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In her work, Emily Gordy handles a wide range of compliance and enforcement issues affecting broker-dealers, fintech companies, investment advisers and investment companies ....
Finra zeroes in on online brokerage apps The broker-dealer self-regulator cited a surge of new retail investors entering the markets via online platforms, which has led to a spike in more sophisticated kinds of trading, such as options. February 1, 2021 2 MINS Finra will zero in on online brokerage platforms that use interactive and “game-like” features and step up reviews of firms’ compliance with Regulation Best Interest in coming months. In a report on its examination and risk monitoring program, the Financial Industry Regulatory Authority Inc. said it will “address risks relating to new digital communication channels” as one of its examination priorities this year. ....
Finra hits Transamerica with $8.8 million sanction The settlement includes $4.4 million in restitutions to harmed customers over the sales of unsuitable VA, mutual fund and 529 products December 21, 2020 2 MINS Transamerica Financial Advisors agreed to pay $8.8 million in sanctions for unsuitable sales of variable annuities, mutual funds and 529 college savings, Finra announced Monday. Transamerica’s settlement with the Financial Industry Regulatory Authority Inc. includes a $4.4 million fine and $4.4 million in restitution to approximately 2,400 customers. The broker-dealer self-regulator charged Transamerica with failing to adequately supervise its registered representatives in making recommendations involving the three products for various time periods from 2009 through 2016. From May 2010 to May 2016, the firm sold approximately 51,000 variable annuity policies, generating $591 million in commissions or more than 40% of Tr ....