There is a troubling lack of uniformity among regulators
To my eye, one trained through nearly three decades on Wall Street, I fail to appreciate any significant difference between PlanMember and China Yuchai - if anything, China Yuchai seems more directly involved in the software error that resulted in a $12.5 million reported error. As to PlanMember's liability, it seems largely predicated on its third-party vendor's miscue. While I understand that FINRA member firms must exercise reasonable oversight of outsider service providers, FINRA has not convinced me that this member firm's conduct warranted a censure and a $20,000 fine - particularly since a NYSE-listed company seems to have engaged in far worse supervision and merely agreed to a Cease and Desist order.
READ THE COMPLETE ARTICLE BY BILL SINGER AThttp://registeredrep.com/advisorland/regulatory/finance_regulatory_consistency_roads/
============================================Don't Forget to Visit:
Wall Street's Leading Online Community:
http://BrokeAndBroker.com/index.php
The Comprehensive Online Wall Street Regulatory and Legal Website:
GUEST BLOG [In]Securities: Highwaymen: The SEC Pulls Off a Brinks Heist by Aegis Frumento Esq (BrokeAndBroker.com Blog)https://www.brokeandbroker.com/... Read On
[In]Securities a Guest Blog byAegis J. Frumento, Partner, Stern Tannenbaum & BellHighwaymen: The SEC Pulls Off a Brinks HeistAside from pirat... Read On
The Report of the Independent Review of FINRA's Dispute Resolution Services -- Arbitrator Selection Process (June 28, 2022) https://www.finra.org... Read On
A FINRA Panel of Arbitrators found Citigroup Global Markets, Inc. ("CGMI"), Citigroup, Inc., and Citibank, N.A. guilty of discrimination, harassm... Read On
BrokeAndBroker.com Blog publisher Bill Singer Esq. is no fan of non-solicit/non-compete provisions. Sure, there could be . . . there are . . . compell... Read On