Most FINRA broker-dealers operate pursuant to an exemption from SEC Rule 15c3-3 (the Customer Protection Rule). This rule requires that broker-dealers choosing to receive or hold customer funds must compute the Reserve Formula on at …
Month: December 2014
FINRA BD Branch Offices in Executive Suites? Absolutely.
These days, it is not unusual for a registered representative of a brokerage firm, or any other small business owner for that matter, to conduct business from a virtual office or other part-time office. Many …
FINRA Anti-Money Laundering Independent Testing
It is the time of year when many broker-dealers are scheduling their annual independent test of their anti-money laundering programs. These tests are required by FINRA Rules. More specifically, FINRA Rule 3310 (formerly NASD Rule …
FINRA Compliance When Customers are Hunting for Yield
Today, December 1, 2014, a quick check of the web shows that the national average rate for a one year FDIC insured certificate of deposit is 0.27% APY. The rate on savings accounts is 0.09%. …