This episode originally aired in August 2023. In 2022, FINRA developed an enterprise-wide strategy to ensure it is prepared for an evolving crypto asset regulatory landscape and created the Crypto Hub, the Blockchain Lab and the Crypto Asset Investigations TeamOn this episode, the first in a three-part series, we sit down with Omer Meisel, Senior Vice President of the Complex Investigations and Intelligence Group, Jason Foye, Senior Director and Head of FINRA's Crypto Hub, and Reema Abdelhamid, a Director with FINRA Enforcement to learn more about the strategy and the role of the Hub and FINRA’s work to advance its mission of investor protection and market integrity.Resources mentioned in this episode:FINRA Blog: An Inside Look into FINRA’s Crypto Asset WorkEpisode 112: FINRA's Complex Investigations and Intelligence Team & Cyber and Analytics UnitEpisode 138: FINRA’s Blockchain Lab: Regulation and Innovation For The FutureEpisode 145: Compliance and Communication: An Update on FINRA’s Crypto Asset Targeted ExamEpisode 158: An Update on FINRA’s Crypto Asset Work and the Crypto HubEpisode 162: When Romance Leads to a Crypto ScamInvestor Insights: What Is a Blockchain, and Why Should I Care? Find us:  X / YouTube /LinkedIn / Facebook /  E-mail

In the securities world today, there is little daylight between money laundering and fraud. As these two spaces have come to increasingly overlap, FINRA created the Special Investigations Unit, or SIU, to detect and investigate cases illicit finance, market abuse and other fraud. On this episode, we sit down with SIU Senior Director Gargi Sharma, and three investigative directors from her team: Kayla Le, Peter Gonzalez and David Byrne. They join us to share how they work to proactively identify and mitigate threats related to money laundering and other frauds.Resources mentioned in this episode:Reg Notice 21-14: FINRA Alerts Firms to Increase in ACH Instant Funds AbuseReg Notice 22-25: Heightened Threat of FraudReg Notice 23-06: Effective Practices to Address Risks of Fraudulent Transfers2023 Report on FINRA’s Examination and Risk Monitoring Program2024 FINRA Annual Regulatory Oversight ReportInvestor Insight: Ramp-and-Dump ScamsInvestor Insight: Investment Group Imposter ScamsEpisode 33: AML in the Securities IndustryEpisode 129: Detecting and Preventing ACATS FraudEpisode 154: FINRA’s High-Risk Representative ProgramEpisode 157: An Update on FINRA’s Financial Intelligence Unit Episode 161: FINRA CEO Robert Cook on Disrupting the Cycle of Financial Fraud Find us:  X / YouTube /LinkedIn / Facebook /  E-mail

Gen X is often called the Forgotten Generation given how often they’re overlooked in favor of conversation around boomers, millennials or now even Gen Z. But not today. On this episode, Gen X is the one in the spotlight as we sit down Gary Mottola, research director with the FINRA Foundation, Ritta McLaughlin, director of community outreach with FINRA’s Investor Education team, and Jeremy Ko, the 2024 FINRA Foundation Ketchum Visiting Scholar, to dig into the financial health of those born between 1965 and 1980 and, importantly, their perception of their own financial well-being. Resources mentioned in this episode:How Gen X Compares Financially to Other Generations: Doing Alright but Feeling BadFINRA Foundation National Financial Capability StudyEpisode 19: Debunked: 7 Myths about Millennials—the Underinvested GenerationEpisode 22: Millennials and Money: How to Get Started on the Road to InvestingEpisode 134: Gen Z Investors: A Look at the Attitudes and Behaviors of the Youngest Investors[KK1]Need link Find us:  X / YouTube /LinkedIn / Facebook /  E-mail

Why do we engage with scammers? What makes one person more likely to engage than the next? Of those that engage, what makes someone more likely to lose money? These are important questions to ask – and find the answers to – both as consumers and as an industry with an interest in disrupting the cycle of financial fraud. On this episode, we hear from moderator Emma Fletcher, a senior data researcher with the FTC, and panelists Marti DeLiema, Assistant Research Professor at the University of Minnesota, Twin Cities, Duygu Başaran Şahin, a postdoctoral research fellow at the RAND Center for the Study of Aging, and Gary Mottola, research director for the FINRA Foundation, about the latest research into these important questions and learn more about what might stop someone from engaging with a fraud to begin with.Resources mentioned in this episode:Exposed to Scams: What Separates Victims from Non-VictimsDoes One Size Fit All? An Examination of Risk Factors by Scam TypeFraud Victimization Across the Lifespan: Evidence on Repeat Victimization Using Perpetrator DataAddressing the Problem of Chronic Fraud VictimizationVulnerability of Older Adults to Government Impersonation ScamsA Review of Scam Prevention Messaging ResearchProtecting Retail Customers from Gift Card Payment ScamsFINRA Foundation Research Center Find us:  X / YouTube /LinkedIn / Facebook /  E-mail

The number of highly sophisticated crypto scams is growing, with Americans losing an estimated $5.6 billion to crypto-related scams in 2023, according to the FBI, a 45 percent jump from the prior year. And often crypto fraud is tied in with romance scams, with criminals targeting victims through texts, dating sites, social media, networking channels or other apps. While we all like to think we would be immune to such scams, research has shown time and again that everyone is vulnerable, even the most highly educated among us. On this episode, we hear the firsthand accounts of Jules and Brian, two victims of romance crypto scams, who recently spoke at a FINRA Foundation conference on disrupting the cycle of financial fraud. They sat down with Kim Casci-Palangio, program manager of the Cybercrime Support Network (CSN), to share their experiences, the financial, mental and emotional toll they took, and their efforts to recover from their loss. This audio was edited to remove personally identifying information about our victims.Resources mentioned in this episode:Cybercrime Support NetworkRomance Scam Recovery GroupFINRA FoundationFBI Internet Crime Complaint Center (IC3)Non-Traditional Costs of Financial FraudInvestor Alert: Relationship Investment Scams‘Pig Butchering’ Scams: What They Are and How to Avoid ThemCrypto Investment Scams Infographic Find us:  X / YouTube /LinkedIn / Facebook /  E-mail

