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Regulation Best Interest, commonly called Reg BI, as well as Form CRS, are two major concerns of the Financial Industry Regulatory Authority, a private company that regulates brokerages and markets in New York and around the country. Both of these are still among the...
Reputation is everything in a broker’s professional life. Good reputations bring clients and stability; a bad reputation might end a broker’s career. But what exactly makes a reputation? You build your reputation with hard work, happy clients and good results. That...
State Laws Protecting Seniors In addition to the regulatory and procedural differences in affect when an elderly customer files a claim with FINRA Dispute Resolution, many states have enacted statutes specifically to protect seniors which apply in arbitration. State...
The Defense Perspective Similar to the way procedural and regulatory differences affect how elderly customers can seek restitution through the FINRA arbitration program, cases involving elderly claimants present different challenges to defense counsel as well. An...
For many years now, FINRA has sought to implement the central precept of arbitration as an expeditious alternative to litigation for the elderly. This blog, Part 1, will provide an overview of FINRA's pronouncements on the subject as well as initiatives adopted by the...
In the spring of 2016, the Department of Labor and the White House announced dramatic changes in the obligations of brokers in retirement accounts. A month before the April 2016 announcement, at SIFMA's 2016 Compliance & Legal Society Annual Seminar, the...
A fiduciary duty means that when a broker makes a recommendation to the customer, the broker's motivation must be in the customer's "best interest". For most brokers, that is their motivation. Where it is not, trouble can ensue. The extent to which such a duty...
You've been swindled by your broker and learn that, not surprisingly, his firm knew nothing about it. Worse yet, you learn that he never actually opened an account for you - "investing" your money in a Ponzi scheme, a phony-baloney high interest promissory note or a...
While it is well known that the rules of evidence do not apply in FINRA arbitrations, most panel Chairs and arbitrators in general are attorneys and will often find it hard to discard those rules completely. There are certain circumstances where the rules of evidence...
As attorneys who represent customers of brokerage firms, we often receive calls from potential clients who appear to have a substantive case of merit. And then we ask them when the investment was made and that often raises the question: Do statutes of limitation apply...
