I think that most lawyers who handle arbitrations, no matter what side of the table they occupy, would agree that one of the most important components of the case – perhaps the most important – is the selection of the arbitrators who comprise the hearing panel. Doesn’t matter how good your case is, either from
FINRA
FINRA’s ODA Continues To Operate As Enforcement’s Puppeteer
By Alan Wolper on
A couple of years ago, I complained here about FINRA’s Office of Disciplinary Affairs, or ODA. I am here to report that…nothing has changed.
Let me explain. I am defending a FINRA Enforcement case that is scheduled to go to hearing in a few months. As is often the case, before the complaint was filed,…
Countdown Continues As SEC And FINRA Issue Additional Reg BI Guidance
By Heidi VonderHeide on
When It Comes To Sanctions, What Does “Relevant Disciplinary History” Mean To FINRA, And Does It Vary Depending On The Size Of The Firm?
By Alan Wolper on
The day after Christmas, FINRA issued a press release announcing that five big firms – Citigroup, J.P. Morgan Chase, LPL, Morgan Stanley and Merrill Lynch – had each entered into a settlement, collectively agreeing to pay a $1.4 million fine. Their offense? They each violated FINRA’s supervisory rules because for a number of years, dating…
An Undisclosed Conflict Of Interest – By FINRA – Results In Bar Being Vacated
By Alan Wolper on
From time to time, I have lamented that FINRA does not hold itself to the same lofty standards to which it holds its members. I realize I am painting with a broad brush, as there are lots of folks at FINRA who do a great job, who are easy and reasonable to deal with, and…
What You Can, And Should, Be Doing To Prepare For Reg BI
By Heidi VonderHeide on
My partner, Heidi VonderHeide, has busied herself these last few months learning everything she can about Reg BI. Happily, here is her post on the subject, and it doesn’t predict gloom and doom in the new year as that regulation is implemented. – Alan
Just before the Holidays, I attended FINRA’s one-day Reg BI seminar…
FINRA Isn’t Ready To Conduct Readiness Tests For Reg BI
By Alan Wolper on
This post is about Reg BI, but if you really want to learn about it, as opposed simply to listening to me gripe, I urge you to register for the webcast that my partners Heidi VonderHeide and Rob Betman will present on Wednesday, December 11, 2019, at 2:00 PM EST. It is just one of…
Dog Bites Man: FINRA’s Proposed Amendments To Code Of Arbitration Procedure Put Customers’ Interests Ahead Of Members’
By Alan Wolper on
In December, Ulmer & Berne is hosting four financial services webcasts, the first of which I will be presenting along with my partner, Michael Gross: FINRA 2019: A Look Back, and Thoughts About What Lies Ahead (Wednesday, December 04, 2019, 2:00 PM EST). The others are The Anatomy of a Whistleblower Action: Procedure, Practice Pointers…
PIABA’s Anti-Expungement Tirade Is Predictably Short On Facts
By Alan Wolper on
Here is how PIABA’s one-track mind operates: in a Report it just issued, PIABA laments the frequency with which registered reps are able to get customer complaints expunged from their records. The sole reason for this, PIABA concludes, is that the expungement process is broken, and/or is being gamed by brokers. It does not even…
FINRA’s Secret Power To Control Information
By Alan Wolper on
In the past week, I ran across two discrete instances in which FINRA acts as a secret gatekeeper of sorts, exercising its own subjective judgment, without anyone knowing what, exactly, it is doing or why, employing unarticulated standards, and without providing any avenue for redress. And I find that really frightening.
The first involves CRD,…