Reminder for FINRA Members


“The amendments involving the public availability of historic customer complaints and the process for disputing the accuracy of information disclosed through BrokerCheck become effective on August 23, 2010. The effective date for the amendments pertaining to the expansion of the disclosure period for former associated persons and the permanent public availability of certain information about former associated persons of a member firm is November 6, 2010.”

April 6, 2010, and Naked Access Proposal – What Does a Regulatory Paralegal Do?????

On January 13, 2010, the SEC proposed a rule (“SEC Proposed Rule”) that would make it almost prohibitive for a  broker/dealer from allowing their customers naked access to an exchange.  Naked access allows for the rapidly buying and selling of securities directly on an exchanges using a broker’s (“sponsor”) computer code without exchanges or regulators always knowing who is making the trades.  One of the things that this proposed rule would prevent would be erroneous orders like we saw on Thursday, April 6, 2010, which sent the markets into a tail-spin.

As a regulatory paralegal in a securities firm your job would be to assist our attorney in keeping track of the comments as well as perhaps assist in the research and drafting of a comment letter to be submitted to the SEC.

FINRA Regulatory Notice 09-67 Changes to the fee for the Regulatory Element of the continuing education requirements of FINRA

Beginning January 4, 2010, FINRA is raising the fees for the CE requirements of certain registered persons.  The affected registrations are:  The General Program (S101), the Series 6 Program (S106) and the Supervisory Program (S201).  The fee is going from $75.00 to $100.

For further information see:  FINRA Regulatory Notice 09-67