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...
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...
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...
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...
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...
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...
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...
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...
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...
Regulation Best Interest (Reg BI) is a relatively new rule from the United States Securities and Exchange Commission (SEC) that requires a clear distinction between financial professionals who claim to be advisors. In an effort to better protect clients, this rule...
