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FINRA Rule 8313 – Publicity Rule – Complete transparency to disciplinary actions

We are all aware that the purpose of FINRA’s Broker Check was to give both the public and financial services firms the ability to view both broker-dealers’ and registered representatives’ status with FINRA. The report briefly discussed the profile of the firm or individual and also identified any disciplinary events. The amendments to Rule 8313 effective December 16, 2013 broaden the access of disciplinary actions to the public; see FINRA NtM 13-27 www.finra.org/notices/13-27
FINRA disciplinary – http://www.finra.org/Industry/Enforcement/DisciplinaryActions/MonthlyActions/2013/ is easily viewed on the FINRA site.
As we have discussed in the past, the regulators have become more aggressive over the past few years with disciplinary actions. Amended Rule 8313 will permit the public greater access to more details. The results for the broker-dealer and associated person beyond the fines and/or sanction will be greater reputational risk. This can all be avoided with a sound, pro-active compliance program. Aligning the business model with compliance requirements will result in a program that is both effective and efficient.
RegMaven has experience in designing compliance programs with your business initiatives in mind. Contact us to discuss your business and compliance questions http://www.regmaven.com/contact-us/30-minute-consultation/

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