Seat Time: 1.5hrs - Desc:
This course will provide the learner with an introduction to FINRA and its key responsibilities and functions in regulating U.S. securities firms. The course will provide details regarding the history of FINRA and the various rules that it imposes and enforces. After completing this course, the learner will understand:
- The functions of arbitration and mediation and the differences between each.
- How FINRA regulates the financial services industry.
- The purpose of the Communication Rules and FINRA Rule 3310.
T1. FINRA: This topic will educate the learner on the purpose and key responsibilities of FINRA, its mission statement, functions, investor protection and education, and broker-dealer registration.
T2. FINRA History: This topic will educate the learner regarding the circumstances that led to the inception of the National Association of Securities Dealers (NASD), details surrounding the launch of the National Association of Securities Dealers Automated Quotations (NASDAQ) stock market, recent developments pertaining to the NASD and the NASDAQ, and information regarding the Securities and Exchange Commission (SEC) approving of the formation of a new self-regulatory organization to succeed the NASD.
T3. Arbitration and Mediation: This topic will disseminate information to the learner regarding FINRA and the securities court system, details surrounding mediation proceedings, how arbitration proceedings are conducted and what arbitrators are authorized to do, and alternate avenues of complaint.
T4. FINRA and the Financial Services Industry: This topic will educate the learner regarding FINRA's responsibilities to the financial services industry, FINRAÆs authority to enforce its regulations and decisions, and details surrounding the Central Information Depository (CID) and its reports.
T5. Communication Rules: This topic will disseminate information to the learner regarding FINRA rule 2210, Regulatory Notice 12-29, requirements of broker-dealers pertaining to preservation of certain records, requirements of NASD Rule 3010, spot check data feeds, and requirements of NASD Rule 2310 regarding suitability.
T6. FINRA Rule 3310: This topic will educate the learner regarding FINRA Rule 3310, the requirements of firms under the rule, changes to firmsÆ AML programs, details surrounding the FINRA Contact System (FCS), NASD Rule 1160, Customer Identification Program (CIP) notices, and other relevant information that a corporation, partnership, trust, or other legal entity may need to provide.