By Suzanne Barlyn
CORONADO, Calif., (Reuters) – Wall Street’s brokerages are falling short when it comes to policing their brokers, according to a nationwide series of examinations by state regulators.
The biggest issue: Many firms are not following their own procedures for keeping employees in check. (more…)
By Nick Paraskeva
NEW YORK, June 27 (Thomson Reuters Accelus) - FINRA’s new suitability rule expanding customer information requirements and applying them to more transactions the is set to go into effect July 9, after delays requested by firms to get more time to adapt.
The rules will require a broker dealer or their associated persons to have a “reasonable basis” to believe a recommended transaction is suitable for the customer, based on information obtained through “reasonable diligence” to understand a customer’s investment profile.” (more…)
