Cetera Pays $1 Million To Settle A Case That Should Have Been Moot . . . Except FINRA Failed To Act On A Wildly Popular Rule Proposal It Floated Three Years Ago
By EsqSocial Corporation 02/02/21
Almost three years ago, in Reg Notice 18-08, FINRA wisely (but, nevertheless, still a bit late to the party) proposed to revise its own prior guidance regarding the troublesome intersection between outside business activities and investment advisor business, guidance that FINRA itself acknowledged had “caused significant confusion and practical challenges.” Specifically, in crusty old Notices to Members 94-44 and 96-33, issued over two decades ago, FINRA saddled the industry with nearly...
By: Ulmer & Berne LLP