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Articles tagged "FINRA"


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Baiju Bhatt (left) and Vladimir Tenev (right) founded Robinhood in 2013. Now the firm's DIY model is challenged by a suit alleging its duty of care is not just skin deep.

Robinhood allegedly implied a fiduciary duty to novice investors in the marketing of its 'game-like' trading app, even though it's a FINRA-regulated broker-dealer, new class action charges

Three Florida firms sue claiming (IPO bound, Bloomberg reports) Robinhood allegedly failed to direct self-directed investors -- a claim that is both legally shaky, and potentially serious, experts say.

November 17, 2020 at 4:54 AM

Robert Kalenka: [We] have worked with TMG for over 30 years and I have an extremely high regard for their entire organization. The level of experience, expertise and professionalism they deliver to us is exceptional.

COVID-19 claims the lives of four Broadridge employees and two of its subcontractor's staff, while another contractor's policies exposed workers, raising questions about SEC 'essential work' rules

The New York -based proxy administrations and technology giant of 10,000-employees blames outsourcers for not abiding by its standards for health, safety; others wonder whether the SEC and FINRA created harmfully inflexible, letter-of-the-law rules in pandemic.

July 14, 2020 at 12:46 AM

Stephen Murphy: The brashness required to challenge an industry does not mix well with the rigidities of the regulated securities market ... When the hammer comes down, it will most likely be swift and heavy.

A 'perp walk' is still preferred but oddly unified SEC and FINRA signal that wild west days are over for robo-advisors and blockchain coins

The two regulators are working in "unison" to find a way to balance the regulation of 'digital assets' while ensuring firms' have the scope to innovate

March 1, 2019 at 11:42 PM

Irwin Stein: Unless the advisor is in a coma, it is always an uphill battle for a client to question an advisor’s judgment.

A veteran securities lawyer takes contrarian stance that the DOL is still 'suitability' reworded, when boiling its 1,000-page 'rule' down to 16-page 'guide'

In prolix prose, the Labor Department's 'exemptions' sound like fiduciary exceptions; as poems, they sound like suitability-level loopholes

January 18, 2017 at 6:23 PM

Bo Lu: What's a phone?

The odd and open courtship between the SEC and robo-advisors plays out again -- this time at an SEC-hosted webcast panel in Washington, D.C.

Mary Jo White introduced a forum with representatives from FutureAdvisor, Betterment and Personal Capital who mostly just nodded in assent at each other

November 15, 2016 at 10:22 PM

Irwin Stein: These brokers get fired not because they lied to their customers but because they lied to their firms.

The sorry truth about the SEC's plan to crack down on bad stockbrokers by putting RIAs in a vise

The move is a clear diversionary tactic on the SEC's part to avoid flexing its muscles and withhold licenses

September 16, 2016 at 5:06 PM

Après moi le déluge? Outgoing FINRA chief Rick Ketchum engineered a bold bid for RIA oversight but leaves a flailing organization.

What FINRA's CEO shuffle reveals about its waning viability as the self-funded fox guarding the investor henhouse

As Richard Ketchum departs amid fulsome praise, FINRA's failed bid to make RIAs 'rules based' combined with member unrest leave the SRO in deep dilemma mode

August 25, 2016 at 9:41 PM

Alan Wolper: The biggest challenge [for FINRA] is finding a way to strike a reasonable balance between being the tough cop on the beat it yearns to convey and an industry association that actually helps its members.

FINRA shifts an unwelcome spotlight away from itself -- by training it on the brokers it oversees

The embattled SRO is spending $3.5 million to advertise BrokerCheck and is requiring its front-and-center placement on firms' websites as public demand for heightened fiduciary care grows

August 17, 2016 at 8:05 PM

LPL put four people in a new Washington D.C. office with a criss-crossing legislative agenda in mind.

LPL Financial dumps FSI then goes full swank on lobbying office -- but legislative agendas of FSI and LPL don't reveal any divide

The big broker-dealer stopped paying dues to the Financial Service Institute but it'll pay up for hot offices near the White House

June 8, 2016 at 10:19 PM

Irwin Stein: Those crickets you heard from those quarters in the wake of the DOL rule's publication constituted stifled jubilation.

A veteran of securities law killed his weekend reading all 1,000 pages of the DOL rule -- and has a takeaway to share

Despite reassuring words, the rules steer ill-done-by investors down that dark alley of FINRA arbitrations where complaints go to die

April 13, 2016 at 9:30 PM

Brian Hamburger: The impact of this confusion is incalculable.

RIA advocates cry foul after international media pick up on U. of Chicago study labeling shady stock brokers as 'investment advisers'

Investment Adviser Association issues urgent press release; authors offer defense that Brian Hamburger finds hard to swallow

March 4, 2016 at 11:40 PM

Richard Ketchum professed support for a fiduciary standard,then, in the same speech, opposed the DOL's proposed rule-making, calling it 'problematic.'

Tick, tick, tick ... FINRA rewrites 'culture,' 'conflicts of interest' and 'ethics' into a farcical 'best interests' code after DOL drops a bomb on its suitability ethos

In its latest burst of bureaucratic creativity, the wirehouse cop acknowledges the scourge of Wall Street culture then quickly excuses the behavior it elicits

January 29, 2016 at 6:33 PM

Emily Gordy: I will be able to have an effective dialogue with FINRA.
October 6, 2015 at 9:19 PM

Dawn Bennett accounted for AUM totals by saying she managed cash for a South African telecom, a Virginia-based travel agency, and Virginia-based historical preservation group

Why legal experts expect radio personality and registered rep Dawn Bennett to be barred from the industry for what started as an exaggeration of AUM

In the great tradition of legal quagmires, the cover-up seems as much the issue as the original broadcasted misdeed

September 18, 2015 at 7:55 PM

Rob Isbitts: As the alts industry continues to expand, morph and eventually consolidate, keep in mind that some of your clients can't afford to not have the money they need, when they need it.

How the alternative investments category got bastardized and why that's a shame

A decade on, the investment industry is fast destroying a promising asset class

January 27, 2015 at 6:19 PM

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