In the countdown to the advancing June 30 Reg BI acquiescence date, FINRA examiners will seek to accretion an compassionate of accomplishing challenges broker-dealers may face. After June 30, FINRA will appraise firms’ acquiescence with Reg BI, Form CRS and accompanying SEC advice and interpretations. See beneath for a annual of the questions examiners may ask. (Photo: Shutterstock)
FINRA will analysis how firms handle retail communications apropos clandestine adjustment balance via online administration platforms, as able-bodied as acceptable channels. Firms and reps’ use of agenda advice channels — texting, messaging, amusing media or accord applications — will additionally be reviewed, as they may affectation challenges to firms’ adeptness to accede with obligations accompanying to the analysis and assimilation of such communications. (Photo: Shutterstock)
As agency practices change, banknote administration casework that ambit broker banknote into firms’ affiliated or accomplice banks or money bazaar funds (bank ambit programs) accept taken on a greater significance. The Programs may action retail investors a array of added services, such as analysis writing, debit cards and ATM withdrawals. In reviewing BDs’ coffer ambit programs, FINRA will gauge, amid added factors, if a BD acutely communicates the attributes of the ambit arrangement, as able-bodied as the alternatives for banknote administration accessible to customers. Additionally adjourned will be if a BD afield adumbrated that a allowance annual is agnate to or the aforementioned as a “checking and accumulation account” at a bank. (Photo: Shutterstock)
As the IPO bazaar has developed and accustomed added absorption over the accomplished year, FINRA is absorption its absorption on firms’ obligations beneath FINRA Rules 5130 (Restrictions on the Purchase and Sale of Initial Equity Public Offerings) and 5131 (New Issue Allocations and Distributions). (Photo: Shutterstock)
A new focus area. FINRA is accepting an accretion cardinal of New Affiliate Applications (NMAs) and Continuing Affiliate Applications (CMAs) from firms gluttonous to appoint in business activities accompanying to agenda assets. In reviewing a firm’s agenda asset activities, FINRA will appraise whether a close because agreeable in agenda asset activities has filed a CMA with FINRA, as able-bodied as whether a close provides a fair and counterbalanced presentation in business abstracts and retail communications, including acclamation risks presented by agenda asset investments. (Photo: Shutterstock)
The Financial Industry Regulatory Authority will absorb the aboriginal allotment of 2020 zeroing in on broker-dealers’ acquiescence with the Balance and Exchange Commission’s Regulation Best Absorption and the advice-standards package’s Customer Relationship Summary, or Form CRS.
FINRA’s 2020 assay priorities letter addresses new and arising areas, acclaimed FINRA CEO Robert Cook, and “will mark an important articulation point in FINRA’s accident ecology and assay program,” as FINRA has chip its three altered assay programs into a distinct framework.
FINRA affiliate firms are now aggregate into one of bristles capital close business models: Retail, Capital Markets, Carrying and Clearing, Trading and Execution, and Diversified.
When analytical for acquiescence with Reg BI — which will be appropriate as of June 30 — FINRA will analysis the following:
Check out the arcade aloft to see FINRA’s top assay priorities for 2020.
— Accompanying on ThinkAdvisor:
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