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The “Zoom” Boom: FINRA Maintains Its Authority to Compel Virtual Hearings Over Member Objections
If we have learned anything in 2020, it is that the only thing constant in life is change. The world has changed in just about every way and day-to-day life continues to evolve in light of those changes. One major development is the increased use – or perhaps reliance – on remote communication. Zoom, now […] More
Florida Passes House Bill 813: Protection of Vulnerable Investors
On June 30, 2020, Florida’s Governor signed Florida House Bill 813, amending Florida Statute 415.1034 and creating Florida Statute 517.34. This Bill was drafted to protect vulnerable investors within the State of Florida from financial exploitation. The Bill requires broker-dealers, investment advisers and associated persons to report knowledge or suspicion of abuse, neglect, or exploitation […] More
Supreme Court Upholds SEC’s Ability to Seek Disgorgement, But Places Limits
On Monday, June 22, the U.S. Supreme Court said, in an 8-1 decision, that the U.S. Securities and Exchange Commission could continue collecting disgorgement in an amount that does not exceed a wrongdoer’s net profits and is awarded for victims as “equitable relief.” In rendering its decision, the Supreme Court looked at whether a particular […] More
FINRA Issues Regulatory Notice Sharing Practices Implemented by Firms to Transition to, and Supervise in, a Remote Work Environment During the COVID-19 Pandemic
FINRA recently issued Regulatory Notice 20-16 providing firms with guidance on transitioning to a remote work environment and implementing remote supervisory practices. The Notice shares some common themes that the SRO has observed amongst firms of all sizes regarding steps being taken to transition their staff, associated persons, and supervisory policies and procedures to remain […] More
FINRA FAQs Offer Useful Guidance on Members’ Evolving Obligations
The coronavirus pandemic (COVID-19) and resulting changes to everyday life has permeated seemingly every facet of society. Thus, it is not surprising that FINRA is providing temporary relief for member firms from compliance with certain rules and regulations. The relief is focused solely on specific identified rules and regulations found on the FINRA website. https://www.finra.org/rules-guidance/key-topics/covid-19/faq […] More
Pennsylvania DoBS Issues Guidance on COVID-19 Cyber and Financial Scams
As the Financial Industry Regulatory Authority (FINRA) has touted through the years, financial fraudsters tend to follow the old Willie Sutton maxim about why he robbed banks: “because that is where the money is.” In these trying financial times, increasingly “where the money is” happens to be the hands of consumers adversely affected by the […] More
