Action Taken on 35 of 51 Recommendations to Date The Financial Industry Regulatory Authority (FINRA) today released a status report on the recommendations made in the FINRA Dispute Resolution Task Force’s Final Report issued in December 2015. In July 2014, FINRA had formed a 13-member task force composed of individuals representing a broad range of interests in securities dispute resolution to consider […]
The Securities and Exchange Commission (SEC) approved amendments to FINRA Rule 12403 (Cases with Three Arbitrators) of the Code of Arbitration Procedure for Customer Disputes (Customer Code) to increase the number of arbitrators on the public arbitrator list that FINRA sends to parties during the arbitration panel selection process from 10 to 15. The amendments […]
The FINRA Board of Governors met this week to discuss a number of issues, including several rulemaking items. A summary of the rule proposals that relate to FINRA arbitration, as approved by the FINRA Board, are below. Broadening Chairperson Eligibility in Arbitration The Board authorized filing with the SEC proposed amendments to Rules 12400 and […]
Spots Underscore the Ease and Importance of Checking Before You Invest The Financial Industry Regulatory Authority (FINRA) today launched a national ad campaign promoting BrokerCheck (brokercheck.finra.org), FINRA’s free online tool that allows investors to access information about every broker’s employment history, certifications and licenses, as well as regulatory actions, violations or complaints made against them. […]
LPL Ordered to Pay Approximately $1.7 Million in Restitution to Customers The Financial Industry Regulatory Authority (FINRA) announced today that it has censured LPL Financial LLC and fined it $10 million for broad supervisory failures in a number of key areas, including the sales of non-traditional exchange-traded funds (ETFs), certain variable annuity contracts, non-traded real […]