Broadcast Date: Tuesday, September 20, 2022
from 3:00 pm to 4:30 pm (ET)
Overview:
The Financial Industry Regulatory Authority (FINRA) recently released the 2022 Report on FINRA’s Examination and Risk Monitoring Program which presents findings from the latest examination process. The report highlights newly identified risk areas including cybersecurity, Regulation Best Interest (Reg BI), and mobile applications and digital platforms. Likewise, it also identifies applicable rules and key considerations for the compliance programs of member institutions.
The number of FINRA initiatives underscores the need for FINRA members to be up-to-date with relevant regulatory developments. As increased scrutiny is expected in the coming months, it is vital for institutions to review their procedures to fulfill their compliance obligations and avoid potential legal liabilities.
Join a panel of key thought leaders and distinguished professionals organized by The Knowledge Group as they provide a comprehensive discussion of the latest enforcement priorities of the FINRA. Speakers, among other things, will also offer practical tips and strategies to overcome compliance challenges in this ever-changing regulatory landscape.
Some of the major topics that will be covered in this course are:
- The 2022 Report of FINRA Examination and Risk Monitoring Program
- FINRA’s Latest Enforcement Priorities
- Existing and Emerging Issues that Will Likely Impact Your Compliance Program
- Best Practices During FINRA Exams
- What Lies Ahead
Credit:
Course Level:
Intermediate
Advance Preparation:
Print and review course materials
Method of Presentation:
On-demand Webcast (CLE)
Prerequisite:
General knowledge of financial industry regulation
Course Code:
1410228
NY Category of CLE Credit:
Area of Professional Practice
Total Credits:
1.5 CLE
How to Claim CLE Credits Per State:
https://knowledgewebcasts.com/how-to-claim-cle-credits-per-state/
CLE State Requirements:
https://knowledgewebcasts.com/cle-state-requirements/
CPE State Requirements:
Speaker Panel:
Stephen Huschka, Attorney
Kessler Collins, P.C.
Stephen is an associate at Kessler Collins, P.C. where he represents clients in complex disputes, trials, and arbitrations. His practice primarily focuses on resolving shareholder, intellectual property, breach of fiduciary duty, and breach of contract disputes. In this role, Stephen has successfully represented companies, officers, directors, accountants, broker-dealers, and other professionals in venues scattered throughout the country. He also represents individuals and companies under investigation by governmental and non-governmental agencies. In his practice, Stephen has consistently received recognition from his colleagues and opponents alike—being named a Rising Star for business litigation by Super Lawyers from 2019 through 2022, as well as being recognized in Best Lawyers: Ones to Watch in America 2023 for his work in banking and finance litigation, commercial litigation, and intellectual property law.
Bryon Romine, Shareholder
Kessler Collins, P.C.
Bryon’s practice focuses on commercial litigation in state and federal court and arbitration proceedings before the American Arbitration Association and the Financial Industry Regulatory Authority (FINRA). He also represents clients in regulatory matters, including investigations and proceedings brought by the SEC, FINRA and state accounting boards. Bryon represents a wide spectrum of clients including broker-dealers, registered investment advisors, registered representatives and other financial services professionals, including accountants, insurance agents and lawyers. He also represents clients in shareholder disputes.
Peter Homer, Attorney and Founding Member
Homer Bonner
Peter Homer is a founder of the Homer Bonner law firm. He has a diverse and extensive business law and litigation practice at both the trial and appellate levels, and in various arbitral forums. Mr. Homer represents private and public companies, with an emphasis on financial institutions, in all manner of litigation, arbitration, regulatory enforcement proceedings, and investigations by governmental agencies and self-regulatory organizations including FINRA and the NFA. He also counsels clients on compliance issues and laws, rules and regulations at the federal and state levels of various regulatory and self-regulatory organizations.
Agenda:
Stephen Huschka, Attorney
Kessler Collins, P.C.
- In 2022, FINRA announced that cybersecurity and technology governance continue to be important enforcement priorities. What steps can member firms take to strengthen their compliance with Regulation S-P, FINRA Rule 4370, and other key rules and regulations?
- The 2022 FINRA Industry Snapshot demonstrates that the overall balance of registered individuals continues to shift in favor of dually registered representatives. What are member firm’s supervisory obligations for these representatives?
- As a related point, FINRA announced that supervision of outside business activities conducted by registered representatives continues to be an important enforcement priority. What steps can member firms take to strengthen their compliance with FINRA Rule 3270?
Bryon Romine, Shareholder
Kessler Collins, P.C.
Private Placements
- Exam Findings
- Changes from prior years
- Due diligence
- Reg BI
Variable Annuities
- Exam Findings
- Changes from prior years
- Effective Practices for supervision
Peter Homer, Attorney and Founding Member
Homer Bonner
- FINRA follows in the enforcement footsteps of the SEC (and can even “pile on” simultaneously or after the SEC acts). Consequently, if the SEC takes enforcement action (usually against major firms), expect follow-on action by FINRA against other firms in the audit process, administratively or even by separate FINRA enforcement action.
- FINRA members are required to monitor and store business-related communications by management and staff to prevent improper conduct and to allow regulators to scrutinize the communications. However, major financial services providers firms have recently settled with the SEC and CFTC (Morgan Stanley and Citigroup) or disclosed that they (Deutsche Bank AG, HSBC Holdings, and UBS) are part of an investigative probe into business-related communications sent (but not stored) over unapproved electronic messaging channels such as WhatsApp or personal email addresses. This is a really hard area to police but FINRA will come down hard on non-compliant firms
- Firms and financial advisors need to familiarize themselves, and promptly comply, with the new Department of Labor requirements applicable to retirement plan rollover recommendations.
- FINRA announced in late 2021 that it is thoroughly examining the practices and procedures of firms offering, and providing services to, SPACs and their affiliates (such as sponsors, principal shareholders, board members, and related parties). Any firms involved in SPAC-related activity should carefully review FINRA’s template information request. The requests telegraph FINRA’s concerns.
- The SEC made firm’s compliance with Reg B1 a formal priority for this year and has already commenced one enforcement action. Under Congressional pressure, there will be more SEC action, and FINRA will jump in both through its audit process and possible enforcement action.
Date & Time:
Tuesday, September 20, 2022
3:00 pm to 4:30 pm (ET)
Who Should Attend:
- Arbitrators & Mediators
- Alternative Dispute Resolution Lawyers
- Securities Lawyers
- Corporate Attorneys
- General Counsel
- Legal Executives
- Chief Compliance Officers
- Finance Managers
- Investment Managers
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