All FINRA articles
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ArticleFINRA annual regulatory report offers AI guidance, points to significant risks
Financial firms seeking guidance on AI, the threat of cyberattacks, market manipulation, or fraud targeting senior clients can turn to annual guidance issued by the Financial Industry Regulatory Authority.
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ArticleFINRA fines First Trust $10M for allegedly giving too-generous gifts to brokers
First Trust Portfolios has been fined $10 million by FINRA for allegedly providing excessive meals, gifts, and other incentives to broker-dealers.
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Basic Page‘Extraordinary cooperation’ pays off for PFS Investments
As regulators shift toward rewarding transparency, self-regulation and self-reporting, the way PFS Investments handled a longstanding problem serves as an example of how proactive remediation can turn a costly compliance error into a manageable regulatory outcome.
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News BriefRobinhood pays $30M in fines, restitution for faulty AML program, customer disclosures
Robinhood will pay nearly $30 million in penalties for violating Financial Industry Regulatory Authority rules with shortcomings in its anti-money launderingprogram, as well as supervisory and disclosure violations.
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News BriefApex Clearing Corp. to pay $3.2M over improper disclosures, distorting investor payouts
A clearing firm agreed to pay $3.2 million and certify that it put in place compliance measures under an agreement with the Financial Industry Regulatory Authority.
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OpinionFive reasons why I’m excited about CW’s Cyber Risk & Data Privacy Summit
Having worked for Compliance Week for three years, I’ve found it remarkable how compliance professionals can be so consistently upbeat about their plight. An often refrain in compliance circles is “be comfortable with being uncomfortable.” As difficult as the job can be, that clearly doesn’t mean it can’t be fun.
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News BriefFINRA ends year with string of fines against Jefferies, UBS, Citi, Barclays
The Financial Industry Regulatory Authority issued fines against four large banks to end 2024, all for different alleged misconduct, but all related to the firms’ failures to implement a supervisory system reasonably designed to achieve compliance with FINRA rules.
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News BriefSeaCrest to pay $375K to settle charges that it failed to supervise rogue adviser
New York-based SeaCrest Wealth Management will pay a $375,000 fine for failing to properly prevent a cherry-picking scheme perpetrated by one of its investment advisers.
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News BriefDrexel Hamilton to pay $1.1M, four employees fined for ‘flipping’ municipal bonds
New York-based investment firm Drexel Hamilton will pay more than $1.1 million in penalties, with four current and former employees paying fines as well over committing hundreds of violations of rules regarding the sale of municipal bonds.
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News BriefFINRA fines Morgan Stanley $1M for alleged documentation failures
The Financial Industry Regulatory Authority fined broker-dealer Morgan Stanley $1 million over alleged documentation failures related to risk management controls and supervisory procedures involving violations of the Market Access Rule.
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PremiumAI & Compliance Summit: Regs discuss artificial intelligence guardrails for financial services
Artificial intelligence is an exciting, new technology and it is well-regulated by old laws and rules already on the books, financial regulators said at Compliance Week’s AI & Compliance Summit at Boston University.
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News BriefTD Bank unit to pay $28M in penalties for failing to properly supervise rogue trader
Broker-dealer TD Securities failed to prevent a trader from placing and then withdrawing thousands of false trades over the course of a year in part because its compliance department failed to follow up on red flags generated by the illegal trades, three regulators said.
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News BriefFINRA fines Merrill Lynch, BofA Securities $2.3M for reporting, registration failures
The Financial Industry Regulatory Authority issued two separate fines against Merrill Lynch and BofA Securities totaling nearly $2.3 million for reporting violations and failing to timely file amendments on registration forms for their registered representatives.
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Blog
FINRA names XML Securities’ CCO to board of governors
FINRA announced the election of Jennifer Szaro, chief compliance officer and a managing equity owner at XML Securities and its affiliated registered investment adviser, XML Financial Group, to its board of governors.
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News BriefFINRA fines Wells Fargo unit $3M for repeatedly pushing ‘unsuitable’ investments
A Wells Fargo subsidiary will pay nearly $3 million to settle allegations that it failed to properly supervise an employee attempting to sell unsuitable investment products to retail investors–the fifth time it has been penalized for similar supervisory failings since 2020.
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News BriefFINRA dings JPMorgan Securities $190K over registration, supervision failures
The Financial Industry Regulatory Authority fined JPMorgan Securities $190,000 for unregistered investment banking activities and not having a supervisory system reasonably designed to achieve compliance with FINRA registration requirements.
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News BriefRaymond James to pay $1.9M over failing to supervise mutual fund transactions
Raymond James & Associates and its subsidiary agreed to pay more than $1.9 million to settle allegations levied by the Financial Industry Regulatory Authority that it didn’t have an effective system to handle customer complaints, along with millions of direct mutual fund transactions not reasonably being supervised.
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News BriefBank of America unit reaches $3M settlement with FINRA over surveillance lapses
A subsidiary of Bank of America agreed to pay $3 million and take remedial measures to resolve allegations that its surveillance system didn’t detect manipulative trading, the Financial Industry Regulatory Authority said.
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News BriefFINRA orders Cantor Fitzgerald to pay $151K over supervision lapses
Cantor Fitzgerald agreed to pay more than $151,000 and be censured as part of a settlement with the Financial Industry Regulatory Authority over alleged supervisory failures in respect to over-the-counter securities.
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News BriefAmerican Portfolios agrees to $225K settlement with FINRA over AML failings
Broker-dealer American Portfolios will pay a $225,000 fine to the Financial Industry Regulatory Authority (FINRA) over alleged deficiencies in its anti-money laundering program.