In 2022, FINRA developed an enterprise-wide strategy to ensure it is prepared for an evolving crypto asset regulatory landscape and created the Crypto Hub, the Blockchain Lab and the Crypto Asset Investigations Team. 

On this episode, the first in a three-part series, we sit down with Omer Meisel, Senior Vice President of the Complex Investigations and Intelligence Group, Jason Foye, Senior Director and Head of FINRA's Crypto Hub, and Reema Abdelhamid, a Director with FINRA Enforcement to learn more about the strategy and the role of the Hub and FINRA’s work to advance its mission of investor protection and market integrity.

Resources mentioned in this episode:

FINRA Blog: An Inside Look into FINRA’s Crypto Asset Work

SEC’s SPBD December 2020 Statement

SEC’s September 25, 2020 No-Action Letter, “ATS Role in the Settlement of Digital Asset Security Trades”

Crypto Asset Communications Exam Letter – November 2022

FINRA and NFA Joint Press Release

Reg Notice 20-23: Activities Related to Digital Assets

Reg Notice 21-25: Continued Engagement in Activities Related to Digital Assets

Episode 112: FINRA's Complex Investigations and Intelligence Team & Cyber and Analytics Unit

Episode 113: Regulatory Operations: Stronger Regulation Through Integrated Oversight

Episode 117: Membership Application Program

Episode 134: Gen Z Investor Attitudes

FINRA Foundation Report: Gen Z and Investing

Investor Insights: What Is a Blockchain, and Why Should I Care?

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An efficient capital raising process fosters business expansion, job creation and economic growth. And FINRA's members play an important role in this vital piece of our capital markets. Currently, FINRA's soliciting comments on the impact FINRA's Rules have on the capital formation process, as it looks for ways to increase efficiency and reduce unnecessary burdens. On this episode, we'll dig more into this process and FINRA's recent Request for Comment with Joe Price, Senior Vice President of Corporate Financing and Advertising Regulation, and discuss the recent Regulatory Notice 23-09 on FINRA's Rules impacting capital formation.

Resources mentioned in this episode:

Reg Notice 23-09: Capital Formation Request for Comment

Reg Notice 17-14: Request for Comment on FINRA Rules Impacting Capital Formation

FINRA Rules

SEC EDGAR Database

Frequently Asked Questions About Private Placements

FINRA Board of Governors

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Gen Z is now in the market and they're beginning to invest younger than any generation before them. A new study by the FINRA Foundation and CFA Institute has taken a deep dive into the attitudes and behaviors of this latest generation of investors, the oldest of which were just 25 at the time of the study.

On this episode, Andres Vinelli, Chief Economist at CFA Institute, and Gerri Walsh, President of the FINRA Foundation and Senior Vice President of Investor Education at FINRA, join us to talk about the role of crypto as an onramp, how Gen Z is using, but not necessarily trusting, social media and much more.

Resources mentioned in this episode:

FINRA Foundation Website

CFA Institute Website

Gen Z and Investing: Social Media, Crypto, FOMO, and Family Report (May 2023)

New Investors 2022: Entering the Market in Novel and Traditional Ways (April 2023)

National Financial Capability Study Investor Survey (December 2022)

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In honor of Elder Abuse Awareness Month, we're taking a look at FINRA's important senior investor protection efforts, including a look at FINRA Rules 2165 and 4512, the first uniform National Senior Investor Protection Standards. 

On this episode, we hear from Associate General Counsel Alicia Goldin and Vice President and Associate General Counsel Jim Wrona where those rules stand today, explore some of the real-world scenarios in their application and provide tips for some of the tricky conversations that financial professionals might face in connection to their application. 

Resources mentioned in this episode:

Rule 2165: Financial Exploitation of Specified Adults

Rule 4512: Customer Account Information

Episode 105: Essential Senior Investor Protection Tools

Reg Notice 22-31: Practices for Obtaining Trusted Contacts

“Investors in the U.S.: The Changing Landscape,” FINRA Foundation (December 2022)

Trusted Contact Resource Page

Trusted Contact Infographic

2023 Report on FINRA’s Examination and Risk Monitoring Program

2020 Ontario Securities Commission Protecting Aging Investors Report

Blame and Shame in the Context of Financial Fraud

IACP Successful Trauma-Informed Victim Interviewing

Senior Safe Act Webinar: Identifying and Reporting Suspected Exploitation

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FINRA's Examination team carries out a core function of FINRA's business by examining every member firm at least every four years and as often as annually, depending on the risk profile of each individual firm. These exams ensure firms remain in compliance with FINRA rules and federal securities laws and regulations and are at the heart of FINRA's mission of investor protection and market integrity. 

On this episode, Michael Solomon, Senior Vice President of Examinations, Nicole McCafferty, Vice President of the Retail Exam Firm Group, and Joe Sheirer, Vice President of the Office of Exams, join us for a deep dive into how the program works and what firms can expect during routine firm exams.

