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BROKER-DEALER REGULATION [C] FINRA Staff Interpretations of FINRA Rule 3270 and FINRA/NASD Conduct Rule 3040 .................. 9-7 [C][1] Coverage of FINRA Rule 3270 and FINRA/NASD Rule 3040..................................... 9-7 [C][2] Interpretation of “Selling Compensation” ........... 9-9 [C][3] Required Form of Written Notice and Written Approval ............................................... 9-10 [C][4] Record-Keeping Requirement ............................. 9-10 [C][5] Application of Net Capital and Customer Protection Requirements to Conduct Rule 3040 Transactions ..................................... 9-12 [D] History and Purpose of FINRA Rule 3270 and FINRA/NASD Rule 3040...................................... 9-12 [E] Disciplinary Actions Under FINRA Rule 3270 and FINRA/NASD Conduct Rule 3040 ................ 9-15 [F] Affirmative Obligation to Conduct Surveillance for Unreported Activities ...................................... 9-18 [G] Interaction with Investment Advisers Act Ethics and Compliance Rules .......................................... 9-18 § 9:3.2 FINRA Conduct Rule 3050................................... 9-19 [A] Exception for Transactions in Investment Company Securities .............................................. 9-19 [B] Application of FINRA Rule 3270 and FINRA/NASD Conduct Rule 3040 to Transactions Covered by Conduct Rule 3050 ..........9-20 § 9:3.3 FINRA/NYSE Rule 346 ......................................... 9-20 § 9:4 Written Supervisory Procedures .................................... 9-21 § 9:5 Overlapping Jurisdiction and Conflict with Other Regulatory Regimes....................................................... 9-21 PART III: The Customer Relationship Chapter 10 Broker-Dealer and Adviser Uniform Standard of Care Bruce Maisel & Clifford E. Kirsch § 10:1 Introduction.................................................................. 10-2 § 10:2 Chronology—Regulatory Response to Convergence of Broker-Dealer and Advisory Services ........................ 10-2 § 10:3 Standard of Care Imposed Under the Current Regulatory Structure.................................................. 10-5 § 10:4 Treatment of Broker-Dealers Under the Advisers Act .....10-6 § 10:4.1 Generally............................................................... 10-6 § 10:4.2 RAND Report ....................................................... 10-7 lxvi
§ 10:5 Harmonizing the Broker-Dealer and Investment Adviser Standard of Care ........................... 10-8 § 10:6 Legislative Proposals ..................................................... 10-9 § 10:6.1 Investor Protection Act of 2009............................ 10-9 § 10:6.2 House Proposal ..................................................... 10-9 § 10:6.3 Senate Banking Committee Proposal.................. 10-10 § 10:6.4 Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010........................................ 10-11 [A] The SEC Study ................................................... 10-13 [B] SEC’s Request for Cost/Benefit Data .................. 10-16 [B][1] Assumptions about a Possible Uniform Fiduciary Standard........................................... 10-17 [B][2] Possible Uniform Fiduciary Standard .............. 10-18 [B][3] Possible Alternatives to a Uniform Standard.... 10-19 [B][4] Key Industry Concerns .................................... 10-20 [B][5] [B][6] Table of Contents Information about Changes Made in Response to 2007 Wrap Fee Account Rule Case......................................................... 10-21 Information about Further Regulatory Harmonization ................................................ 10-21 § 10:7 Practical Implications to Consider ............................. 10-22 § 10:8 Other Initiatives ......................................................... 10-23 § 10:8.1 Separate Department of Labor Proposed Rule—Definition of the Term “Fiduciary” .......... 10-23 § 10:8.2 The GAO’s Financial Planner Study .................. 10-24 Chapter 11 Customer Transactions: Suitability, Unauthorized Trading, and Churning Charles R. Mills, Andrew E. Porter & Ronald A. Holinsky § 11:1 Introduction.................................................................. 11-2 § 11:1.1 The Suitability Doctrine and Its Origins .............. 11-3 [A] FINRA Rule 2111 ................................................. 11-4 [B] FINRA Rule 2090 ................................................. 11-5 § 11:1.2 Practical Considerations in Applying the Suitability Doctrine............................................... 11-6 [A] Investment Objectives .......................................... 11-6 [B] Investment Risk.................................................... 11-8 [C] Evaluation of Investment Costs............................ 11-9 [D] Investigation of Customer Finances and Investment Objectives ........................................ 11-11 [E] Unsolicited Orders.............................................. 11-12 [F] Broker-Dealer Sales Training and Compensation Policies........................................ 11-13 (Broker-Dealer Reg., Rel. #3, 5/13) lxvii
Page 1 and 2: Table of Contents VOLUME 1 About th
Page 3 and 4: [A] Generally .....................
Page 5 and 6: Table of Contents Chapter 3 Brokers
Page 7 and 8: Table of Contents Chapter 5 Broker-
Page 9 and 10: Table of Contents § 5A:6.2 Exempti
Page 11 and 12: Table of Contents [E] Damages .....
Page 13 and 14: Table of Contents § 6:7.5 Qualific
Page 15: § 8:3.5 Training..................
Page 19 and 20: Table of Contents § 12:2.7 Use of
Page 21 and 22: § 13:2 Establishment and Maintenan
Page 23 and 24: § 13:4.2 Firm-Initiated Transfers
Page 25 and 26: [B][2] Disclosures Applicable to Mu
Page 27 and 28: Table of Contents [C][2] Financial
Page 29 and 30: § 15:2.3 MSRB Rules ..............
Page 31 and 32: [D][3] SEC v. Materia: Misappropria
Page 33 and 34: § 17:4 SRO Research Rules.........
Page 35 and 36: § 17:6 Global Research Analyst Set
Page 37 and 38: § 18:5.2 Definition of Exchange ..
Page 39 and 40: § 18:7.2 Exchange Act Rule 15c3-5
Page 41 and 42: [D] Price Improvement .............
Page 43 and 44: Table of Contents § 20:5.2 The Dut
Page 45 and 46: Table of Contents [D] Introducing B
Page 47 and 48: § 25:3 Understanding the Arrangeme
Page 49 and 50: Table of Contents § 25:17.31 Anti-
Page 51 and 52: Table of Contents § 27:7.1 Disclos
Page 53 and 54: Table of Contents § 28:2.4 Fraudul
Page 55 and 56: [C] Risk Management for Banks......
Page 57 and 58: Table of Contents Chapter 31A SEC a
Page 59 and 60: PART X: Compliance, Examinations, a
Page 61 and 62: Table of Contents § 33:3.8 Where R
Page 63 and 64: [B] Administrative Proceedings.....
Page 65 and 66: § 36:2.2 To What Extent Should the
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Table of Contents § 37:4.1 Broker-
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Table of Contents § 37B:2.3 Arbitr
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§ 37C:3.2 Institutional Investment
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Table of Contents § 37D:3 Treasury
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Table of Contents § 38:6.4 Educati
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§ 39:5.6 Rule G-34 CUSIP Numbers a
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§ 40:2.2 Municipal Entity and Obli
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Table of Contents [E] Communication
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§ 42:4.3 Exclusive Benefit Rule...
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Table of Contents [C] Underwriting
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Table of Contents [D] Implications
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§ 42C:3.2 Consequences of Breachin
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Table of Contents § 42D:3.3 Applic
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§ 42E:6 Considerations in Connecti
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PART XVI: Special Topics Table of C
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§ 44:4 FINRA Rule 5121 (Public Off
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§ 44:9.3 Procedures Required by Ru
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[B][3] Stabilizing When the Princip
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Chapter 46 U.S. Securities Activiti
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