FINRA Amends Rules to Incentivize Timely Payment of Arbitration Awards
6/17/20
By: Kathleen Cusack and Kirsten Patzer
On May 21, 2020, the Financial Industry Regulatory Authority (FINRA) announced that effective September 14, 2020, its Membership Application Program (MAP) rules will be amended to further incentivize the timely payment of arbitration awards. …
FINRA Issues Guidance on Remote Work Including Continued Warning for Cyber Threats
6/15/20
By: Kathleen Cusack and Kirsten Patzer
Although all 50 states have begun the process of reopening, business spaces have not yet returned to full capacity and many people continue to work remotely. On May 28, 2020, the Financial Industry Regulatory …
FINRA In-Person Hearings Further Postponed Until July 31
5/20/20
By: Kathleen Cusack and Kirsten Patzer
On Friday, May 15, 2020, amidst continued concern over the potential spread of COVID-19, the Financial Industry Regulatory Authority (FINRA) postponed all in-person arbitration and mediation proceedings until July 31, 2020. FINRA initially postponed …
FINRA Seeks To Simplify Non-Party Discovery
4/9/19
By: Greg Fayard
In January 2019, the Financial Industry Regulatory Authority (FINRA) proposed changes to its rules to give non-parties more time to respond to discovery requests and witness orders from arbitration panels. Currently, non-parties only have 10 calendar days …
FINRA Increases Penalties For Brokers’ Bad Behavior
5/8/18
By: Ted Peters
In further response to mounting pressure for securities regulators to exert greater control over problem brokers, the Financial Industry Regulatory Authority (“FINRA”) released Regulatory Notice 18-17 on May 2, 2018. FINRA has long maintained a “rulebook” of …
Unpaid FINRA Awards May Result in Tighter Membership Rules Governing Brokers and Member Firms
2/16/18
By: Theodore C. Peters
On February 8, the Financial Industry Regulatory Authority (“FINRA”) released a discussion paper: FINRA Perspectives on Customer Recovery, which openly addressed the reality that roughly one quarter of FINRA arbitration awards issued in 2016 were …
FINRA Seeks to Tighten Rules for Expungement of Customer Dispute Information
1/5/18
By: Theodore C. Peters
What once was a relatively simple process of removing outdated or false information on a registered person’s CRD (Central Registration Depository) record has become increasingly complicated (and expensive) over the years. Bit by bit, securities regulators …