Over the last five years, Doc Kennedy and AdvisorLaw have been dubbed the “800-pound gorilla” when it comes to FINRA arbitration cases. That reputation has been earned by absolutely dominating the FINRA arbitration landscape. Maybe it’s the quarantines, the lockdowns, or the imminent FINRA arbitration fee increases, but the gorilla is eager to help this year. Doc has decided to give back …
Advisors pursuing customer dispute expungements before September will pay a fraction of the new cost.
In short, the following provisions of the recently-approved Rule apply to all matters in which expungement of a customer dispute disclosure is requested as a claim or counterclaim: The minimum filing fee assessed by FINRA against the party seeking expungement relief is set at $1,575. The minimum initial prehearing conference (IPHC) session fee is set at $1,125. The minimum hearing session fee …
Is A Social Media Post Worth Your Job?
Lately, AdvisorLaw has been hearing from more and more financial advisors who have imperiled their careers with social media posts and comments. We like to say that “it’s a free country,” and it is — the First Amendment guarantees that the government won’t put you in jail or punish you in any way for what you say. However, it does not guarantee …
Will old investor complaints have to be disclosed after the SEC’s Reg BI takes effect?
Will investment advisors with customer disputes over ten years old have to disclose them on their Form ADV under the new SEC Regulation Best Interest Rule that’s taking effect after June 30, 2020? The short answer is, yes. Advisors will be required to disclose these old investor complaints on their ADV Part 3.
Working from home? Stay socially distant, virtually connected.
When working remotely, there are some things to keep in mind to remain compliant and productive. First, look up your firm’s Business Continuity Plan. Be sure you’re following the written policy and any written guidance provided by your supervisor or home office compliance. Ensure your communications are properly monitored.Once you’re sure that you’re in line with the written BCP, consider …
FINRA Is Jacking Up The Cost Of Expungement For Brokers
Proposed rule changes in front of the SEC exponentially increase the minimum fees for FINRA disclosure expungement from $50 to $1,575. So, a typical expungement case would ultimately jump from $768 to well over $10,000. As we previously warned, on February 7, 2020, FINRA issued a Rule Filing Status Report (SR-FINRA-2020-005). The 219-page status report provides some insight into the …
The Stakes for a Clean Record are Now Even Higher
Effective June 30, 2020, the SEC is enforcing sweeping reform, titled “Regulation Best Interest”. What does the SEC’s Regulation Best Interest mean for brokers? The New RequirementsEffective June 30, 2020, the SEC is enforcing sweeping reform, entitled “Regulation Best Interest: The Broker-Dealer Standard of Conduct,” commonly referred to as “Reg BI.” At the same time, the SEC is also enforcing the …
A Stacked Deck: Inside the 2019 FINRA New Customer Dispute Expungement Process
The House always wins. FINRA has filed rule changes to strip financial advisors of a critical right. News that expungement of qualified customer disputes was under fire from the regulators first became known on December 6, 2017; when FINRA published Regulatory Notice 17-42. Since then, the industry has been anxiously waiting for the FINRA Board of Governors to tell the industry precisely …
Which Firm Handles the Most FINRA Expungement Cases Filed by Financial Advisors?
We don’t expect you to keep your finger on the pulse of the advisor-defense industry. So let us quickly bring you up to speed on the most crucial element that advisors seek when it comes to FINRA expungement of customer dispute and U5 termination disclosures–RESULTS. AdvisorLaw just surpassed its 1,000th disclosure expunged from FINRA’s BrokerCheck and the CRD. Every single disclosure was …
PIABA Foundation “Study” of Problems with FINRA Expungement Process Devolves Into Unhinged Manifesto
PIABA, the group of investor-attorneys that are beloved by all financial advisors, have had their Foundation release a “study” ripping the current expungement process to shreds. Yes, the same niche of investor-attorneys known for their billboards along the highway trying to Jedi Mind Trick the next elderly investor into manufacturing frivolous allegations, have gotten self-righteous. Since we are the only firm exclusively representing …
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