June 12, 2015
FINRA Seeks Comment on Concept Proposal to Restructure Qualification Examination Program
On May 27, 2015, FINRA issued a request for comment on a concept proposal to restructure the current representative-level qualification examination program. In an effort to reduce the content overlap across the representative-level examinations and requirements for individuals in various segments of the industry, the new format would consist of a general knowledge examination (the Securities Industry Essentials Examination, or “SIE”) and an appropriate specialized examination to reflect each particular registered role.
June 11, 2015
SEC Charges Brokerage Firm Co-Owners with Defrauding Investors and Falsifying Records
On May 20, 2015, the SEC announced fraud charges against the co-owners of Manhattan-based broker-dealer, Arjent LLC and its UK-based affiliate, Arjent Limited.
June 5, 2015
FINRA Amendments to Rule 8311 to become effective August 24, 2015
The amendments to FINRA Rule 8311 clarify the scope of the rule on payments by member firms to persons subject to sanctions and eliminate duplicative provisions in NASD IM–2420–2.
June 5, 2015
FINRA Rule on Payments to Unregistered Persons to become effective August 24, 2015
FINRA Rule 2040 consolidates NYSE and NASD rules and NASD guidance on the payment of fees to unregistered persons. The new rule will become effective on August 24, 2015.