FINRA Unscripted (FINRA)
Explore every episode of FINRA Unscripted
| Pub. Date | Title | Duration | |
|---|---|---|---|
| 27 Oct 2020 | Overlapping Risks, Part I: Anti-Money Laundering and Cybersecurity | 00:29:06 | |
Firm regulatory risks and priorities don't exist in a vacuum. And that is perhaps nowhere clearer than when it comes to a firm's anti-money laundering responsibilities. A firm's AML risks can overlap with any number of other priorities. On this episode, the first of a two-part series, we're looking at the intersection of a firm's AML and cybersecurity risks. Joining us are Jason Foye, a director with FINRA's Anti-Money Laundering Investigative Unit, and Dave Kelley, a director with FINRA's Cybersecurity Specialist Program, both with FINRA’s National Cause and Financial Crimes Detection Program. Resources mentioned in this episode: Episode 60: Introducing Greg Ruppert and the NCFC Episode 33: Money Laundering in the Securities Industry Episode 34: AML Priorities and Best Practices SWIFT: How Cyber Attackers ‘Cash Out’ Following Large-Scale Heists FinCEN October 2020 Advisory on Ransomware FinCEN July 2020 Advisory on Cybercrime | |||
| 02 Apr 2024 | A Cybersecurity Update with FINRA's Complex Investigations and Intelligence Team | 00:34:58 | |
These days, it's not a matter of if, but when, when it comes to cybersecurity incidents, which is why it's essential for all firms to ensure they're prepared for the inevitable. On this episode, we're catching up with Bryan Smith, the new senior vice president of FINRA’s Complex Investigations and Intelligence (CII) team and Brita Bayatmakou, vice president of the Cyber and Analytics Unit within CII, for an update on CII, the cyber threat landscape and what firms should be thinking about and doing in response to the latest trends. Resources mentioned in this episode: FINRA's FBI Cyber Threat Briefings (Next Briefing: April 22) Episode 112: Introducing FINRA’s Complex Investigations and Intelligence Team FBI Internet Crime Complaint Center: Industry Alerts Reg Notice 21-29: Obligations Related to Outsourcing to Third-Party Vendors | |||
| 07 Jul 2020 | Regulation Best Interest: Implementing a New Standard of Conduct | 00:31:56 | |
As of June 30, 2020, the U.S. Securities and Exchange Commission’s Regulation Best Interest—or Reg BI—is officially in effect. That means brokerage firms now have to comply with a new standard of conduct when working with retail clients. On this episode we talk to Meredith Cordisco and Jim Wrona of FINRA’s Office of General Counsel about what a post implementation date world looks like for FINRA member firms and what FINRA has been doing to train staff to ensure a consistent approach to examining around and enforcing the new rule across the organization. And listen to the end for a special surprise from Jim. Resources mentioned in this episode: Virtual Conference Panel: Reg BI and Form CRS: Where Are We Now Virtual Conference Panel: Reg BI: Compliance Inspections and Examinations Email questions: IABDquestions@sec.gov | |||
| 11 Jun 2024 | Amendments to FINRA Rule 4210: Covered Agency Transactions | 00:28:00 | |
In late May, certain amendments to FINRA's margin rule, Rule 4210, went into effect to address a significant source of potential systemic risk and risk to FINRA member firms. The amendments introduced specific margin requirements related to covered agency transactions. On this episode, we talk to David Aman, senior advisor, and James Barry, director of Credit Regulation, both with FINRA's Office of Financial and Operational Risk Policy, and with Michael MacPherson, a senior advisor with Member Supervision’s Risk Monitoring team, to learn more about the purpose of the rule, which firms might be impacted by the change and what those firms need to think about to ensure compliance with the amended rule. Resources mentioned in this episode: Contact: coveredagencymargin@finra.org FAQs Regarding Covered Agency Transaction Margin under FINRA Rule 4210 Reg Notice 23-14: Amendments to Covered Agency Transaction Requirements Under FINRA Rule 4210 | |||
| 19 Sep 2023 | FINRA’s Blockchain Lab: Regulation and Innovation For The Future | 00:28:31 | |
In this third and final episode in our series covering FINRA's ongoing crypto asset regulatory work, we hear from FINRA's Blockchain Lab, which serves as a central point within FINRA for the development of blockchain-related regulatory initiatives. Michael Oh, Senior Director of the Blockchain Lab, Brian Huerbsch, a Senior Blockchain Data Analyst, and Jason Foye, Senior Director and head of FINRA's Crypto Hub share how the Lab is supporting and advancing FINRA's regulatory work involving crypto assets. Resources mentioned in this episode: Episode 136: An Introduction to FINRA’s Crypto Asset Work and the Crypto Hub Episode 137: The Crucial Role of FINRA’s CAI Team Investor Insights: What Is a Blockchain, and Why Should I Care? | |||
| 26 Nov 2024 | Encore | An Introduction to FINRA’s Crypto Asset Work and the Crypto Hub | 00:32:07 | |
