The Financial Industry Regulatory Authority wants broker-dealers to be a lot more specific on the reasons for dismissing an employee in their reports to the regulator.

In Regulatory Notice 10-39 issued on September 8, the self-regulatory agency for broker dealers, reminded firms of their obligations to include details on the circumstances of an employee’s termination including identifying the policy the employee violated. That means that broker dealers cannot simply say that the employee’s registration with FINRA was terminated because the person violated “firm policy.”

Register or login for access to this item and much more

All On Wall Street content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access