"); IA/BD Study, supra note , at 59 ("[A] central aspect of a broker-dealer's duty of fair dealing is the suitability obligation, which generally requires a broker-dealer to make recommendations that are consistent with the best interests of his customer."). A3.9. FINRA has extensively addressed those guiding principles in past Regulatory Notices, and cases have applied them to specific facts.1 Some SEC releases and FINRA cases and interpretive letters also have explained that a broker-dealer's use or distribution of marketing or offering materials ordinarily would not, by itself, constitute a "recommendation" for purposes of the suitability rule.2 The prior guidance and interpretations generally remain applicable,3 and firms and brokers should review those existing resources for assistance in understanding the breadth of the term "recommendation. 76 Howard, 55 S.E.C. Are there any particular kinds of postings on social media by a … The factors delineated in Rule 2111(a) regarding a customer's investment profile generally are relevant to a determination regarding whether a recommendation is suitable for a particular customer, although the level of importance of each factor may vary depending on the facts and circumstances of the particular case. FINRA also notes that some of its other rules “have a suitability or suitability-like component (e.g., FINRA Rule 2330 (Members’ Responsibilities Regarding Deferred Variable Annuities) and FINRA Rule 2360 (Options))” which are not impacted by the rule changes and will still be viable. in hindi rule know as-niyam in bengali it my language-niyom rule of law-a state of order in which events conform to the law. Yes. [Notice 12-55 (FAQ 6(a))], A2.1. Contact FINRA at 301-590-6500. h�bbd```b``��� ����"ٻ�"�`RD�F��o �(�H� �,�'�l� &�E2Ad�.�(��$7����Hɝ ��X�*��0�����$�s�e`��X � %�30�}` S�� See Richard G. Cody, Exchange Act Rel. 1990). As discussed above in the answer to [FAQ 4.7], Rule 2111.03 provides a safe harbor for firms' use of asset allocation models that are, among other things, based on "generally accepted investment theory." credit by exam that is accepted by over 1,500 colleges and universities. 90 As discussed in [FAQ 4.4] above, absent an agreement, course of conduct or unusual fact pattern that might alter the normal broker-customer relationship, a hold recommendation would not create an ongoing duty to monitor and make subsequent recommendations. Reg. Happily (or unhappily, perhaps), the SEC has provided pretty loosy-goosy guidance regarding what this review of “available alternatives” must look like. 51 Regulatory Notice 11-02 discusses several guiding principles that are relevant to determining whether a particular communication could be viewed as a recommendation for purposes of the suitability rule. The factors that must exist for an institutional customer to qualify for the exemption may, depending on the facts, negate some of the elements relevant to a showing of a broker's "control" over the account. 2010)]; Dane S. Faber, 57 S.E.C. A3.4. 306 (2012). You can test out of the To provide clarity on which standard applies and to avoid unnecessary duplication, FINRA has amended Rule 2111 to state that it will not apply to recommendations subject to Reg BI. A firm may use a risk-based approach to evidencing compliance with the suitability rule. (Part 1), Implicit Recommendations To Hold: FINRA’s Suitability Rule Goes Toe-To-Toe With SEC’s Regulation BI, Columbus | New York | Washington, DC | Boca Raton, FINRA AWC Provides New Defense To Allegation Of “Willfulness”, FINRA Is About To Make It MUCH Harder To Obtain Expungement – Part Two.
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