Tag: FINRA

FINRA's 2018 volume tops 2017 activity by 87%
January 24, 2019 BY Valentina Kirilova

FINRA's 2018 volume tops 2017 activity by 87%

Market volatility generated an exceptional amount of processing volume for the Financial Industry Regulatory Authority (FINRA) in 2018 – 66.7 billion electronic records per day, up 87.4% over the ADV in 2017. FINRA has already reported an unprecedented amount of market activity through the first six months of 2018, averaging a record 57.9 billion electronic records…

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Morgan Stanley fined $10m for AML program
December 27, 2018 BY Valentina Kirilova

Morgan Stanley fined $10m for AML program

FINRA, a not-for-profit organization dedicated to investor protection and market integrity, has announced that it has fined Morgan Stanley Smith Barney LLC $10 million for anti-money laundering (AML) program and supervisory failures that spanned a period of more than five years. Susan Schroeder, FINRA Executive Vice President, Department of Enforcement, commented on the news: As…

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fca fine
December 21, 2018 BY Valentina Kirilova

Merrill Lynch fined $6m for selling Facebook, General Motors, LinkedIn IPOs to industry insiders

FINRA has informed the public that it has fined Merrill Lynch, Pierce, Fenner & Smith Inc. for improperly selling shares in initial public offerings (IPOs) to industry insiders. Merrill Lynch will pay a $5.5 million fine, and disgorge $490,530 it earned as revenue from the sales. IPOs included Facebook, Inc. (NASDAQ:FB), General Motors Co. (NYSE:GM),…

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SFC fines
December 18, 2018 BY Valentina Kirilova

UBS fined $15m over deficiencies in anti-money laundering programs

UBS (NYSE:UBS) has agreed to pay $15 million total fine to FINRA, SEC and FinCEN. The financial services company failed to implement anti-money laundering programs. Susan Schroeder, FINRA’s Executive Vice President, Department of Enforcement, commented on the news: AML systems must be reasonably designed to monitor transactions for potentially suspicious activity. When firms are part of…

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September 12, 2018 BY Valentina Kirilova

FINRA takes its first-ever disciplinary action involving cryptocurrencies

FINRA has just announced that it filed a complaint against Timothy Tilton Ayre of Agawam, Massachusetts, charging him with securities fraud and the unlawful distribution of an unregistered cryptocurrency security called HempCoin. This case represents FINRA’s first disciplinary action involving cryptocurrencies. In the complaint, FINRA alleges that, from January 2013 through October 2016, Ayre attempted…

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FINRA releases report on the rise of RegTech
September 11, 2018 BY Valentina Kirilova

FINRA releases report on the rise of RegTech

FINRA has released a white paper outlining recent regulatory technology (RegTech) developments within the securities industry and potential opportunities and implications these technologies may have for broker-dealers. The report follows an in-depth review conducted by FINRA on the emergence of RegTech tools within the securities industry and summarizes the study’s key findings. Notably, FINRA highlights…

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July 31, 2018 BY Valentina Kirilova

FINRA requests comment on fintech innovation in the broker-dealer industry

FINRA has issued a Special Notice seeking comment on how it can support financial technology (fintech) innovation consistent with its mission of investor protection and market integrity. The announcement builds on an initiative FINRA launched last year to improve communication with the securities industry around fintech. In addition, FINRA requests comment on certain fintech areas,…

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FINRA's 2018 volume tops 2017 activity by 87%
July 13, 2018 BY Valentina Kirilova

FINRA handles record volume of market activity through 1H 2018

The Financial Industry Regulatory Authority (FINRA) has informed the public that it has processed an unprecedented amount of market activity through the first six months of 2018, averaging a record 57.9 billion electronic records per day during the period — a 62% increase over the average daily volume in 2017. FINRA’s pioneering cloud strategy has…

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FINRA's 2018 volume tops 2017 activity by 87%
July 06, 2018 BY Valentina Kirilova

FINRA launches enhanced public records review

FINRA has announced that it is launching an enhanced disclosure review process for public financial records of individuals seeking registration with a brokerage firm. Beginning on July 9, FINRA will perform a public records review within 15 calendar days after a firm applies to register an individual with FINRA. The review will enhance the quality…

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