Archive for January, 2013
Comp Rule Puts FinraBetween Broker and Client
By Dock Treece With 2013 barely underway, Finra has wasted no time in proposing onerous new rules and regulations for member firms. One such rule was recently released for comment with Regulatory Notice 30-32, the so-called “broker compensation rule.” Essentially the firm introduces a new requirement for registered representatives who are recruited away from one […]
SEC DISMISSES GOBLE CASE
UNITED STATES OF AMERICA before the SECURITIES AND EXCHANGE COMMISSION SECURITIES EXCHANGE ACT OF 1934 Release No. 68651 / January 14, 2013 Admin. Proc. File No. 3-14390 In the Matter of RICHARD L. GOBLE ORDER DISMISSING PROCEEDING I. Richard L. Goble, the founder of North American Clearing, Inc., formerly a broker-dealer registered […]
Comment needed for latest FINRA proposal
Your voice does count but only if you use it. FINRA recently proposed the following rule to members: Regulatory Notice 13-02 FINRA Requests Comment on a Proposed Rule to Require Disclosure of Conflicts of Interest Relating to Recruitment Compensation Practices Comment Period Expires: March 5, 2013 Executive Summary Many member firms offer significant […]
Broker Protection Reform Needed
Its time to protect the reps from theft On a monthly basis it seems we read another story about how the owner of a B/D shut his doors, filed a BD withdrawal and then decided to keep last month’s entire production and not pay out their brokers. In a recent case a Firm owner from […]