Last week, FINRA CEO Robert Cook spoke to an audience of regulators, academics, law enforcement agencies, advocacy groups and financial firms at a conference hosted by the FINRA Foundation to underscore the importance of working together to disrupt the cycle of fraud. He highlighted specific areas for further coordination and announced that FINRA will reach out operators of existing regulatory databases to explore ways to create a one-stop shop resource for investor research. On this episode, we  tune in to his remarks. Resources mentioned in this episode:Full Text of Speech As Prepared for Delivery  Find us:  X / YouTube /LinkedIn / Facebook /  E-mail

FINRA’s Examinations team carries out one of FINRA’s core functions in the examination of FINRA member firms. In an effort to continuously improve the program, the team has undertaken changes to create efficiencies before, during and after the exam process. On this episode, Michael Solomon, executive vice president of Examinations and the Membership Application Program, Tom Mellett and John Martino, both vice president of Firm Group Examinations, join us to detail some of the recent changes, including the introduction of thematic reviews, changes to the post-exam closeout process and more.Resources mentioned in this episode:Episode 132: The Ins and Outs of FINRA’s Annual Program2024 Regulatory Oversight ReportTargeted (Sweep) Exam Letters Find us:  X / YouTube /LinkedIn / Facebook /  E-mail

FINRA’s Membership Application Program (MAP) team serves as the first point of contact for firms looking to enter the broker-dealer industry. It works both to protect investors by ensuring would-be member firms meet FINRA standards of admission, and to help new and existing firms grow and evolve, ensuring a vibrant market for all.On this episode, Cindy Foster, Vice President of MAP, joins us to share more about FINRA standards of admission and how the group works to ensure a smooth process for both current and prospective member firms. Resources mentioned in this episode:Member Application RulesBroker-Dealer RegistrationFINRA Standards for AdmissionEpisode 117: Reviewing and Approving Digital Asset FirmsMAP Tools and VideosMAP FAQsChecklist for Mandatory Materiality ConsultationResidential Supervisory Locations (RSL) FAQsPhone: 212-858-4000, option fiveEmail: [email protected] Find us:  X / YouTube /LinkedIn / Facebook /  E-mail

Last summer, we introduced listeners to FINRA’ Crypto Hub and enterprise-wide strategy for keeping up with the evolving crypto asset regulatory landscape. A year later, this remains an important area of focus for investors, the industry and FINRA. On this episode, Jamie Udinson, senior director of the Cyber and Analytics Unit, Michael Yuan, a director with FINRA’s Risk Monitoring program, and Jason Stralka, an examination manager with the Exam program, join us to provide an update on FINRA’s crypto asset work, to dig into the results of a recent survey of member firms regarding their crypto-asset touchpoints, to tell us about the new spot Bitcoin ETP market and more.Resources mentioned in this episode:2024 Regulatory Oversight Report: Crypt Asset DevelopmentsCrypto Assets Key Topic PageEpisode 136: An Introduction to FINRA’s Crypto Asset Work and the Crypto HubEpisode 137: The Crucial Role of FINRA’s CAI TeamEpisode 138: FINRA’s Blockchain LabEpisode 145: An Update on FINRA’s Crypt Asset Targeted Exam Find us:  X / YouTube /LinkedIn / Facebook /  E-mail

FINRA's Financial Intelligence Unit acts as a nerve center for information on emerging threats impacting the financial industry with the aim of providing actionable intelligence to firms, other regulators and law-enforcement to keep investors safe. On this episode, Blake Snyder, senior director of FIU, joins us to share how the group has grown and matured over the last few years and how they are evolving the way they share information, including through the introduction of the new Threat Intelligence Products, or TIPs.Resources mentioned in this episode:Episode 33: AML in the Securities IndustryEpisode 86: Introducing FIUTIP: Protecting Vulnerable Adult and Senior InvestorsInvestor Insight: Pig Butchering ScamsInvestor Insight: Ramp-and-Dump ScamsRegulatory Notice 22-25National Cyber-Forensics and Training Alliance (NCFTA)[email protected] Find us:  X / YouTube /LinkedIn / Facebook /  E-mail

Financial social media influencers—or finfluencers—are growing in popularity as a cheap way to reach a new generation of investors. But using these individuals to promote a firm its products or services comes with risks, as revealed by the results of a recent targeted review of FINRA member firm practices in the space. On this episode, Ira Gluck, senior director of Advertising Regulation, and Melissa Turitz, a director with FINRA Enforcement, dig into the results of the finfluencer target review, the risks and regulatory requirements around this newer form of advertising and share some best practices for firms looking to make use of social media influencer programs. Resources mentioned in this episode:Reg Notice 17-18: Guidance on Social Media and Business CommunicationsFebruary 2023 Finfluencer Sweep UpdateRule 2210 – Communications with the PublicPress release – March Finfluencer Enforcement ActionApril Finfluencer Letter of Acceptance, Waiver and Consent (AWC)Gen Z and Investing: Social Media, Crypto, FOMO and Family (Research Report)Episode 134: A Look at the Attitudes and Behaviors of the Youngest Investors Find us:  X / YouTube /LinkedIn / Facebook /  E-mail

