Emerging Issues in FINRA: Consolidated Rules and Amendments in 2016
Recently, the Financial Industry Regulatory Authority (FINRA) issued Regulatory Notice 15-07 which alerts its member firms to the new and amended consolidated rules on membership (FINRA Rule 0190), transactional payments to unregistered persons (FINRA Rule 2040), and sanctions (FINRA Rule 8311).
Securities industry and other officials should have a thorough understanding of the risks and consequences of the new and modified standards for the businesses.
In this two hour, LIVE Webcast, a panel of distinguished professionals and thought leaders assembled by The Knowledge Group will help financial industry executives and securities lawyers understand the important aspects of FINRA’s Consolidated Rules and Amendments. Speakers will discuss the Regulatory Notices and offer best practices in developing and implementing an effective compliance policy.
Key topics include:
- Regulatory Notice 15-07 – An Overview
- FINRA Rule 0190
- FINRA Rule 2040
- FINRA Rule 8311
- Regulatory Notice 15-07: Implications for Securities Industry
- Potential Risks and Opportunities
- Development of Effective Compliance Policy
- Regulatory Predictions
Theodore R. Snyder, Shareholder
Murphy & McGonigle, PC
- FINRA Priorities for 2016, including cybersecurity, outsourcing and liquidity risk
- FINRA enforcement regarding the sale of unregistered securities
- FINRA focus on retention of electronic records and emails
Jason S. Haselkorn, Securities Litigation - Partner
Ciklin Lubitz & O'Connell
- In general, new FINRA Rule 2040 streamlines older rules and results in more consistency with SEC rules and Securities Exchange Act
- For retiring representatives, new FINRA Rule 2040 generally serves to codify previously existing FINRA and SEC guidance material
- For non-registered finders, the new FINRA Rule 2040 actually replaces a previous NASD Rule as well as NYSE interpretive material
- Some of the old rules were outdated insofar as they were developed back when a registered BD could engage in OTC business without necessarily being a member of a registered securities association. As such, the rules were designed to encourage non-members to become members. Today, that “encouragement” is no longer needed, as virtually all BDs doing business with the public are FINRA members, so encouraging that association is no longer a decision that necessarily needs to be motivated by the new rules.
Richard A. D'Amura, Esq., Partner
Kaplan Zeena LLP
- Amended Rule 8311 (Payments to persons subject to sanctions)
- FINRA Dispute Resolution Trask Force Recommendations
- Servicing Seniors and Vulnerable Adults
- FINRA Report on its Securities Helpline for Seniors
- Proposed amendments to 4512 (Customer Account Information)
- Proposed new rule 2165 (Financial Exploitation of Specified Adults)
- State laws
- Hyperlink to BrokerCheck
- FINRA Proposed Rule 2030, a pay-to-play rule (Engaging in Distribution and Solicitation Activities with Government Entities)
Who Should Attend:
- Corporate Governance Attorneys
- Banking & Finance Attorneys
- Investment Attorneys
- M&A Attorneys
- Securities Attorneys
- Capital Markets Attorneys
- Financial Executives & Officers
- Bank and Financial Executives
- Legal and Compliance Executives
- Other related & Interested Professionals
Ted Snyder represents securities industry clients in litigation, arbitration and enforcement matters. His enforcement practice focuses on defending firms and individuals in investigations and proceedings commenced by the SEC, FINRA, CFTC and state regulators. His arbitration practice focuses on defending many of the country’s largest broker-dealers and their employees in customer, industry and employment disputes. His litigation practice focuses on representing financial institutions and their executives in high stakes, complex commercial matters in federal and state court. His pending litigation matters include:
- High Frequency Trading Litigation - Defending several securities exchanges in a series of high profile class actions filed against the major exchanges following the publication of Michael Lewis’ Flash Boys. The cases present novel, sweeping challenges to established market structure, including to SEC-approved practices relating to the exchanges’ data transmission practices and co-location services. The cases are currently pending in the United States District Court for the Southern District of New York.
- Financial Crisis Litigation - Defending mortgage originators in multiple residential mortgage backed securities (RMBS) cases pending in federal and state court in New York. These complex commercial cases involve claims of billions of dollars of alleged damages, and cutting edge legal issues with industry-wide implications for potential exposure in the multitude of RMBS cases stemming from the financial crisis.
Prior to joining the New York office of Murphy & McGonigle in 2012, Mr. Snyder worked for more than a decade at the highly regarded securities boutique firm Krebsbach & Snyder, P.C., after starting his career as a commercial litigator at global law firms White & Case and Coudert Brothers.
