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Text of the Regulatory and Examination Priorities Letter January 4, Introduction This Regulatory and Examination Priorities Letter provides firms with information about areas FINRA plans to review inand in many instances also includes brief observations about common weaknesses we have observed while executing our regulatory programs.
Firms can use this letter to identify priorities applicable to their business and to strengthen their compliance, supervisory and risk management controls to protect investors, the markets and themselves. FINRA develops these priorities based on observations from our regulatory programs as well as input from various stakeholders, including investor advocates, firms and other regulators.
Some firms use the letter to help identify applicable priorities and then to define their training program requirements for the coming year, assess programs they may need to strengthen or update, and frame issues that they will address in their annual compliance conferences and other internal communications.
For its part, FINRA has enhanced its risk-based surveillance and examination programs to apply a nationally consistent approach to identify and focus on material conduct at firms based on our assessment of specified sales practice, financial, operational and market-integrity risks.
InFINRA will also initiate electronic, off-site reviews to supplement our traditional on-site cycle examinations. This program will enable FINRA to review selected areas, typically those covered in this letter, without going on site to the firm. Instead, FINRA will make targeted and limited information requests to firms and then analyze responses off site.
We will conduct these off-site exams only on a select group of firms that are not currently scheduled for a cycle exam in FINRA will focus on the following issues and concerns through our regulatory programs in FINRA is strengthening its already comprehensive approach to high-risk and recidivist brokers in three areas.
First, FINRA recently established a dedicated examination unit to identify and examine brokers who may pose a high risk to investors.
FINRA will assess whether firms develop and implement a supervisory plan reasonably tailored to detect and prevent future misconduct by a particular broker based on prior misconduct and regulatory disclosures. We will also focus on firms with a concentration of brokers with significant past disciplinary records or a number of sales practice complaints or arbitrations.
At the same time, we will continue to scrutinize closely applications by firms to associate with statutorily disqualified persons and will oppose these plans where we conclude that they do not satisfy applicable requirements.
Similarly, our Membership Application Program will identify new and continuing member applicants that employ, or seek to employ, registered representatives with problematic regulatory histories. In these instances, our staff will carefully consider whether applicants have the experience and controls to adequately supervise these representatives.
We are seeing numerous cases where registered representatives have recommended that senior investors purchase speculative or complex products in search of yield. In andFINRA observed an increase in the use of aggressive boiler room tactics by unregistered persons in pump-and-dump schemes targeting elderly investors.
There are a number of controls firms can implement to enhance protection for elderly clients from such financial exploitation. Product Suitability and Concentration FINRA continues to observe instances where firms recommend products that are unsuitable for customers, including situations where customers and sometimes registered representatives do not understand important product features.
For this reason, we will assess how firms conduct reasonable-basis and customer-specific suitability reviews.What does comprehensive examination mean? Definitions for comprehensive examination Only through discovery in a court of law will there be a truly independent and comprehensive examination of what went wrong during Mr.
Wood's nearly two-hour execution. Images & Illustrations of comprehensive examination. The date your examination is completed may vary depending on technology area.
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