InvestmentNews
The Securities and Exchange Commission will not act until at least this fall on a Finra proposal that would limit the number of people who qualify as public arbitrators to settle investor disputes. On July 3, the Financial Industry Regulatory Authority Inc. published the rule in the Federal Register. At that point, the SEC had 45 days to make […]
FINRA
The Financial Industry Regulatory Authority (FINRA) announced today the formation of a 13-member Arbitration Task Force to consider possible enhancements to its arbitration forum to improve the transparency, impartiality and efficiency of FINRA’s securities arbitration forum for all participants. “FINRA’s mission is to protect investors and support their confidence in the capital markets,” said Richard […]
Reuters
This is the case of a securities broker who spent nine years depositing his client’s dividend checks into his personal account before the situation caught up to him. For financial advisers, it’s a cautionary tale: If something doesn’t smell right, it will eventually draw attention. Richard Harvey Peress deposited 37 quarterly dividend checks totaling $11,460 […]
Wall Street Journal
The Financial Industry Regulatory Authority, a Wall Street watchdog overseen by the Securities and Exchange Commission, is considering tougher penalties for misconduct after criticism from an SEC official that its sanctions are too lenient. In the five years since the financial crisis, Finra, which is funded by the industry, didn’t discipline any Wall Street executives. […]
Reuters
It seems ironic that a federal agency with a longstanding mandate to protect investors would need a new advocate to do just that. Nonetheless, Rick Fleming, the first head of the U.S. Securities and Exchange Commission’s Office of Investor Advocate, is busy setting up shop, staffing a six-person office and setting priorities. The 2010 Dodd-Frank […]