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Also forthcoming will be a Regulatory Notice soliciting comment on proposed amendments to FINRA' Suitability Rule 2111 to allow cases to be brought for churning of a customer account based on the broker's recommendation of an excessive number of trades, without proving that the investor had no control over the account.
Monzon said they have added a suitability rule on people running the company before approving the company's application for initial public offering (IPO).
He said the PSE had informed the company in a letter on March 13, 2017 that the case filed by the government against the LBC Group 'raised serious concerns with regard to LBC's compliance with the PSE Suitability Rule.
We wouldn't have gotten the Harkin Amendment if we didn't have the suitability rule in place.
Applicability of the Suitability Rule to Investment
The new suitability rule could be stretched far enough to apply to this communication, though that would be an unrealistic and harsh standard for an impromptu and very preliminary marketing pitch.
In connection with its continuing process of reconciling regulations as part of the FINRA consolidated rulebook, FINRA had proposed changes to FINRA Rule 2090, the know your customer rule, and Rule 2111, the suitability rule.
It called the broker-dealer standard of care under the Financial Industry Regulatory Authority's suitability rule "ineffective in protecting investors receiving personalized investment advice because it leaves substantial gaps in coverage when compared to the fiduciary standard applicable to investment advisers.
Each suitability rule created by the user belongs to a specific land-use type.
40) Order taking, to which the NASD suitability rule does not apply, is more descriptive of what happens in the mortgage industry when borrowers decide whether to borrow and their specific loan requirements.
Public investors have been heartened recently by three events that continue to emphasize the importance of suitability as a primary concern in the investment of public funds: the elimination of an onerous suitability provision from proposed federal legislation, final Securities and Exchange Commission (SEC) approval of a suitability rule, and the withdrawal of a proposed standardized investment form in the State of Texas.