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BrokeAndBroker.com by Bill Singer WEEK IN REVIEW

August 22, 2015


It's an interesting turn of a phrase: unnamed party. You don't see your name listed in the official caption of a lawsuit or arbitration but, nonetheless, you're required to make various regulatory disclosures because the complaining party was your customer or it was alleged that you had a role in the mess. Sometimes it's fair that you have to explain your conduct -- the customer may not have named you only as a convenience in terms of going after a deep pocket; other times, it's not fair because you didn't have any role in the matters under dispute and seem to have been dragged into thing based upon the thinnest thread.  Consider this recent FINRA expungement arbitration. READ

In today's BrokeAndBroker.com Blog, veteran Wall Street regulatory attorney Bill Singer explores the world of hurt that can occur should you refuse to provide information or testimony to the Financial Industry Regulatory Authority ("FINRA"). READ

FINRA's Acceptance, Waiver, And Consent Settlement (AWC) By Bill Singer

Maybe they got you -- maybe you just can't afford to fight it -- whatever the reason, the Financial Industry Regulatory Authority ("FINRA") is proposing that you resolve the allegations of violations pursuant to an Acceptance, Waiver, and Consent settlement ("AWC"). While the AWC appears to be the most common outcome for FINRA regulatory investigations, the mechanics and consequences of such a settlement are rarely understood by many registered representatives acting as their own counsel, and often not properly explained by lawyers to their industry clients.  Join veteran Wall Street regulatory lawyer Bill Singer as he guides you through the nuts-and-bolts of FINRA Rule 9216. READ

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A FINRA member firm came up with an interesting idea: The firm's customers could engage in so-called copycat, mirrored, or follow-on trades by targeting traders or trading services. It's an intriguing idea. You like the approach of a particular trader? Great --  instruct your broker-dealer to enter into your account whatever that professional is doing. You follow a trading service and want to do as they say? Okay -- tell your broker-dealer to buy and sell in lock-step. In theory, a provocative idea. In practice, well, FINRA wasn't all that happy. See what went down. READ

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