In late May, certain amendments to FINRA's margin rule, Rule 4210, went into effect to address a significant source of potential systemic risk and risk to FINRA member firms. The amendments introduced specific margin requirements related to covered agency transactions. On this episode, we talk to David Aman, senior advisor, and James Barry, director of Credit Regulation, both with FINRA's Office of Financial and Operational Risk Policy, and with Michael MacPherson, a senior advisor with Member Supervision’s Risk Monitoring team, to learn more about the purpose of the rule, which firms might be impacted by the change and what those firms need to think about to ensure compliance with the amended rule. Resources mentioned in this episode:Contact: [email protected] Topics: MarginFAQs Regarding Covered Agency Transaction Margin under FINRA Rule 4210Reg Notice 23-14: Amendments to Covered Agency Transaction Requirements Under FINRA Rule 4210 Find us:  X / YouTube /LinkedIn / Facebook /  E-mail

Protecting investors from harm is a top FINRA priority. And when it comes to specific individuals who may pose a risk, FINRA's High Risk Representative (HRR) Program is on the case. On this episode, Brooks Brown, Senior Director, and Eric Hebert and John Salerno, Investigative Directors, from the HRR unit join us to explain how they identify and monitor individuals who pose an elevated risk of misconduct to protect investors and maintain the integrity of the market. Resources mentioned in this episode:Episode 114: Bringing Cases Against Individual BrokersEpisode 150: A Cybersecurity Update with FINRA’s Complex Investigations and Intelligence Team (CII)Key Topic: Protecting Investors from MisconductVirtual Conference Panel: Supervision of High-Risk Activities Find us:  X / YouTube /LinkedIn / Facebook /  E-mail

Every day, FINRA's Insider Trading Detection Program uses sophisticated technology and analytics to monitor 100% of trading in stocks, options and bonds for potentially suspicious activity around material news events, resulting in hundreds of referrals to the SEC and law enforcement every year. On this episode, we hear from Sam Draddy, a Senior Vice President of the Market Abuse Unit within FINRA's Market Regulation and Transparency Services, and Karen Braine, Vice President of the Insider Trading Detection Program, about how they connect trading data, information from public sources and from companies and FINRA firms to pull together actionable intelligence. Resources mentioned in this episode:Episode 23: Insider Trading: Finding the Needle in the HaystackBlog: FINRA Plays a Vital Role in Exposing Insider TradingSEC Litigation Release: Sean R. Steward et al.SEC Litigation Release: Andreas BechtolsheimSEC Litigation Release: Joseph C. Lewis et al. Find us:  X / YouTube /LinkedIn / Facebook /  E-mail

Senior investor protection has long been a priority for FINRA, and the Vulnerable Adults and Seniors Team (VAST) is at the forefront of FINRA's efforts in this space. On this episode, we hear from Brooke Hickman, Director of the Vulnerable Adults and Seniors Investigative Team, Mike Paskin, a manager with VAST Investigations, and Liz Yoka, a manager of the VAST Intake team, to hear how the groups work with individual investors, firms, states and other regulators to prevent and detect financial exploitation of senior and other vulnerable investors.Resources mentioned in this episode:2024 Annual Regulatory Oversight ReportEpisode 72: Anti-Money Laundering and Elder ExploitationEpisode 128: The 2023 Senior Investor Protection ConferenceEpisode 105: The Essential Senior Investor Protection Tools: FINRA Rules 2165 and 4512FINRA Securities Helpline for Seniors – 844-57-HELPS (844-574-3577)FINRA Key Topic Page: Senior InvestorsFAQ Regarding FINRA’s Rules Relating to Financial Exploitation of SeniorsTrusted Contact Infographic Find us:  X / YouTube /LinkedIn / Facebook /  E-mail

On May 28th, U.S. markets are moving to a one-day settlement cycle, familiarly known as T+1. This move, which returns the settlement time frame back to a point at which it last stood a century ago, will have wide ranging impacts for firms, investors and regulators. On this episode, we hear from James Barry, Director of Credit Regulation with FINRA's Office of Financial and Operational Risk Policy, Bobby Gomez, a Senior Director with Market Regulation and Transparency Services' Strategic Initiatives team, Mike MacPherson, a Senior Advisor in Member Supervision's Risk Monitoring group, and John Nachmann, Associate General Counsel with the Office of General Counsel's Regulatory Practice, to discuss what all market participants need to be thinking about and testing ahead of the transition.Resources mentioned in this episode:Episode 127: Understanding the Unique Risks of Every FirmDTCC: The Key to T+1 Success BlogReg Notice 23-15: Regulation T and SEA Rule 15c3-3 ExtensionTechnical Notice: T+1 Settlement TestingFINRA Margin RegulationFINRA Investor Insight: Understanding Settlement Cycles2024 Annual Regulatory Oversight Report Find us:  X / YouTube /LinkedIn / Facebook /  E-mail

These days, it's not a matter of if, but when, when it comes to cybersecurity incidents, which is why it's essential for all firms to ensure they're prepared for the inevitable. On this episode, we're catching up with Bryan Smith, the new senior vice president of FINRA’s Complex Investigations and Intelligence (CII) team and Brita Bayatmakou, vice president of the Cyber and Analytics Unit within CII, for an update on CII, the cyber threat landscape and what firms should be thinking about and doing in response to the latest trends.Resources mentioned in this episode:FINRA's FBI Cyber Threat Briefings (Next Briefing: April 22)Episode 112: Introducing FINRA’s Complex Investigations and Intelligence TeamCISA Alerts and AdvisoriesFBI Internet Crime Complaint Center: Industry AlertsReg Notice 21-29: Obligations Related to Outsourcing to Third-Party Vendors Find us:  X / YouTube /LinkedIn / Facebook /  E-mail