Mr. Snyder received his J.D. from Harvard Law School, and undergraduate degrees from The Wharton School and College of Arts and Sciences at the University of Pennsylvania.
Ted Snyder represents securities industry clients in litigation, arbitration and enforcement matters. His enforcement practice focuses on defending firms and …
Jason Haselkorn concentrates his practice in securities and investment litigation, and employment litigation related to the securities industry.
Prior to law school, Mr. Haselkorn was employed in the securities industry. Mr. Haselkorn interned for U.S. Bankruptcy Judge Novalyn L. Winfield of the District of New Jersey, and gained additional experience while attending law school, by working as an intern at Willkie, Farr & Gallagher and at Shearson Lehman Brothers. He also has experience serving as General Counsel for a regional broker-dealer and SEC-registered investment advisor firm. For over 20 years, Mr. Haselkorn has used his background and experience in the securities industry to represent clients in large and complex litigation matters in state and federal court, as well as in a variety of arbitration forums including FINRA and AAA.
Mr. Haselkorn currently serves as a senior partner on his law firm’s management committee, as well as on local Boards of charitable entities. Outside of his law career, Mr. Haselkorn was also recently elected to a three-year term as Town Councilmember in his home town of Juno Beach, Florida.
Jason Haselkorn concentrates his practice in securities and investment litigation, and employment litigation related to the securities industry. Prior to …
Richard D’Amura received his J.D., cum laude from The University of Miami School of Law in 2001 and his L.L.M. in Securities and Financial Regulation from Georgetown University Law in 2002. He is admitted to practice law in California, Florida and New York. His practice is concentrated on securities litigation and regulatory defense, commercial and business litigation, and director and officer liability. His securities practice focuses on the defense of securities firms and financial advisors in litigation in state and federal court, and before FINRA Dispute Resolution, as well as defending clients in SEC, FINRA and state regulatory matters. His securities practice also includes industry disputes relating to promissory notes and Broker Protocol violations.
Richard D’Amura received his J.D., cum laude from The University of Miami School of Law in 2001 and his L.L.M. …
Print and review course materials
Method of Presentation:
NASBA Field of Study:
NY Category of CLE Credit:
Areas of Professional Practice
Unlock All The Knowledge and Credit You Need
Leading Provider of Online Continuing Education
It's As Easy as 1, 2, 3
Get Your 1-Year All Access Pass For Only $199
About Murphy & McGonigle, PC
Murphy & McGonigle serves the litigation, enforcement defense, and regulatory counseling needs of clients across the full spectrum of the financial services industry – from national banks, broker-dealers, investment advisers, and hedge funds, to national and international securities markets and exchanges. Many of the firm’s partners formerly served in senior positions at the U.S. Department of Justice, SEC, FINRA, and CFTC and several served in senior executive positions in major financial institutions on Wall Street.
Murphy & McGonigle, founded in 2010, was created based on an innovative law firm model that rigorously controls overhead while providing its attorneys and clients with state-of-the-art technology and litigation support to ensure both world-class service and maximum cost-efficiency.
Murphy & McGonigle operates out of offices in New York, Washington, D.C., and Richmond, Virginia.
For more information about the firm, please visit www.mmlawus.com.
About Ciklin Lubitz & O'Connell
Founded in Palm Beach County in 1985, Ciklin Lubitz & O’Connell is celebrating 30 years of legal service to local, statewide and Fortune 100 clients. The firm is AV Peer Review Rated by Martindale-Hubbell, and seven of the firm’s partners are Board Certified by The Florida Bar in their primary area of practice.
Ciklin Lubitz & O’Connell believes in establishing long term partnerships with clients by striving to prevent legal problems before they occur, negotiate solutions wherever possible, create reliable budgets, and provide early case evaluations so clients can make informed decisions.
Building on this underlying philosophy, Ciklin Lubitz & O’Connell draws on the combined strengths of its professionals to provide a balanced approach to solving legal problems in the areas of business law, tax, real estate, construction law, estate planning, probate, commercial litigation, securities litigation, employment law, family law, appeals, land use, and zoning. Details at https://ciklinlubitz.com.
About Kaplan Zeena LLP
Kaplan Zeena LLP was formed in October 2007 and currently maintains law offices in Miami, Florida and Los Angeles, California. The firm focuses on the efficient resolution of complex business, professional liability, construction and insurance coverage and bad faith litigation. Core practice areas include securities and broker-dealer defense, professional liability defense, business litigation, insurance industry services (including coverage analysis, coverage litigation and bad faith litigation), construction defect litigation, and employment & discrimination litigation and counseling. The partners at the firm have developed their specialties over many years of practice and many are also CLE providers. For more information on our firm, please visit our website at www.kaplanzeena.com.