Broker- Dealer Law Corner

Broker- Dealer Law Corner

Category Archives: BDW

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Rule 8210 Does Not Give FINRA The Right To Compel The Creation Of A Document, But I Guess No One Told FINRA

Posted in BDW, FINRA, Rule 8210
I read today about a lawsuit that two registered persons, one of whom is a Chief Compliance Officer, filed against FINRA in federal court a couple of weeks ago. Mind you, lawsuits against FINRA are not particularly common, given the fact that FINRA has “absolute immunity” against monetary claims arising out of its regulatory activities.… Continue Reading

May I Go Out of Business, Please?

Posted in BDW, CMA, FINRA, Rule 1017
It may be the ultimate example of the heavy price that a BD pays for being subject to FINRA regulation, and it happens all the time. Broker-dealer A decides to cease operations, for whatever reason, so it files a Form BDW (which, technically speaking, is a request by the BD to withdraw its FINRA membership… Continue Reading