Resources mentioned in this episode:

Episode 127: FINRA’s Risk Monitoring Program

Episode 60: National Cause and Financial Crimes Detection Programs

Reg Notice 23-08: Selling Private Placements

2023 Report on FINRA’s Examination and Risk Monitoring Program

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Each year, FINRA hosts its Annual Conference in Washington, D.C. It is an event packed full of panels with information on all the latest compliance trends and emerging regulatory issues, with a number of networking opportunities spread across the three-day event. On this episode, we're taking you behind the scenes of this year's Annual Conference to listen in on a conversation between FINRA President and CEO Robert Cook and the Chair of the FINRA Board of Governors, Eric Noll.

Resources mentioned in this episode:

2023 FINRA Annual Conference

2024 FINRA Annual Conference Registration

FINRA Board of Governors

Eric Noll Biography

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Litigation economics is not something they teach in most schools, but when it comes to unique or first of their kind enforcement matters, it's an important skill to have, whether it be in establishing sampling methodologies, the creation of a benchmark or development of restitution frameworks. 

On this episode, we hear from Chris Kelly, acting Head of Enforcement, and Lori Walsh, Vice President of the Office of the Chief Economist, about how FINRA's Enforcement team has been partnering up with the Office of Regulatory Economics and Market Analysis to ensure better case outcomes.

Resources mentioned in this episode:

Episode 124: Introducing REMA

Episode 77: How an Enforcement Action Becomes an Enforcement Action

Office of the Chief Economist

FINRA Enforcement

Monthly Disciplinary Actions

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In recent months, FINRA has published two Regulatory Notices regarding the fraudulent transfer of customer accounts using an automated system called ACATS. On this episode, we'll hear all about what goes into the creation of a Reg Notice and take a deep dive on this particular issue. Plus, we'll hear about some information that didn't make it into the most recently published Notice.

FINRA Unscripted welcomes three new guests, Chris Hunter, Principal Analyst with Risk Monitoring, Emily Kahn, Principal Intelligence Specialist with the Financial Intelligence Unit, and Lindsey Barnett, Senior Principal Investigator with the Special Investigations Unit, to talk about Regulatory Notices 23-06 and 22-21.

Resources mentioned in this episode:

Reg Notice 23-06: FINRA Shares Effective Practices to Address Risks of Fraudulent Transfers

Reg Notice 22-21: FINRA Alerts Firms to Recent Trend in Fraudulent Transfers of Accounts

Reg Notice 21-18: Practices Used to Protect Customers From Online Account Takeover Attempts

Reg Notice 20:32: FINRA Reminds Firms to Be Aware of Fraudulent Options Trading

Rule 11870: Customer Account Transfer Contracts

BSA E-filing System

Episode 127: FINRA’s Risk Monitoring Team

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In March, FINRA hosted the Senior Investor Protection Conference, a one-day event dedicated to sharing the most up-to-date regulatory information, effective strategies and solutions for protecting senior and other vulnerable investors from exploitation. 

On this episode, we're taking an abridged look at one of the conference sessions on the various trends, scams and schemes currently impacting investors. Brooks Brown, Senior Director of FINRA's High-Risk Representative Unit, moderates the conversation with Amy Nofziger, Director of Victim Support for the AARP’s Fraud Watch Network, Mayur Patel, Senior Principal Intelligence Specialist with FINRA's Financial Intelligence Unit, and Elizabeth Yoka, a Manager with FINRA's Vulnerable Adults and Seniors team.

Resources mentioned in this episode:

FTC Romance Scam Data

AARP Helpline Info

AARP Fraud Watch Network

The Perfect Scam AARP Podcast

FINRA Key Topic Page: Senior Investors

Reg Notice 22-25: Heightened Threat of Fraud in Small Cap IPOs

Reg Notice 22-05: Amendments to FINRA Rule 2165

NASAA Senior Website

FINRA Conferences & Events

FINRA Securities Helpline for Seniors

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FINRA's Risk Monitoring team is responsible for assessing financial, operational and business conduct risks that exist within individual member firms and across the industry. But they're also the day-to-day point of contact for firms for any questions they may have for FINRA. 

On today's episode, we're talking to Ornella Bergeron, Senior Vice President of Member Supervision's Risk Monitoring team, Brian Kowalski, Vice President of Diversified and Carrying & Clearing with the Risk Monitoring team, and Andrew McElduff, Vice President of Retail with Risk Monitoring learn more about the team’s mandate and work and why they’re such a resource for the member firms they work with.

Resources mentioned in this episode:

Reg Notice 22-25: FINRA Alerts Firms to Recent Trend in Small-Cap IPOs

Reg Notice 22-29: FINRA Alerts Firms to Increased Ransomware Risks

15a-6 Chaperone Firms (from 2021 Exam and Risk Monitoring Report)

Episode 90: Single Points of Accountability

FINRA Gateway

FINRA Examination and Risk Monitoring Programs

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