U.S. financial markets today are not what they were ten years ago, five years ago, or even just a couple of years ago. Over the years, FINRA's Market Regulation and Transparency Services (MRTS) team successfully grew and evolved to meet the changing demands of the markets they oversaw. But recently, the group took time to ask, how would we build this team if we were starting from scratch? And the answer to that question involved redesigning the group structure around specific functions, rather than around specific rules or products. On this episode, we hear from Feral Talib, Executive Vice President of Surveillance and Market Intelligence, Jackie Perrell, a Senior Vice President and Chief of Staff for MRTS, and Steve Price, Senior Vice President of Market Investigations to learn how the MRTS team has realigned itself, allowing it to be more nimble in addressing and anticipating risks, to better leverage its data and more.Resources mentioned in this episode:2024 FINRA Annual Regulatory Oversight ReportFeral Talib Named Executive Vice President and Head of Surveillance & Market IntelligenceEpisode 60: Greg Ruppert and the National Cause and Financial Crimes Detection Programs Find us:  X / YouTube /LinkedIn / Facebook /  E-mail

Generative Artificial Intelligence (AI) and large language models (LLM) are taking the world by storm, presenting numerous opportunities to create business efficiencies. While the new technologies offer many potential benefits to firms, regulators and investors, they also introduce unique risks. On this episode, we hear from Brad Ahrens, senior vice president of Advanced Analytics, Andrew McElduff, vice president with Member Supervision's Risk Monitoring team and Haime Workie, vice president and head of FINRA's Office of Financial Innovation, who are closely looking at these technologies and following developments in this space to learn how FINRA is looking at and thinking about generative AI when it comes to its own business and what it's looking at and seeing when it comes to firm use of these tools.Resources mentioned in this episode:Artificial Intelligence (AI) in the Securities IndustryArtificial Intelligence (AI) and Investment FraudReg Notice 21-19: Obligations Related to Outsourcing to Third-Party VendorsRule 3110: Supervision2024 FINRA Annual Regulatory Oversight Report2023 Executive Order on Artificial Intelligence for CongressNIST: Artificial Intelligence Find us:  X / YouTube /LinkedIn / Facebook /  E-mail

The FINRA Investor Education Foundation has released a new report, Investors of Color in the United States, examining the behavior and attitudes of investors of color based on data from the FINRA Foundation's National Financial Capability Study coupled with a series of focus groups conducted with young Black/African American, Hispanic/Latino and Asian American/Pacific Islander investors. The report shows interesting trends related to the pace at which these investors are entering the market, their views on risk, where they're receiving information and more. On this episode, we hear more from Ritta McLaughlin, Director of Investor Education, Community Outreach, and Principal Research Analyst Olivia Valdes to learn more.Resources mentioned in this episode:Investors of Color in the United States (2024) Gen Z and Investing: Social Media, Crypto, FOMO, and Family (2023)Investors in the United States: The Changing Landscape (2022)New Accounts and the People Who Opened Them (2021)FINRA Investor Education FoundationEpisode 134: Gen Z Investors Find us:  X / YouTube /LinkedIn / Facebook /  E-mail

FINRA Enforcement works tirelessly on the front lines of investor protection, whether looking into cases of fraud or ways that bad actors try to manipulate the markets. This tremendous undertaking demands steadfast leadership. On this episode, we meet Bill St. Louis, the former head of FINRA’s National Cause and Financial Crimes Detection Program and FINRA's new Executive Vice President and Head of Enforcement, to learn more about the man at the helm and what's on the horizon for Enforcement in the new year.Resources mentioned in this episode:2024 FINRA Annual Regulatory Oversight ReportFINRA Enforcement HomepageFINRA Names Bill St. Louis as New Head of EnforcementFINRA Fines BofA Securities $24 Million for Treasuries SpoofingFINRA Expels Monmouth Capital ManagementQualification Exams Find us:  X / YouTube /LinkedIn / Facebook /  E-mail

FINRA recently wrapped up a targeted review of the practices of certain member firms when it comes to communicating with retail investors regarding crypto products and services. On this episode, Ira Gluck, Senior Director, Advertising Regulation at FINRA, joins us to share the results of that crypto asset communications sweep that began in November 2022.Resources mentioned in this episode:Advertising Regulation DepartmentCrypto Asset Communications Targeted Exam LetterCrypto Asset Key TopicsCrypto Sweep UpdateFINRA Blog: An Inside Look into FINRA’s Crypto Asset WorkEpisode 136: An Introduction to FINRA’s Crypto Asset Work and the Crypto HubEpisode 137: The Crucial Role of FINRA’s CAI TeamEpisode 138: FINRA’s Blockchain LabRule 2210: Communications with the Public Find us:  X / YouTube /LinkedIn / Facebook /  E-mail

As a self-regulatory organization, information sharing is key to FINRA's pursuit of its mission of investor protection and market integrity, and no single resource is a better example of that than FINRA's Annual Regulatory Oversight Report. On this episode, Ornella Bergeron, Senior Vice President of Risk Monitoring, Omer Meisel, Executive Vice President of the National Cause and Financial Crimes Detection Program, Claire O'Sullivan, Vice President and Regulatory Advisor of Stakeholder Engagement, and Michael Solomon, Senior Vice President of Examinations, join us to discuss highlights from the 2024 report.Resources mentioned in this episode:2024 FINRA Annual Regulatory Oversight ReportReg Notice 23-20: Guidance and Resources Related to Regulation Best InterestReg Notice 23-11: Concept Proposal for a Liquidity Risk Management RuleReg Notice 21-35: Proposed Order Routing Disclosure RequirementsSEC FAQ on Form CRSCAT NMS Plan WebsiteEpisode 136: An Introduction to FINRA’s Crypto Asset Work and the Crypto HubEpisode 137: The Crucial Role of FINRA’s CAI TeamEpisode 138: FINRA’s Blockchain LabEpisode 129: A New Twist on New Account Fraud Find us:  X / YouTube /LinkedIn / Facebook /  E-mail

