April 30, 2017 9:26 PM ET

Capital Markets

Company Overview of Financial Industry Regulatory Authority, Inc.

Company Overview

Financial Industry Regulatory Authority, Inc. (FINRA) is a trade association that provides regulatory, consulting, and advisory services focusing on financial services and securities brokerage companies. The organization offers registration, dispute resolution, federal securities law enforcement, market surveillance and analysis, and regulatory policy formulation and implementation services. FINRA, formerly known as National Association of Securities Dealers, Inc., was founded in 1938 and is headquartered in Washington, District of Columbia.

1735 K Street

Washington, DC 20006

United States

Founded in 1938

Phone:

202-728-8000

Fax:

202-293-6260

Key Executives for Financial Industry Regulatory Authority, Inc.

Executive Chairman of Board of Governors and Chief Executive Officer
Age: 65
Executive Vice President and Chief Financial Officer
Senior Vice President and Regional Director of New York Region
President of Dispute Resolution, Executive Vice President, and Chief Hearing Officer
Executive Vice President and Director of Dispute Resolution
Compensation as of Fiscal Year 2016.

Financial Industry Regulatory Authority, Inc. Key Developments

FINRA Receives the Securities and Exchange Commission Approval on Rule Proposal Addressing Financial Exploitation of Seniors

The Securities and Exchange Commission has approved FINRA's rule proposal addressing financial exploitation of seniors. FINRA issued Regulatory Notice 17-11 announcing a February 5, 2018 effective date for the rule proposal. The changes approved by the SEC involve two key steps to protect investors. First, firms will be required to make reasonable efforts to obtain the name and contact information for a trusted contact person for a customer's account. Second, firms will be permitted to place a temporary hold on a disbursement of funds or securities when there is reasonable belief of financial exploitation. The trusted contact person is intended to be a resource for firms in handling customer accounts, protecting assets and responding to possible financial exploitation of any vulnerable investors. The new rule allowing firms to place a temporary hold provides them and their associated persons with a safe harbor from certain FINRA rules. This provision will allow firms to investigate the matter and reach out to the customer, the trusted contact and, when appropriate, law enforcement or adult protective services, before disbursing funds when there is a reasonable belief of financial exploitation. It is a critical measure because of the difficulty investors face in trying to recover funds that they have inadvertently sent to fraudsters and scam artists. Prior to the implementation date, FINRA will amend its New Account Application Template, a voluntary model brokerage account form that is provided as a resource to firms when they design or update their new account forms, to capture trusted contact person information. The need for the proposal became clear from calls into FINRA's SecuritiesHelpline for Seniors, which has highlighted some of the issues firms are facing when it comes to senior investors, including how firms respond when they suspect a senior customer is being exploited. Approaching the second anniversary of its launch on April 20, 2015, the helpline has fielded more than 8,600 calls, recovering over $4.3 million in voluntary reimbursements from firms to customers. FINRA is dedicated to investor protection and market integrity. It regulates one critical part of the securities industry - brokerage firms doing business with the public in the United States. FINRA, overseen by the SEC, writes rules, examines for and enforces compliance with FINRA rules and federal securities laws, registers broker-dealer personnel and offers them education and training, and informs the investing public. In addition, FINRA provides surveillance and other regulatory services for equities and options markets, as well as trade reporting and other industry utilities. FINRA also administers a dispute resolution forum for investors and brokerage firms and their registered employees.

FINRA Appoints Nathaniel Stankard as Senior Advisor to the CEO

The Financial Industry Regulatory Authority (FINRA) has announced the appointment of Nathaniel Stankard as Senior Advisor to the CEO, effective immediately. In his new position, Stankard will provide counsel and strategic advice to President and CEO Robert W. Cook and FINRA's senior management, and will assist with special projects. Stankard previously was Deputy Chief of Staff for Policy at the U.S. Securities and Exchange Commission (SEC).

Financial Industry Regulatory Authority, Inc. Releases Academic Corporate Bond Trace Data Product

Financial Industry Regulatory Authority, Inc. has launched its new Academic Corporate Bond TRACE Data product, an enhanced historical data product available solely to institutions of higher education. The product supports and encourages academic research on corporate bonds by providing academics with access to TRACE historical transaction-level, corporate bond data. The data is available on a 36-month delayed basis and include masked identifying information regarding the dealer reporting each transaction, as academics have requested. In addition, the product includes a security identifier, execution date and time, price, yield, quantity, commission, buy or sell, and principal or agency capacity. FINRA's existing Historical TRACE Data product, which will continue to be available, provides transaction-level data on an 18-month delayed basis, but does not include any dealer-identifying information.

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