Recently, Tom Diana was featured on a Lisa Miller & Associates podcast discussing the challenges faced in determining insurance coverage for storm damage caused by Hurricane Ian. Listen to that podcast here: Read the full story
Zinober Diana & Monteverde P.A.
SEC case against Ripple: Was the crypto a security or not?
The United States Securities Exchange Commission (SEC) filed a lawsuit against Ripple claiming that it sold its cryptocurrency, XRP, as an unregistered security. As such, the SEC claims Ripple owes billions in damages. Why should my firm care about this case? This...
When will FINRA look to hold CCOs liable?
The importance of a compliance program cannot be understated. These programs serve to help member firms follow applicable rules and regulations and mitigate the risk of allegations of a violation. But how much responsibility falls on the shoulders of those who run...
What types of regulations should my firm follow when using the cloud?
Business leaders can take advantage of a number of opportunities when using cloud computing models. This is true for many types of enterprises, including broker-dealer firms — and the Financial Industry Regulatory Authority (FINRA) has taken notice. The organization...
Are your communication policies in compliance with regulations?
Whether you are a broker-dealer or work for a publicly-traded company, the way in which you communicate about official business matters makes a difference. Lapses in communication security can result in investigations by the SEC, FINRA and other regulatory bodies. By...
How can I defeat FINRA Rule 2010’s broad reach?
The Financial Industry Regulatory Authority (FINRA) works to keep the markets safe for investors and has the power to sanction investor-brokers who violate its rules. Some of these rules have a very broad reach, such as Rule 2010. What is Rule 2010? Rule 2010 provides...
Will the SEC increase digital currency accounting standards in 2022?
One of the key benefits of cryptocurrency is its accessibility. Anyone with a computer or smartphone and internet access can put together a cryptocurrency wallet and access financial services. There is no centralized authority, no bank or financial institution, to...
SEC reports enforcement actions up almost 10% in 2021
The United States Securities and Exchange Commission (SEC) recently released data on their enforcement efforts in 2021. Interestingly, the vast majority of cases involved actions against a single individual and often involved allegations of wrongdoing within the...
What should I do if FINRA sends a request to testify?
Pursuant to Rule 8210, the Financial Industry Regulatory Authority (FINRA) has the power to review books, records, and accounts of any member or registered person in connection with investigations, complaints, examinations, or proceedings. As a result, you generally...
SEC comes down hard on firms who fail to meet CRS obligations
The reporting requirements for brokers and financial advisors is often changing. Although this evolution is arguably important to help protect clients, it can make it very difficult for professionals to make sure they are in full compliance with the United States...