Lisa Gray has been a wealth writer since 2001. She has been involved in the wealth management industry since 1988. She is the author of two bestselling books—The New Family Office and Generational Wealth Management.| Government Accountability Office (GOA) Says FINRA Should Review 10 Of Its Rules |
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| Thursday, July 26, 2012 15:38 |
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There are 10 rules the Government Accountability Office (GAO) says that FINRA should review. One of those includes instituting a system designed to review rules on a regular basis. Since there is no such system in place, there is no capability for measuring on a systematic basis if the rules FINRA institutes are being effective.
This Website Is For Financial Professionals OnlyOther rules have to do with the process for arbitration and registration forms, coordination of U4 filings with Rule 4530 filings, self-reporting under Rule 4530, updating related corporate guidelines, and amendment of Rule 8210, which has to do with non-securities information and documents FINRA requests from firms.
Whether the information on those documents should be disclosed is another area that should be reviewed, along with the circulation of a coherent standard for supervision. The GAO also says the requirement for annual compliance meetings for registered persons should be eliminated.
Usage of the phrase internal use only should be clarified even though, currently, under NASD Rule 3010 says that firms are required to supervise these communications. Lastly, FINRA rules that duplicate SEC rules should be eliminated.
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