How many registered principals or officers does FINRA require a BD to designate to
oversee the firm's registration functions?
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one
EXCEPTIONS to the Investment Advisers Act of 1940
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-Any bank or holding company that is not an investment company
-Any lawyer, Accountant, engineer, or teacher when services are "solely
incidental" to their profession, and any BD whose services are "solely
incidental" and receives no special compensation
-The publisher of any publication in regular circulation like the WSJ
-Family office advisors that provide advice to only one family / group of
people.
Who is required to be finger printed to be registered?
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All partners, directors, officers, and employees of exchanges, BDs,
registered transfer agents, and registered clearing agencies.
Someone who is exclusively administrative or clerical in their duties, for
example, is not required to be fingerprinted.
Also a silent partner (an individual whose involvement in a partnership is
limited to providing capital to the business) does not need fingerprinting.
Can FINRA make new rules on their own?
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FINRA can draft up new rules but they must be approved by SEC before
they become effective
, Do the SEC and SROs have any criminal authority?
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No, SEC and SROs can censure a firm and its employees, but they do not
have criminal authority. Criminal charges must be brought by the attorney
general.
Who does the MSRB regulate? Does the MSRB enforce its own rules?
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Municipal securities firms and their professionals, but not the issuers of
Muni securities.
Enforcement and inspection for compliance with MSRB rules is done by the
SEC and FINRA for brokerage firms and by the FRB, FDIC, and the Office of
the Comptroller of the Currency for dealer banks.
What RIAs have to register with the SEC?
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Large advisers (over $100MM AUM)
What RIAs only have to register withe the state?
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oversee the firm's registration functions?
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one
EXCEPTIONS to the Investment Advisers Act of 1940
,Give this one a try later!
-Any bank or holding company that is not an investment company
-Any lawyer, Accountant, engineer, or teacher when services are "solely
incidental" to their profession, and any BD whose services are "solely
incidental" and receives no special compensation
-The publisher of any publication in regular circulation like the WSJ
-Family office advisors that provide advice to only one family / group of
people.
Who is required to be finger printed to be registered?
Give this one a try later!
All partners, directors, officers, and employees of exchanges, BDs,
registered transfer agents, and registered clearing agencies.
Someone who is exclusively administrative or clerical in their duties, for
example, is not required to be fingerprinted.
Also a silent partner (an individual whose involvement in a partnership is
limited to providing capital to the business) does not need fingerprinting.
Can FINRA make new rules on their own?
Give this one a try later!
FINRA can draft up new rules but they must be approved by SEC before
they become effective
, Do the SEC and SROs have any criminal authority?
Give this one a try later!
No, SEC and SROs can censure a firm and its employees, but they do not
have criminal authority. Criminal charges must be brought by the attorney
general.
Who does the MSRB regulate? Does the MSRB enforce its own rules?
Give this one a try later!
Municipal securities firms and their professionals, but not the issuers of
Muni securities.
Enforcement and inspection for compliance with MSRB rules is done by the
SEC and FINRA for brokerage firms and by the FRB, FDIC, and the Office of
the Comptroller of the Currency for dealer banks.
What RIAs have to register with the SEC?
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Large advisers (over $100MM AUM)
What RIAs only have to register withe the state?
Give this one a try later!
