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FINRA News

Updated: New Account Application Template

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FINRA recently updated the New Account Application Template to reflect FINRA’s new suitability rule. The template is a voluntary model that was designed for firms to use when creating or modifying their own account applications. Some of the significant features of the template include: Instructions and other information presented in plain-English, Highlights of key disclosures, and Incorporation …

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Both FINRA and SEC Bring Actions Regarding Due Diligence on Unsuccessful Private Placements

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On April 7, 2011, both FINRA and the SEC announced actions both broker-dealers and supervisory personnel in connection with sales of private placement offerings without adequate due diligence. The actions relate to private placement offerings of Medical Capital Holdings, Inc. (MedCap), Provident Royalties and DBSI – all entangled in various levels of litigation, SEC enforcement or arbitration. In summary, …

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