FINRA Unscripted

The small firm community, those firms with 150 or fewer registered financial professionals came together in October to discuss and engage on key areas of concern at the Small Firm Conference. On this episode, we go behind the scenes of this year's event to share with you the fireside chat between FINRA CEO Robert Cook and FINRA's Head of Member Relations, Kayte Toczylowski. 

Resources mentioned in this episode:

FINRA Webinars

FINRA Small Firm Conference Calls

Office of Hearing Officers

National Adjudicatory Council

Small Firm Advisory Committee

FINRA Board of Governors

Conferences & Events

Member Firm Hub

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Forget ghosts and goblins, few things are as scary as household finances for U.S. adults. In a recent nationally representative survey, more than 1,000 adults shared what worries them most in their lives. The most common answer? Money. 

On this episode, we sit down with Gerri Walsh, the head of the FINRA Investor Education Foundation, to discuss the recent survey and its findings, while also providing tips and resources to help make money a little less spooky.

Resources mentioned in this episode:

Investor Resources and Tools

FINRA Foundation Homepage

Consumer Insights: What really spooks Americans? Money.

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American consumers and investors are losing billions of dollars each year to financial fraud. It's a devastating problem for which almost no one is completely immune. But the 2023 FINRA Foundation Ketchum Prize recipient has dedicated his life to understanding what makes someone susceptible to fraud—and pioneering ways to fight it. On this episode, we hear from Dr. Doug Shadel to hear about his research and years of working as one of America's most active fraud fighters.

Resources mentioned in this episode:

2023 Ketchum Prize Announcement

AARP Foundation

AARP Fraud Watch Network

Stanford Financial Fraud Research Center

FINRA Investor Education Foundation

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FINRA oversees a diverse set of broker-dealer firms that make up a vibrant securities industry. But there's one thing all broker-dealer firms have in common. Every registered firm at one time or another must engage with FINRA's Membership Application Program, or MAP.

On this episode, Jante Turner, Senior Advisor and Head of Triage for FINRA's Membership Application Program speaks about how the MAP program kicked off a significant transformation in spring 2022, and where that initiative stands today.

Resources mentioned in this episode:

Episode 104: Streamlining FINRA's Gatekeeper Function

FINRA Information Notice 4/19/22 (FINRA Membership Application Program Transformation)

Broker-Dealer Registration

FINRA Standards for Admission

Form NMA

Continuing Membership Application Resources

FINRA Member Firm Hub

FINRA Firm Grouping Conference

Email: MAP Group

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In this third and final episode in our series covering FINRA's ongoing crypto asset regulatory work, we hear from FINRA's Blockchain Lab, which serves as a central point within FINRA for the development of blockchain-related regulatory initiatives.

Michael Oh, Senior Director of the Blockchain Lab, Brian Huerbsch, a Senior Blockchain Data Analyst, and Jason Foye, Senior Director and head of FINRA's Crypto Hub share how the Lab is supporting and advancing FINRA's regulatory work involving crypto assets.

Resources mentioned in this episode:

Episode 136: An Introduction to FINRA’s Crypto Asset Work and the Crypto Hub

Episode 137: The Crucial Role of FINRA’s CAI Team

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

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

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As the crypto asset space has grown, FINRA has evolved its oversight of the crypto asset activities of FINRA member firms and their associated persons. In this second episode of a three-part series covering FINRA's crypto asset-related regulatory work, we hear from Jamie Udinson, Senior Director of the Crypto Asset Investigations team, Taylor Etzell, a Senior Principal Investigator, and Jason Foye, Senior Director and head of FINRA's Crypto Hub, who provide insight into FINRA's Crypto Asset Investigations Team. 

We learn more about this dedicated group of investigators specializing in conducting complex crypto asset investigations and the crucial role it plays in ensuring compliance with existing rules and regulations in the crypto asset space.

Resources mentioned in this episode:

Episode 71: Overlapping Risks, Part 1: Anti-Money Laundering and Cybersecurity

Episode 72: Overlapping Risks, Part 2: Anti-Money Laundering and Elder Exploitation

Episode 117: Membership Application Program

Episode 136: An Introduction to FINRA’s Crypto Asset Work and the Crypto Hub

Rule 3270: Outside Business Activities of Registered Persons

Rule 3280: Private Securities Transactions of an Associated Person

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

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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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