Finra’s New Testing Regime and Other Top Stories
Newcomers and some who return to the securities industry will have to pass a general knowledge exam while those registering for Series 7 or more specialized categories will be tested with streamlined exams.
Regulator to seek comment on publishing more data in BrokerCheck and selectively easing inspection burdens for some branches and examiners.
Finra slaps Arizona broker with a short suspension and $5,000 fine after his current employer Raymond James collected $15,000 from him for customer privacy violations at his former firm.
Almost two years after his departure from Morgan Stanley, the former wealth management division head takes a stab at building out a much smaller wealth shop with an equally prominent name.
Thomas H. Brown, head of East Coast recruiting at the Chicago-based “rollup,” is the latest senior departure.
Top comments of the week:
By Ralph Mitchell on Who Finked on Jones Broker Who Lifted Client Data?
This just goes to show that FINRA needs to provide more precise details as to WHO really has professional “ownership” of the Client Accounts and their revenue streams. According to FINRA Rule 10, all Reps are “employees” of their B/D firm. Yet, too many so called employees are officially being mis-classified as being Independent Contractors just so that the B/D firms can avoid the expense of providing them with any of the Employee Benefits that are mandatory under state and federal Employment Law. FINRA really needs to start including Rules that account for and specifically govern Independent Contractors since at this time there are none.
Simplify and streamline the exams but please do not dumb down the rigor.