Succession planning, catastrophe planning, contingency planning--whatever you want to call it, these plans are important not just for customers and registered representatives but can even be a matter of life or death when it comes to the continued existence of a firm. On this episode, we talk to Jeanette Wingler, FINRA’s Special Assistant to the CEO, and Elena Schlickenmaier, a Senior Principal Analyst in Member Supervision, to dig into Regulatory Notice 22-23 on succession planning to hear how and why firms should plan for the expected and unexpected in life.Resources mentioned in this episode:Regulatory Notice 22-23Rule 4370: Business Continuity PlanningRule 2040: Payments to Unregistered PersonsContinuing Membership Application ResourcesFINRA Examination and Risk Monitoring Programs Find us:  X / YouTube /LinkedIn / Facebook /  E-mail

The small firm community, those firms with 150 or fewer registered financial professionals came together in October to discuss and engage on key areas of concern at the Small Firm Conference. On this episode, we go behind the scenes of this year's event to share with you the fireside chat between FINRA CEO Robert Cook and FINRA's Head of Member Relations, Kayte Toczylowski. Resources mentioned in this episode:FINRA WebinarsFINRA Small Firm Conference CallsOffice of Hearing OfficersNational Adjudicatory CouncilSmall Firm Advisory CommitteeFINRA Board of GovernorsConferences & EventsMember Firm Hub Find us:  X / YouTube /LinkedIn / Facebook /  E-mail

Forget ghosts and goblins, few things are as scary as household finances for U.S. adults. In a recent nationally representative survey, more than 1,000 adults shared what worries them most in their lives. The most common answer? Money. On this episode, we sit down with Gerri Walsh, the head of the FINRA Investor Education Foundation, to discuss the recent survey and its findings, while also providing tips and resources to help make money a little less spooky.Resources mentioned in this episode:Investor Resources and ToolsFINRA Foundation HomepageConsumer Insights: What really spooks Americans? Money. Find us:  X / YouTube /LinkedIn / Facebook /  E-mail

American consumers and investors are losing billions of dollars each year to financial fraud. It's a devastating problem for which almost no one is completely immune. But the 2023 FINRA Foundation Ketchum Prize recipient has dedicated his life to understanding what makes someone susceptible to fraud—and pioneering ways to fight it. On this episode, we hear from Dr. Doug Shadel to hear about his research and years of working as one of America's most active fraud fighters.Resources mentioned in this episode:2023 Ketchum Prize AnnouncementAARP FoundationAARP Fraud Watch NetworkStanford Financial Fraud Research CenterFINRA Investor Education Foundation Find us:  X / YouTube /LinkedIn / Facebook /  E-mail

FINRA oversees a diverse set of broker-dealer firms that make up a vibrant securities industry. But there's one thing all broker-dealer firms have in common. Every registered firm at one time or another must engage with FINRA's Membership Application Program, or MAP.On this episode, Jante Turner, Senior Advisor and Head of Triage for FINRA's Membership Application Program speaks about how the MAP program kicked off a significant transformation in spring 2022, and where that initiative stands today.Resources mentioned in this episode:Episode 104: Streamlining FINRA's Gatekeeper FunctionFINRA Information Notice 4/19/22 (FINRA Membership Application Program Transformation)Broker-Dealer RegistrationFINRA Standards for AdmissionForm NMAContinuing Membership Application ResourcesFINRA Member Firm HubFINRA Firm Grouping ConferenceEmail: MAP Group Find us:  X / YouTube /LinkedIn / Facebook /  E-mail

In this third and final episode in our series covering FINRA's ongoing crypto asset regulatory work, we hear from FINRA's Blockchain Lab, which serves as a central point within FINRA for the development of blockchain-related regulatory initiatives.Michael Oh, Senior Director of the Blockchain Lab, Brian Huerbsch, a Senior Blockchain Data Analyst, and Jason Foye, Senior Director and head of FINRA's Crypto Hub share how the Lab is supporting and advancing FINRA's regulatory work involving crypto assets.Resources mentioned in this episode:Episode 136: An Introduction to FINRA’s Crypto Asset Work and the Crypto HubEpisode 137: The Crucial Role of FINRA’s CAI TeamInvestor Insights: What Is a Blockchain, and Why Should I Care?FINRA Blog: An Inside Look into FINRA’s Crypto Asset Work Find us:  X / YouTube /LinkedIn / Facebook /  E-mail

As the crypto asset space has grown, FINRA has evolved its oversight of the crypto asset activities of FINRA member firms and their associated persons. In this second episode of a three-part series covering FINRA's crypto asset-related regulatory work, we hear from Jamie Udinson, Senior Director of the Crypto Asset Investigations team, Taylor Etzell, a Senior Principal Investigator, and Jason Foye, Senior Director and head of FINRA's Crypto Hub, who provide insight into FINRA's Crypto Asset Investigations Team. We learn more about this dedicated group of investigators specializing in conducting complex crypto asset investigations and the crucial role it plays in ensuring compliance with existing rules and regulations in the crypto asset space.Resources mentioned in this episode:Episode 71: Overlapping Risks, Part 1: Anti-Money Laundering and CybersecurityEpisode 72: Overlapping Risks, Part 2: Anti-Money Laundering and Elder ExploitationEpisode 117: Membership Application ProgramEpisode 136: An Introduction to FINRA’s Crypto Asset Work and the Crypto HubRule 3270: Outside Business Activities of Registered PersonsRule 3280: Private Securities Transactions of an Associated PersonFINRA Blog: An Inside Look into FINRA’s Crypto Asset Work Find us:  X / YouTube /LinkedIn / Facebook /  E-mail

