.
Resources mentioned in this episode:
Episode 104: Streamlining FINRA's Gatekeeper Function
FINRA Information Notice 4/19/22 (FINRA Membership Application Program Transformation)
Broker-Dealer Registration
FINRA Standards for Admission
Form NMA
Continuing Membership Application Resources
FINRA Member Firm Hub
FINRA Firm Grouping Conference
Email: MAP Group
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In this third and final episode in our series covering FINRA's ongoing crypto asset regulatory work, we hear from FINRA's Blockchain Lab, which serves as a central point within FINRA for the development of blockchain-related regulatory initiatives.
Michael Oh, Senior Director of the Blockchain Lab, Brian Huerbsch, a Senior Blockchain Data Analyst, and Jason Foye, Senior Director and head of FINRA's Crypto Hub share how the Lab is supporting and advancing FINRA's regulatory work involving crypto assets.
Resources mentioned in this episode:
Episode 136: An Introduction to FINRA’s Crypto Asset Work and the Crypto Hub
Episode 137: The Crucial Role of FINRA’s CAI Team
Investor Insights: What Is a Blockchain, and Why Should I Care?
FINRA Blog: An Inside Look into FINRA’s Crypto Asset Work
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As the crypto asset space has grown, FINRA has evolved its oversight of the crypto asset activities of FINRA member firms and their associated persons. In this second episode of a three-part series covering FINRA's crypto asset-related regulatory work, we hear from Jamie Udinson, Senior Director of the Crypto Asset Investigations team, Taylor Etzell, a Senior Principal Investigator, and Jason Foye, Senior Director and head of FINRA's Crypto Hub, who provide insight into FINRA's Crypto Asset Investigations Team.
We learn more about this dedicated group of investigators specializing in conducting complex crypto asset investigations and the crucial role it plays in ensuring compliance with existing rules and regulations in the crypto asset space.
Resources mentioned in this episode:
Episode 71: Overlapping Risks, Part 1: Anti-Money Laundering and Cybersecurity
Episode 72: Overlapping Risks, Part 2: Anti-Money Laundering and Elder Exploitation
Episode 117: Membership Application Program
Episode 136: An Introduction to FINRA’s Crypto Asset Work and the Crypto Hub
Rule 3270: Outside Business Activities of Registered Persons
Rule 3280: Private Securities Transactions of an Associated Person
FINRA Blog: An Inside Look into FINRA’s Crypto Asset Work
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In 2022, FINRA developed an enterprise-wide strategy to ensure it is prepared for an evolving crypto asset regulatory landscape and created the Crypto Hub, the Blockchain Lab and the Crypto Asset Investigations Team.
On this episode, the first in a three-part series, we sit down with Omer Meisel, Senior Vice President of the Complex Investigations and Intelligence Group, Jason Foye, Senior Director and Head of FINRA's Crypto Hub, and Reema Abdelhamid, a Director with FINRA Enforcement to learn more about the strategy and the role of the Hub and FINRA’s work to advance its mission of investor protection and market integrity.
Resources mentioned in this episode:
FINRA Blog: An Inside Look into FINRA’s Crypto Asset Work
SEC’s SPBD December 2020 Statement
SEC’s September 25, 2020 No-Action Letter, “ATS Role in the Settlement of Digital Asset Security Trades”
Crypto Asset Communications Exam Letter – November 2022
FINRA and NFA Joint Press Release
Reg Notice 20-23: Activities Related to Digital Assets
Reg Notice 21-25: Continued Engagement in Activities Related to Digital Assets
Episode 112: FINRA's Complex Investigations and Intelligence Team & Cyber and Analytics Unit
Episode 113: Regulatory Operations: Stronger Regulation Through Integrated Oversight
Episode 117: Membership Application Program
Episode 134: Gen Z Investor Attitudes
FINRA Foundation Report: Gen Z and Investing
Investor Insights: What Is a Blockchain, and Why Should I Care?
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