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December 02, 2015 3:29 AM ET

Diversified Financial Services

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





Key Executives for Financial Industry Regulatory Authority, Inc.

Executive Chairman of Board of Governors and Chief Executive Officer
Age: 64
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 2015.

Financial Industry Regulatory Authority, Inc. Key Developments

FINRA Fines Deutsche Bank Securities Inc. of $1.4 Million for Violating Regulation SHO and Short Interest Reporting Rules

The Financial Industry Regulatory Authority (FINRA) announced that it has fined Deutsche Bank Securities Inc. $1.4 million for violating Regulation SHO, FINRA short interest reporting rule and for related supervisory failures. Reg SHO generally allows firms to track their positions in a security from certain trading operations or trading desks separately from other positions maintained at the firm through the use of an 'aggregation unit'. Reg SHO requires, among other things, that in determining the net positions of aggregation units, firms cannot include the securities positions of a non-U.S.-broker-dealer affiliate. FINRA found that for over 10 years, Deutsche Bank has been improperly including securities positions of a non-U.S.-broker-dealer affiliate in numerous aggregation units when determining each unit's net position. In addition, FINRA requires firms, with certain exceptions, to regularly report their total "short" positions in all customer and proprietary firm accounts in equity securities. These short positions must be reported on a gross, rather than a net basis. FINRA found that from April 2004 to September 2012, Deutsche Bank reported the netted positions in its financial aggregation account as the firm's short interest positions for that particular day. FINRA also found that Deutsche Bank's supervisory system with respect to its aggregation unit structure and short interest reporting was not reasonably designed to detect and prevent such rule violations during the relevant time periods. In concluding this settlement, Deutsche Bank neither admitted nor denied the charges, but consented to the entry of FINRA's findings.

FINRA Fines Scottrade, Inc. a $2.6 Million for Significant Failures in Required Electronic Records and Email Retention

The Financial Industry Regulatory Authority (FINRA) announced that it fined Scottrade, Inc. a $2.6 million for failing to retain a large number of securities-related electronic records in the required format, and for failing to retain certain categories of outgoing emails. Scottrade also did not have a reasonable supervisory system in place to achieve compliance with certain Securities and Exchange Commission (SEC) and FINRA books and records rules, which contributed to its record-retention failures. FINRA found that from January 2011 to January 2014, Scottrade did not have centralized document-retention processes or procedures for all firm departments to follow. Further, no one at the firm was charged with responsibility for ensuring a consistent document-retention process, fully compliant with the record-retention rules, including the requirement that all records be retained in WORM format. Personnel in different departments of the firm saved certain documents to a restricted shared drive, which was not WORM-compliant. As a result, Scottrade failed to preserve a large number of key securities business electronic records in the required format. Over a related time frame, FINRA found that Scottrade also failed to copy more than 168 million outgoing emails to the firm’s WORM storage device, resulting in the deletion of those emails. These emails were generated automatically by the firm’s internal systems or by third-party vendors acting on Scottrade’s behalf, and included items such as margin call notices, address change notifications and failed password attempt notifications. In concluding this settlement, Scottrade neither admitted nor denied the charges, but consented to the entry of FINRA's findings.

Financial Industry Regulatory Authority Awards $11.5 Million Compensatory Damages to First United Corporation and First United Bank & Trust from FTN Financial Securities Corp

On October 30, 2015, First United Corporation and its bank subsidiary, First United Bank & Trust were notified by the Financial Industry Regulatory Authority that a FINRA arbitration panel had awarded $11.5 million in compensatory damages to First United in a proceeding that First United brought against FTN Financial Securities Corp. and two of its representatives. First United alleged, among other things, that, in recommending and selling certain trust preferred securities to First United, FTN committed fraud, breached its fiduciary duty to First United, breached its contract with First United and violated rules concerning suitability and other regulatory standards. Pursuant to FINRA rules, the award is final and not appealable, although FTN may, in certain limited circumstances, seek to vacate the award in an appropriate court pursuant to the Federal Arbitration Act.

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