Application for a license shall be in writing, under oath, and in the form prescribed by the division of financial institutions, and shall contain the name and address of the applicant, and, if the applicant is a partnership or association, of every member thereof, and, if a corporation, of each officer and director thereof; also the approximate location where the business is to be conducted and such further relevant information as the division requires.
Over the past decade, we have witnessed tremendous change to firms, markets and regulation.
Many changes have been positive. Firms have improved their review of new products by integrating business functions with independent perspectives, such as compliance and risk management, articulating standards, documenting decisions and monitoring product performance.
Firms have taken steps to better manage conflicts of interest by aligning compensation more closely with customer interests or through risk-adjusted compensation. The markets have become more transparent to retail investors with expanded trade report dissemination.
FINRA took steps to enhance transparency in "dark pool" trading through the publication of reports on alternative trading systems' volume on a stock-by-stock basis.
Both equity and debt markets have become more open internationally, enabling companies to raise capital where it is most advantageous and investors to diversify their portfolios. Regulators have adopted more risk-based approaches, increased their use of data and analytics, and improved coordination and information sharing.
FINRA's examination program is now substantially risk-based, enabling us to allocate our resources to higher-risk firms and individuals. For example, we identify registered representatives with higher risk profiles using analytics, resulting in expedited regulatory responses.
FINRA is also sharing information more frequently with domestic and international securities and banking regulators, in particular with the U. Recurring Challenges In addition to the positive changes FINRA has observed, there are a number of lessons learned that firms can find instructive.
Over the years, FINRA has observed that challenges in five areas contribute to firms and registered representatives at times compromising the quality of service they provide to customers as well as contribute to compliance and supervisory breakdowns.
Addressing these challenges will enable firms to get ahead of many of the concerns that FINRA raises in this letter. Putting customer interests first: The harm caused by this may be compounded when it involves vulnerable investors e.
Poor advice and investments in these situations can have especially devastating and lasting consequences for the investor. Irrespective of whether a firm must meet a suitability or fiduciary standard, FINRA believes that firms best serve their customers—and reduce their regulatory risk—by putting customers' interests first.
This requires the firm to align its interests with those of its customers. Many of the problems we have observed in the financial services industry have their roots in firm culture.
A poor culture may arise, for example, if firm management places undue emphasis on short-term profits or pursues rapid growth without a concomitant concern for controls.
Beyond creating the proper business environment for a good culture to flourish, firms' boards and senior executives must articulate and practice high standards of ethical behavior that are expected and visible throughout the organization and are embedded in the firm's incentives.Start Up Small Business Working Capital.
For new businesses or those about to launch, working capital has a slightly different meaning. It refers to the amount of money you will be borrowing from the bank or a similar lender to keep your fledgling operation going until such time as your revenue is able to cover those expenses.
A business needs to set short-term and long-term goals as part of its planning. Goals can be chosen in areas like Revenue, customer service, employee appreciation, community outreach and web traffic. Specimen examination questions and suggested approach and solution relating to You should clearly distinguish between marketing as a business philosophy and the role of marketing as a This approach to business is essentially short-sighted as it implies that customers have to .
Executive Summary. In a perfect world, investors, board members, and executives would have full confidence in companies’ financial statements. January 6, Today, FINRA published its tenth annual Regulatory and Examination Priorities Letter to highlight both emerging and existing risks that, if not properly addressed, could adversely affect investors and market integrity in Since we began publishing the letter, broker-dealer operations, the markets and regulators have undergone significant changes.
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A business needs to set short-term and long-term goals as part of its planning. Goals can be chosen in areas like Revenue, customer service, employee appreciation, community outreach and web traffic. Advertising Law-Related Articles "12 Key Advertising-Related Laws You Should Know" This article examines 12 key advertising-related laws that you should know about before you review your ads to make sure your ads don't run afoul of these laws. Programmatic Advertisers Grow More Worried About Fraud, Turn to DSPs With Proven Track RecordsAmazon Advertising Platform has edged Google DoubleClick Bid Manager as the most commonly used demand-side platform (DSP). Amazon Advertising Platform (AAP) has edged ahead of Google DoubleClick Bid Manager as the most commonly used demand-side platform (DSP) among .
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