This episode originally aired in August 2023. In 2022, FINRA developed an enterprise-wide strategy to ensure it is prepared for an evolving crypto asset regulatory landscape and created the Crypto Hub, the Blockchain Lab and the Crypto Asset Investigations Team On this episode, the first in a three-part series, we sit down with Omer Meisel, Senior Vice President of the Complex Investigations and Intelligence Group, Jason Foye, Senior Director and Head of FINRA's Crypto Hub, and Reema Abdelhamid, a Director with FINRA Enforcement to learn more about the strategy and the role of the Hub and FINRA’s work to advance its mission of investor protection and market integrity. Resources mentioned in this episode: FINRA Blog: An Inside Look into FINRA’s Crypto Asset Work Episode 112: FINRA's Complex Investigations and Intelligence Team & Cyber and Analytics Unit Episode 138: FINRA’s Blockchain Lab: Regulation and Innovation For The Future Episode 145: Compliance and Communication: An Update on FINRA’s Crypto Asset Targeted Exam Episode 158: An Update on FINRA’s Crypto Asset Work and the Crypto Hub Episode 162: When Romance Leads to a Crypto Scam Investor Insights: What Is a Blockchain, and Why Should I Care? | |||
| 26 Jul 2022 | Financial Capability Study: Financial Wellbeing During a Global Pandemic | 00:33:58 | |
The COVID-19 pandemic disrupted many facets of American life but did not derail a trend toward increasing financial capability. Still, not all Americans are benefiting equally from improvements in financial wellbeing, according to the new FINRA Foundation Financial Capability Study. On this episode, Gerri Walsh and Gary Mottola of the FINRA Foundation join us to delve into the latest results of this nationwide, triennial study and their implications for the financial industry, researchers, policymakers and more. Resources mentioned in this episode: 2021 National Financial Capability Study Episode 38: 2018 Financial Capability Study, Part I: Does a Rising Tide Lift All Boats? Episode 39: Financial Capability Study, Part II: Tracking Shifting Currents of Financial Well-Being | |||
| 10 Dec 2024 | Unlocking Transparency: Navigating FINRA’s Market Data Offerings | 00:23:45 | |
Behind every market transaction lies a wealth of data. But how can we harness this information? On this episode, we sit down with two members of the Market Regulation and Transparency Services team, Senior Vice President of Strategic Regulatory Engagement Alex Ellenberg, and Senior Director of Transparency Services Equities Brendan Loonam. They join us to discuss periodic aggregate market data sets, including some new data recently added to FINRA's website, and how FINRA makes this information available to the public in support of its mission of investor protection and market integrity. Resources mentioned in this episode: FINRA Data | |||
| 17 Sep 2024 | Disrupting the Cycle of Financial Fraud Through Collaboration and Innovation | 00:19:31 | |
Last week, FINRA CEO Robert Cook spoke to an audience of regulators, academics, law enforcement agencies, advocacy groups and financial firms at a conference hosted by the FINRA Foundation to underscore the importance of working together to disrupt the cycle of fraud. He highlighted specific areas for further coordination and announced that FINRA will reach out operators of existing regulatory databases to explore ways to create a one-stop shop resource for investor research. On this episode, we tune in to his remarks. Resources mentioned in this episode: Full Text of Speech As Prepared for Delivery
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| 10 Jan 2023 | 2023’s Must-Read | Report on FINRA’s Examination and Risk Monitoring Program | 00:37:04 | |
The best tool FINRA provides when it comes to firms developing their annual compliance program is now available. The 2023 Report on FINRA’s Examination and Risk Monitoring Program provides key insights and observations on two dozen key regulatory topics, making it a must-read for compliance professionals. On this episode, Ornella Bergeron, Senior Vice President of Risk Monitoring, Michael Solomon, Senior Vice President of Examinations, and Bill St. Louis, Executive Vice President of the National Cause and Financial Crimes Detection Programs (NCFC), join us to dig into some of the new and noteworthy topics in the latest report. Resources mentioned in this episode: 2023 Report on FINRA’s Examination and Risk Monitoring Program Episode 71: Overlapping Risks, Part 1: Anti-Money Laundering and Cybersecurity | |||
| 05 Sep 2023 | A Closer Look at Crypto: The Crucial Role of FINRA’s CAI Team | 00:30:05 | |
