For FINRA member firms, and employees of FINRA firms (even those who are not registered) FINRA Rule 8210 (Provision of Information and Testimony and Inspection and Copying of Books) gives FINRA the authority to request documents and testimony from firms, registered persons and, in FINRA’s view, other persons and entities related to a registered person or entity.
The response to the request is important. First, if there is no response, FINRA will seek a permanent bar of the individual, and a suspension of the firm if the request is to the firm.
But simply responding is not the answer – the response needs to be well thought out, and carefully addressed.
Read our analysis here,
You may also be interested in:
- SEC Subpoenas – Tips for Responding How you respond to an SEC subpoena makes a difference. Tips from an experienced securities attorney.
- UBS YES Losses? Investors who lost money in UBS’ Yield Enhancement Strategy (YES) may be able to recover their losses
- Recover GPB Capital Losses After inquiries by the SEC, FINRA and the FBI, GPB Capital has announced significant losses in the value of its investment funds. Two of its funds, GPB Holdings II and GPB Automotive Portfolio, have reported losses of 25.4% and 39%, respectively according to InvestmentNews.com GPB Capital Holdings is a New York based alternative asset management firm with approximately ...
- SDNY Defines Customer under FINRA Rule 12200 Judge Laura Taylor Swain of the Southern District of New York has issued a decision defining a customer, for purposes of FINRA Rule 12200 as being a person or entity who have an account with the member, or who has purchased goods and services from the member. In doing so, it orders some claims in the ...
- Broker Recruiting Protocol Question When changing firms, and moving between two firms that are part of the Broker Recruiting Protocol, can the broker take client account numbers with her. We get that question a lot. Under the Protocol a broker may take only the client name, address, phone number, email address, and account title of the clients that she serviced ...
- Brokers Say Moving to RIA Was Positive A new report from TD Ameritrade Institutional, which gathered data from current and former brokerage reps, illustrates a generally positive attitude toward the RIA channel and signals a continuation of the migration trend.The findings from the 2019 Benchmarking and Independence report showed that 44% of brokers surveyed said the likelihood of them leaving the brokerage ...
Mark J. Astarita, Esq. represents investors, financial professionals and firms in litigation, arbitration and regulatory matters across the country. He is a partner in the national securities law firm of Sallah Astarita & Cox, LLC and can be reached by email at mja@sallahlaw.com or by phone at 212-509-6544.
Follow us on Twitter, Facebook and The Securities Law Blog .