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May 2011

Focus on Sales Literature and Advertising: Tips, Procedures and the BD Use Only Legend

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In this, the second of a two-part series, the focus is on communications with the public.(1)  While many of these points below appear more important to managing broker-dealers and product manufacturers (sponsors), retail broker-dealers may value the information in connection with their own materials and review of materials provided by sponsors. Retail firms’ obligations are …

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FINRA Issues Further Guidance on Know Your Customer and Suitability Rule and Extends Effective Date – Regulatory Notice 11-25

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On May 18, 2011, FINRA issued Regulatory Notice 11-25, which provides further guidance on new consolidated consolidated FINRA rules governing Know Your Customer (Rule 2090) and Suitability (Rule 2111) and extending the implementation date to July 9, 2012 (previously, October 7, 2011). Background FINRA Rule 2090 (Know Your Customer) requires firms to “use reasonable diligence, in regard …

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Focus on Sales Literature and Advertising

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In this, the first of a two-part series, the focus is on communications with the public. While many of these points below appear more important to managing broker-dealers and product manufacturers (sponsors), retail broker-dealers may value the information in connection with their own materials and review of materials provided by sponsors. Retail firms’ obligations are …

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Arbitration Practice – Motion Response and Promissory Note Proceedings

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Motion Practice – Five Day Reply Period for Responses in Arbitration – Regulatory Notice 11-23 Effective June 6, 2011, a moving party will have five days to reply to a response to a motion.  FINRA amended Rules 12206 and 13206 (Time Limits), Rules 12503 and 13503 (Motions), and Rules 12504 and 13504 (Motions to Dismiss) to …

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Fidelity Bonds – Regulatory Notice 11-21

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FINRA Rule 4360 requires each member firm that is required to join the Securities Investor Protection Corporation (SIPC) to maintain blanket fidelity bond coverage with specified amounts of coverage based on the firm’s net capital requirement, with certain exceptions. Such firms must maintain fidelity bond coverage that provides for per loss coverage without an aggregate …

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