Compliance Newsflash – June 28, 2017June 28, 2017
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FINRA Engages in Rulemaking by Enforcement: Financial Industry Groups
On June 21, 2017, Investment News announced that financial industry trade associations criticized Finra for using enforcement to establish regulatory standards for brokers rather than the formal rulemaking process, in letters to the broker-dealer regulator as part of its self-examination process. The Financial Services Institute, which represents independent brokers and financial advisers, said that as the Financial Industry Regulatory Authority Inc. has increased its fine level, FSI members are wondering about the broker-dealer self-regulator’s motivation.
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SEC, DOL Vow to Team Up on Advisor Rules
On June 27, 2017, Barron announced that the chiefs of the Labor Department and the SEC are vowing to cooperate on advice regulation. DOL secretary Alexander Acosta and SEC chair Jay Clayton, appearing separately before different Senate panels, said the organizations “stressed the cooperation that Republican legislators and opponents of the DOL fiduciary rule are demanding,” the publication says.
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