BrokeAndBroker by Bill Singer WEEK IN REVIEW

January 3, 2015

It's another new year and time to re-visit the nuances involved in entering into an Acceptance, Waiver, and Consent settlement ("AWC") with the Financial Industry Regulatory Authority ("FINRA"). While an AWC appears to be the most common outcome for FINRA regulatory investigations, the mechanics and consequences of such a settlement are rarely understood by many registered representatives acting as their own counsel, and often not properly explained by lawyers to their industry clients.  Join veteran Wall Street regulatory lawyer Bill Singer as he guides you through the nuts-and-bolts of FINRA Rule 9216. READ

In a 2011 FINRA arbitration, a former-employee Claimant won over $5 Million against his former employer RBC Capital Markets; however, that ka-ching was not enough for him. The unhappy employee wanted his industry record expunged of all the nastiness that prompted his lawsuit, and this intrepid Claimant persisted in stalking his former employer until he got what he wanted. Read this recent case analysis by Bill Singer for details about this dispute. READ

Stockbroker, Compliance, Legal, and Regulatory Jobs. READ

It's that time of year and you may get involved in all sorts of portfolio moves -- tax transactions, profit taking, repositioning, and the like. Your customer may need some help, as in how to fill out a form.  Depending on the demands upon your time and the sophistication of the customer, the task at hand may be minor and something that you will do for free, or, it may prompt you to charge for your efforts. We're not talking big bucks here, you think. I'm not ripping off the account, you say. It's just a hundred or so bucks for my time, you reassure yourself. Hey, no one's gonna know and what's the big deal, you comfort yourself. Then again, it's not always a great sign when you're talking to yourself, as a recent regulatory case demonstrates. READ

F&F. What's that, you ask. Ahhhh, now I know you're not a Wall Street veteran. No . . . F&F isn't the shorthand for some industry curse; it's the initials for "Friends and Family." Industry regulations and in-house policies prohibit all sorts of stuff, but, at times, an exception is carved out for the old F&F. Unfortunately, as with so many critical distinctions on the Street, the "law" and the "lore" don't always match up.  Consider this recent case involving a registered person's loans from two friends. READ