In 2022, FINRA developed an enterprise-wide strategy to ensure it is prepared for an evolving crypto asset regulatory landscape and created the Crypto Hub, the Blockchain Lab and the Crypto Asset Investigations Team. On this episode, the first in a three-part series, we sit down with Omer Meisel, Senior Vice President of the Complex Investigations and Intelligence Group, Jason Foye, Senior Director and Head of FINRA's Crypto Hub, and Reema Abdelhamid, a Director with FINRA Enforcement to learn more about the strategy and the role of the Hub and FINRA’s work to advance its mission of investor protection and market integrity.Resources mentioned in this episode:FINRA Blog: An Inside Look into FINRA’s Crypto Asset WorkSEC’s SPBD December 2020 StatementSEC’s September 25, 2020 No-Action Letter, “ATS Role in the Settlement of Digital Asset Security Trades”Crypto Asset Communications Exam Letter – November 2022FINRA and NFA Joint Press ReleaseReg Notice 20-23: Activities Related to Digital AssetsReg Notice 21-25: Continued Engagement in Activities Related to Digital AssetsEpisode 112: FINRA's Complex Investigations and Intelligence Team & Cyber and Analytics UnitEpisode 113: Regulatory Operations: Stronger Regulation Through Integrated OversightEpisode 117: Membership Application ProgramEpisode 134: Gen Z Investor AttitudesFINRA Foundation Report: Gen Z and InvestingInvestor Insights: What Is a Blockchain, and Why Should I Care? Find us:  X / YouTube /LinkedIn / Facebook /  E-mail

An efficient capital raising process fosters business expansion, job creation and economic growth. And FINRA's members play an important role in this vital piece of our capital markets. Currently, FINRA's soliciting comments on the impact FINRA's Rules have on the capital formation process, as it looks for ways to increase efficiency and reduce unnecessary burdens. On this episode, we'll dig more into this process and FINRA's recent Request for Comment with Joe Price, Senior Vice President of Corporate Financing and Advertising Regulation, and discuss the recent Regulatory Notice 23-09 on FINRA's Rules impacting capital formation.Resources mentioned in this episode:Reg Notice 23-09: Capital Formation Request for CommentReg Notice 17-14: Request for Comment on FINRA Rules Impacting Capital FormationFINRA RulesSEC EDGAR DatabaseFrequently Asked Questions About Private PlacementsFINRA Board of Governors Find us:  X / YouTube /LinkedIn / Facebook /  E-mail

Gen Z is now in the market and they're beginning to invest younger than any generation before them. A new study by the FINRA Foundation and CFA Institute has taken a deep dive into the attitudes and behaviors of this latest generation of investors, the oldest of which were just 25 at the time of the study.On this episode, Andres Vinelli, Chief Economist at CFA Institute, and Gerri Walsh, President of the FINRA Foundation and Senior Vice President of Investor Education at FINRA, join us to talk about the role of crypto as an onramp, how Gen Z is using, but not necessarily trusting, social media and much more.Resources mentioned in this episode:FINRA Foundation WebsiteCFA Institute WebsiteGen Z and Investing: Social Media, Crypto, FOMO, and Family Report (May 2023)New Investors 2022: Entering the Market in Novel and Traditional Ways (April 2023)National Financial Capability Study Investor Survey (December 2022) Find us:  X / YouTube /LinkedIn / Facebook /  E-mail

In honor of Elder Abuse Awareness Month, we're taking a look at FINRA's important senior investor protection efforts, including a look at FINRA Rules 2165 and 4512, the first uniform National Senior Investor Protection Standards. On this episode, we hear from Associate General Counsel Alicia Goldin and Vice President and Associate General Counsel Jim Wrona where those rules stand today, explore some of the real-world scenarios in their application and provide tips for some of the tricky conversations that financial professionals might face in connection to their application. Resources mentioned in this episode:Rule 2165: Financial Exploitation of Specified AdultsRule 4512: Customer Account InformationEpisode 105: Essential Senior Investor Protection ToolsReg Notice 22-31: Practices for Obtaining Trusted Contacts“Investors in the U.S.: The Changing Landscape,” FINRA Foundation (December 2022)Trusted Contact Resource PageTrusted Contact Infographic2023 Report on FINRA’s Examination and Risk Monitoring Program2020 Ontario Securities Commission Protecting Aging Investors ReportBlame and Shame in the Context of Financial FraudIACP Successful Trauma-Informed Victim InterviewingSenior Safe Act Webinar: Identifying and Reporting Suspected Exploitation Find us:  X / YouTube /LinkedIn / Facebook /  E-mail

FINRA's Examination team carries out a core function of FINRA's business by examining every member firm at least every four years and as often as annually, depending on the risk profile of each individual firm. These exams ensure firms remain in compliance with FINRA rules and federal securities laws and regulations and are at the heart of FINRA's mission of investor protection and market integrity. On this episode, Michael Solomon, Senior Vice President of Examinations, Nicole McCafferty, Vice President of the Retail Exam Firm Group, and Joe Sheirer, Vice President of the Office of Exams, join us for a deep dive into how the program works and what firms can expect during routine firm exams.Resources mentioned in this episode:Episode 127: FINRA’s Risk Monitoring ProgramEpisode 60: National Cause and Financial Crimes Detection ProgramsReg Notice 23-08: Selling Private Placements2023 Report on FINRA’s Examination and Risk Monitoring Program Find us:  X / YouTube /LinkedIn / Facebook /  E-mail

Each year, FINRA hosts its Annual Conference in Washington, D.C. It is an event packed full of panels with information on all the latest compliance trends and emerging regulatory issues, with a number of networking opportunities spread across the three-day event. On this episode, we're taking you behind the scenes of this year's Annual Conference to listen in on a conversation between FINRA President and CEO Robert Cook and the Chair of the FINRA Board of Governors, Eric Noll.Resources mentioned in this episode:2023 FINRA Annual Conference2024 FINRA Annual Conference RegistrationFINRA Board of GovernorsEric Noll Biography Find us:  X / YouTube /LinkedIn / Facebook /  E-mail

