Retirement Planning

FINRA Finds Member Compliance Shortfalls in 11 Areas

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FINRA, the Financial Industry Regulatory Authority, a private corporation that acts as a self-regulatory organization, recently published a report detailing where its member firms are failing to comply with securities rules and regulations. The report provides observations in nearly a dozen areas, including alternative investments held in individual retirement accounts, which refers to products like hedge funds, private equity funds and non-traded Real Estate Investment Trusts. Some of FINRA’s broker firms compliance shortfalls included failure to establish possession or control as required by what is known as the Security and Exchange Commission’s “Customer Protection Rule,” incorrect account statements and inaccurate net capital and reserve formula computations. Firms didn’t comply with the SEC’s Customer Protection Rule

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