FINRA Unscripted

You can't talk about investor protection without talking about senior investors, according to Chris Kelly, deputy head of FINRA Enforcement and head of Main Enforcement and Sales Practice Enforcement. 

In recent years, there has been a substantial increase in the number of cases involving the exploitation of senior investors and the results are often devastating, especially for seniors who may be out of the workforce and living on a fixed income. That’s why protecting senior investors is a priority for FINRA Enforcement. 

On this episode, Kelly shares how FINRA is working to protect this segment of the population and what firms can do to work with FINRA in this important effort.

Resources mentioned in this episode:

Episode 57: Securities Helpline for Seniors: Celebrating 5 Years 

Episode 59: Protecting Investors and Markets in Good Times and Bad

Regulatory Notice 19-36

Under the Radar: New York State Elder Abuse Prevalence Study

CFPB: Suspicious Activity Reports on Elder Financial Exploitation

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The COVID-19 pandemic is unlike any other crisis in recent history, and that presents an opportunity to criminals who are flexible and adaptable. That means firms and regulators must be flexible and adaptable too. 

In his first week on the job, Greg Ruppert, the new head of the National Cause and Financial Crimes Detection Programs (NCFC), created a COVID-19 Task Force to help FINRA tackle emerging issues to quickly protect investors and to maintain the integrity of our markets.

On this episode, Greg joins us to tell us more about the task force, how firms can identify, detect and mitigate emerging threats and the importance of adopting a “one team, one fight” approach. 

Resources mentioned in this episode:

Episode 60: Introducing Greg Ruppert and the NCFC

COVID-19 Resource Page

Fraud and Your Investment Accounts During COVID-19 Pandemic

Regulatory Notice 20-13

Virtual Conference Panels

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Between the level of interconnectedness on the web and the sheer about of data available, we’re living in an era ripe for the perpetration of financial fraud. That makes it more important than ever for FINRA to have a holistic view of emerging trends and risks—and the ability to coordinate closely with other regulators and law enforcement. FINRA’s new National Cause and Financial Crimes Detection Programs (NCFC) aims to be the nerve center to do just that. 

On this episode, we meet Greg Ruppert, the new Executive Vice President of the NCFC, to hear about his background and his vision for the new team.

Resources mentioned in this episode:

Episode 57: Securities Helpline for Seniors: Celebrating 5 Years of Senior Investor Protection

Episode 33: Beyond Hollywood: Money Laundering in the Securities Industry

Episode 31: FINRA’s Point Guard: The Central Review Group

Episode 23: Insider Trading: Finding the Needle in the Haystack

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FINRA Enforcement works on the front lines of investor protection—not just now, as some look to take advantage of these uncertain time to defraud investors or manipulate the markets – but always. 

On this episode, we meet Jessica Hopper, FINRA’s new Executive Vice President and Head of Enforcement, to hear what her team is doing today, and every day, to prevent investor harm and to maintain the integrity of our markets. Plus, we hear what keeps Jessica motivated to do what she does. 

Resources mentioned in this episode:

Episode 9: Introducing FINRA’s New Enforcement Team

Monthly Disciplinary Actions

Individuals Barred by FINRA

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Market volatility in recent weeks has surpassed anything else in history in terms of both the extremity and duration. Despite that, the so-called plumbing of U.S. financial markets has held up remarkably well—even with most market participants working from home. 

On this episode, we talk to FINRA’s Executive Vice President of Market Regulation and Transparency Services Tom Gira, who walks us through the evolution of our market structure that has contributed to this resilience and how FINRA and others are handling the increased volumes. 

Resources mentioned in this episode:

COVID-19 Resource Page

COVID-19 FAQs

Episode 13: How the Cloud and Machine Learning Have Transformed FINRA Market Surveillance

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With about 10,000 Americans reaching 65 years old every day, FINRA is committed to the protection of senior investors and other vulnerable adults. That’s why FINRA launched the Securities Helpline for Seniors. 

Senior Helpline’s managers Brooke Hickman and Rob Mascio explain how the Helpline has developed not just as a resource for seniors, but as a resource for broker-dealers as well. 

On this episode, we celebrate the five-year anniversary of the Senior Helpline’s launch with a look at how the Helpline has helped senior investors, notable trends and themes and how the Helpline has evolved over the last five years. 

Resources mentioned in this episode:

Protecting Senior Investors

Regulatory Notice 19-36

Toll-Free Number: 844-57-HELPS or 844-574-3577

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The new coronavirus that causes COVID-19 has rapidly changed the way U.S. broker-dealers must conduct business as states implement various shelter-in-place and stay-at-home orders, forcing workers remote. 

The shift has a number of implications when it comes to business continuity plans, the security of firm’s networks and the ability to comply with various rules and requirements. 

On this episode, our first to be remotely recorded, we talk to FINRA’s Chief Legal Officer Bob Colby and Head of Member Supervision Bari Havlik to learn what FINRA expects at this time and how firms—and FINRA—are adapting to the current situation.

Resources mentioned in this episode:

Regulatory Notice 20-08: Pandemic-Related Business Continuity Planning, Guidance and Regulatory Relief

Rule 4370: BCPs and Emergency Contact Information

COVID-19 Resource Page

COVID-19 FAQs

Cybersecurity Alert: Measures to Consider as Firms Respond to the Coronavirus Pandemic

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Want to be a broker-dealer firm and conduct securities transactions in the U.S.? First, the firm and individuals need to register with FINRA, and that means working with FINRA’s Membership Application Program (MAP) Group. 

The MAP Group is the gatekeeper to the broker-dealer industry. It works both to protect investors by ensuring would-be firms meet FINRA’s standards of admission and to help new and existing firms grow and evolve, ensuring a vibrant market for all. 

On this episode, we talk to Lisa Robinson, senior director of FINRA’s MAP Group within the Member Supervision team, to learn more. 

Resources mentioned in this episode:

Register a Broker Dealer

FINRA’s Standards of Admission

Materiality Consultation

Regulatory Notice 18-23

Episode 16: How FINRA Rules Get Made (And Reviewed)

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The biggest change to the Continuing Education program in 25 years is underway. 

The CE Council, FINRA and other CE Council members are working together to improve continuing education for broker dealers with a number of proposed changes, including moving to an annual CE requirement, working to reduce duplication between the firm and regulatory elements of continuing education and providing those who leave the industry a means of maintaining their qualification.

On this episode, we hear both the firm and regulatory perspective from our guests, Jeff Freiburger, Chief Compliance Officer at Robert W. Baird and member of the CE Council, and John Kalohn, Senior Advisor to Registration and Disclosure at FINRA. 

Resources mentioned in this episode:

Regulatory Notice 20-05 (Comments Due: April 20, 2020) 

Letter from the 2019 Council Chair

CE Council

Key Topics: Continuing Education

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It can be a big decision for retail investors to decide how and where to invest their hard-earned cash. After all, their savings are on the line. 

It’s important that when making this big decision investors understand the risks—not just the hype. That’s where FINRA’s Advertising Regulation Group comes in, overseeing broker-dealer communications to ensure that they are fair, balanced and not misleading. 

On this episode, we talk to Amy Sochard, senior director of FINRA’s Advertising Regulation Group within the Office of General Counsel, to learn more.

Resources mentioned in this episode:

Advertising Regulation Topic Page

Rule 2210: Communications with the Public

Regulatory Notice 19-31: Disclosure Innovations in Advertising and Other Communications with the Public

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