Litigation economics is not something they teach in most schools, but when it comes to unique or first of their kind enforcement matters, it's an important skill to have, whether it be in establishing sampling methodologies, the creation of a benchmark or development of restitution frameworks. On this episode, we hear from Chris Kelly, acting Head of Enforcement, and Lori Walsh, Vice President of the Office of the Chief Economist, about how FINRA's Enforcement team has been partnering up with the Office of Regulatory Economics and Market Analysis to ensure better case outcomes.Resources mentioned in this episode:Episode 124: Introducing REMAEpisode 77: How an Enforcement Action Becomes an Enforcement ActionOffice of the Chief EconomistFINRA EnforcementMonthly Disciplinary Actions Find us:  X / YouTube /LinkedIn / Facebook /  E-mail

In recent months, FINRA has published two Regulatory Notices regarding the fraudulent transfer of customer accounts using an automated system called ACATS. On this episode, we'll hear all about what goes into the creation of a Reg Notice and take a deep dive on this particular issue. Plus, we'll hear about some information that didn't make it into the most recently published Notice.FINRA Unscripted welcomes three new guests, Chris Hunter, Principal Analyst with Risk Monitoring, Emily Kahn, Principal Intelligence Specialist with the Financial Intelligence Unit, and Lindsey Barnett, Senior Principal Investigator with the Special Investigations Unit, to talk about Regulatory Notices 23-06 and 22-21.Resources mentioned in this episode:Reg Notice 23-06: FINRA Shares Effective Practices to Address Risks of Fraudulent TransfersReg Notice 22-21: FINRA Alerts Firms to Recent Trend in Fraudulent Transfers of AccountsReg Notice 21-18: Practices Used to Protect Customers From Online Account Takeover AttemptsReg Notice 20:32: FINRA Reminds Firms to Be Aware of Fraudulent Options TradingRule 11870: Customer Account Transfer ContractsBSA E-filing SystemEpisode 127: FINRA’s Risk Monitoring Team Find us:  X / YouTube /LinkedIn / Facebook /  E-mail

In March, FINRA hosted the Senior Investor Protection Conference, a one-day event dedicated to sharing the most up-to-date regulatory information, effective strategies and solutions for protecting senior and other vulnerable investors from exploitation. On this episode, we're taking an abridged look at one of the conference sessions on the various trends, scams and schemes currently impacting investors. Brooks Brown, Senior Director of FINRA's High-Risk Representative Unit, moderates the conversation with Amy Nofziger, Director of Victim Support for the AARP’s Fraud Watch Network, Mayur Patel, Senior Principal Intelligence Specialist with FINRA's Financial Intelligence Unit, and Elizabeth Yoka, a Manager with FINRA's Vulnerable Adults and Seniors team.Resources mentioned in this episode:FTC Romance Scam DataAARP Helpline InfoAARP Fraud Watch NetworkThe Perfect Scam AARP PodcastFINRA Key Topic Page: Senior InvestorsReg Notice 22-25: Heightened Threat of Fraud in Small Cap IPOsReg Notice 22-05: Amendments to FINRA Rule 2165NASAA Senior WebsiteFINRA Conferences & EventsFINRA Securities Helpline for Seniors Find us:  X / YouTube /LinkedIn / Facebook /  E-mail

FINRA's Risk Monitoring team is responsible for assessing financial, operational and business conduct risks that exist within individual member firms and across the industry. But they're also the day-to-day point of contact for firms for any questions they may have for FINRA. On today's episode, we're talking to Ornella Bergeron, Senior Vice President of Member Supervision's Risk Monitoring team, Brian Kowalski, Vice President of Diversified and Carrying & Clearing with the Risk Monitoring team, and Andrew McElduff, Vice President of Retail with Risk Monitoring learn more about the team’s mandate and work and why they’re such a resource for the member firms they work with.Resources mentioned in this episode:Reg Notice 22-25: FINRA Alerts Firms to Recent Trend in Small-Cap IPOsReg Notice 22-29: FINRA Alerts Firms to Increased Ransomware Risks15a-6 Chaperone Firms (from 2021 Exam and Risk Monitoring Report)Episode 90: Single Points of AccountabilityFINRA GatewayFINRA Examination and Risk Monitoring Programs Find us:  X / YouTube /LinkedIn / Facebook /  E-mail

This episode originally aired in November 2022.The market for crypto assets has seen continued growth and firms are looking for ways to get involved in the digital asset space. So far, about two dozen firms have been approved by FINRA to provide services in securities backed by digital assets. And more firms are looking to follow in their footsteps. On this episode, we hear from Armando Valdes, an application manager with FINRA’s Membership Application Program (MAP), and David Aman, a senior advisor with the Office of Financial and Operational Risk Policy within the Chief Legal Office, about the role FINRA’s MAP team is playing in the digital asset space, some common sticking points in these new and continuing member applications and how FINRA is working to support innovation while protecting investors in this dynamic environment. Resources mentioned on this episode: SEC’s September 25, 2020 No-Action Letter, “ATS Role in the Settlement of Digital Asset Security Trades”SEC/FINRA July 8, 2019 Joint Statement on Broker-Dealer Custody of Digital Asset SecuritiesSEC Statement on the Custody of Digital Asset Securities by Special Purpose Broker-DealersHave questions? Email: [email protected] Find us:  X / YouTube /LinkedIn / Facebook /  E-mail

In 2020, a surge of new investors entered U.S. securities markets for the very first time, and the FINRA Foundation and its research partners at NORC at the University of Chicago jumped into action to get to know just exactly who these investors were. Two years later, they followed up to see where those investors are now. On today's episode, we're talking to Dr. Olivia Valdes, Associate Research Principal Analyst with the FINRA Investor Education Foundation and Dr. Angela Fontes, a freelance researcher and founder of Fontes Research, about the results of the latest study to shed light on some of the most interesting findings and to pinpoint areas of opportunities for regulators, investor educators and firms alike.Resources mentioned in this episode:2023 New Investor ReportInvesting 2020: New Accounts and the People Who Opened ThemFINRA Foundation HomepageNORC Homepage Find us:  X / YouTube /LinkedIn / Facebook /  E-mail

FINRA recently announced the creation of a new team, the Office of Regulatory Economics and Market Analysis, which brings together FINRA's Office of the Chief Economist and the Office of Financial Innovation. On this episode, we talk with Jonathan Sokobin, Executive Vice President and head of REMA, Haime Workie, Vice President of the Office of Financial Innovation, and Lori Walsh, Vice President of the Office of the Chief Economist about how the new team works to inform FINRA's regulatory policies and programs to advance its mission of investor protection and market integrity.Resources mentioned in this episode:2022 Industry SnapshotOffice of the Chief EconomistREMA AnnouncementEpisode 16: How FINRA Rules Get Made and Reviewed Find us:  X / YouTube /LinkedIn / Facebook /  E-mail

FINRA's new Machine-Readable Rulebook is designed to enhance firms' compliance efforts, reduce costs and aid in risk management, with a lot to gain for firms of all sizes and various business models. On this episode, Afshin Atabaki, Associate General Counsel with FINRA's Office of General Counsel, and Haime Workie, Vice President of FINRA's Office of Financial Innovation, join us to delve into what exactly the Machine-Readable Rulebook is, how it works, and how you can start taking advantage of all it has to offer.Resources mentioned in this episode:Special Notice 10/21/22: FINRA Requests Comment on Its Machine-Readable Rulebook InitiativeSpecial Notice 7/30/18: FINRA Requests Comment on Financial Technology Innovation in the Broker-Dealer IndustryFINRA API Developer CenterFINRA RulesFINRA Rulebook Search Tool™ (FIRST™) OverviewFINRA Rulebook Find us:  X / YouTube /LinkedIn / Facebook /  E-mail

Succession planning, catastrophe planning, contingency planning--whatever you want to call it, these plans are important not just for customers and registered representatives but can even be a matter of life or death when it comes to the continued existence of a firm. On this episode, we talk to Jeanette Wingler, FINRA’s Special Assistant to the CEO, and Elena Schlickenmaier, a Senior Principal Analyst in Member Supervision, to dig into Regulatory Notice 22-23 on succession planning to hear how and why firms should plan for the expected and unexpected in life.Resources mentioned in this episode:Regulatory Notice 22-23Rule 4370: Business Continuity PlanningRule 2040: Payments to Unregistered PersonsContinuing Membership Application ResourcesFINRA Examination and Risk Monitoring Programs Find us:  X / YouTube /LinkedIn / Facebook /  E-mail

The best tool FINRA provides when it comes to firms developing their annual compliance program is now available. The 2023 Report on FINRA’s Examination and Risk Monitoring Program provides key insights and observations on two dozen key regulatory topics, making it a must-read for compliance professionals. On this episode, Ornella Bergeron, Senior Vice President of Risk Monitoring, Michael Solomon, Senior Vice President of Examinations, and Bill St. Louis, Executive Vice President of the National Cause and Financial Crimes Detection Programs (NCFC), join us to dig into some of the new and noteworthy topics in the latest report. Resources mentioned in this episode:2023 Report on FINRA’s Examination and Risk Monitoring ProgramEpisode 112: Introducing FINRA’s Complex Investigations and Intelligence Team and Cyber and Analytics UnitEpisode 71: Overlapping Risks, Part 1: Anti-Money Laundering and Cybersecurity Find us:  X / YouTube /LinkedIn / Facebook /  E-mail

The festive season is here. Are you looking for the perfect gift for the compliance professional in your life? Look no further. On this episode, Kayte Toczylowski, FINRA’s vice president of Member Relations and Education, joins us to share the top five FINRA tools and resources, or gifts, if you will, that you will want to make sure you are aware of and be sure to share with all of your colleagues.Resources mentioned on this episode: FINRA Compliance ToolsFINRA NoticesFINRA Targeted Exam Letters (aka Sweeps)FINRA Conferences & EventsFBI Cyber Threat Briefing SeriesMachine-Readable Rulebook InitiativeFINRA Advisory CommitteesFINRA Committee Indication of Interest FormHave questions? Email: [email protected] Find us:  X / YouTube /LinkedIn / Facebook /  E-mail

This episode originally aired in March 2022.Detecting and deterring fraud and insider trading is at the core of FINRA's mission of investor protection and market integrity. On this episode, Sam Draddy, the head of FINRA's Market Investigations team, joins us once again to talk about the latest trends and patterns in FINRA's fraud and insider trading investigations, including some stories about some of the craziest and most interesting cases of the past few years.Resources mentioned in this episode:Episode 23: Insider Trading: Finding the Needle in the Haystack Find us:  X / YouTube /LinkedIn / Facebook /  E-mail

The FINRA Institute at Georgetown Certified Regulatory and Compliance Professional Program is designed to give compliance, legal and regulatory professionals an in-depth understanding of the foundation, theory and practical application of securities laws and regulation. On this episode, we hear from Jim Angel, CRCP Program Academic Director and Associate Professor with the Georgetown McDonough School of Business, and Susanne Goldsmith, a Senior Director with FINRA's Member Relations and Education team, about what makes a CRCP Program a must for FINRA member firms and their high-performing compliance staff.Resources mentioned on this episode: FINRA Institute at GeorgetownEpisode 28: A Look at the FINRA Institute at Georgetown CRCP ProgramGeorgetown360: James J AngelHave questions? Email: [email protected] Find us:  X / YouTube /LinkedIn / Facebook /  E-mail