As the crypto asset space has grown, FINRA has evolved its oversight of the crypto asset activities of FINRA member firms and their associated persons. In this second episode of a three-part series covering FINRA's crypto asset-related regulatory work, we hear from Jamie Udinson, Senior Director of the Crypto Asset Investigations team, Taylor Etzell, a Senior Principal Investigator, and Jason Foye, Senior Director and head of FINRA's Crypto Hub, who provide insight into FINRA's Crypto Asset Investigations Team. We learn more about this dedicated group of investigators specializing in conducting complex crypto asset investigations and the crucial role it plays in ensuring compliance with existing rules and regulations in the crypto asset space. Resources mentioned in this episode: Episode 71: Overlapping Risks, Part 1: Anti-Money Laundering and Cybersecurity Episode 72: Overlapping Risks, Part 2: Anti-Money Laundering and Elder Exploitation Episode 117: Membership Application Program Episode 136: An Introduction to FINRA’s Crypto Asset Work and the Crypto Hub Rule 3270: Outside Business Activities of Registered Persons Rule 3280: Private Securities Transactions of an Associated Person | |||
| 29 Oct 2024 | The Forgotten Generation: Shining a Spotlight on Gen X’s Financial Health | 00:34:14 | |
Gen X is often called the Forgotten Generation given how often they’re overlooked in favor of conversation around boomers, millennials or now even Gen Z. But not today. On this episode, Gen X is the one in the spotlight as we sit down Gary Mottola, research director with the FINRA Foundation, Ritta McLaughlin, director of community outreach with FINRA’s Investor Education team, and Jeremy Ko, the 2024 FINRA Foundation Ketchum Visiting Scholar, to dig into the financial health of those born between 1965 and 1980 and, importantly, their perception of their own financial well-being. Resources mentioned in this episode: How Gen X Compares Financially to Other Generations: Doing Alright but Feeling Bad FINRA Foundation National Financial Capability Study Episode 19: Debunked: 7 Myths about Millennials—the Underinvested Generation Episode 22: Millennials and Money: How to Get Started on the Road to Investing Episode 134: Gen Z Investors: A Look at the Attitudes and Behaviors of the Youngest Investors [KK1]Need link | |||
| 10 Nov 2020 | Overlapping Risks, Part 2: Anti-Money Laundering and Elder Exploitation | 00:29:15 | |
A broker-deal firm’s anti-money laundering efforts may overlap with any number of other regulatory concerns. On the last episode, we looked at the intersection of a firm’s AML and cybersecurity risks. On this episode, the second in a two-part series, we’re looking at how AML may overlap with a firm’s efforts to protect senior investors from exploitation and fraud. Joining us on this episode are Jason Foye, a director with FINRA's Anti-Money Laundering Investigative Unit, and Brooke Hickman, a director with FINRA's Vulnerable Adults and Seniors Team (VAST), both with FINRA’s National Cause and Financial Crimes Detection Program. Resources mentioned in this episode: FinCEN February 2011 Advisory on Filing SARs Regarding Elder Financial Exploitation SARs on Elder Financial Exploitations: Issues and Trends, CFPB DOJ’s Elder Justice Initiative FINRA Resources on Senior Investors FINRA Securities Helpline for Seniors FINRA Foundation – Aging and Financial Decision Making Virtual Conference Panel: Social Distancing and the Impact on Older Investors Virtual Conference Panel: Financial Crimes, Trends and Responses In the Midst of the Pandemic Episode 33: Money Laundering in the Securities Industry Episode 34: AML Priorities and Best Practices | |||
| 01 Oct 2024 | The Victim Experience: When Romance Leads to a Crypto Scam | 00:27:00 | |
The number of highly sophisticated crypto scams is growing, with Americans losing an estimated $5.6 billion to crypto-related scams in 2023, according to the FBI, a 45 percent jump from the prior year. And often crypto fraud is tied in with romance scams, with criminals targeting victims through texts, dating sites, social media, networking channels or other apps. While we all like to think we would be immune to such scams, research has shown time and again that everyone is vulnerable, even the most highly educated among us. On this episode, we hear the firsthand accounts of Jules and Brian, two victims of romance crypto scams, who recently spoke at a FINRA Foundation conference on disrupting the cycle of financial fraud. They sat down with Kim Casci-Palangio, program manager of the Cybercrime Support Network (CSN), to share their experiences, the financial, mental and emotional toll they took, and their efforts to recover from their loss. This audio was edited to remove personally identifying information about our victims. Resources mentioned in this episode: FBI Internet Crime Complaint Center (IC3) Non-Traditional Costs of Financial Fraud Investor Alert: Relationship Investment Scams ‘Pig Butchering’ Scams: What They Are and How to Avoid Them | |||
| 15 Oct 2024 | The Latest Research: Why Do Targets Engage with Scams? | 00:34:50 | |
Why do we engage with scammers? What makes one person more likely to engage than the next? Of those that engage, what makes someone more likely to lose money? These are important questions to ask – and find the answers to – both as consumers and as an industry with an interest in disrupting the cycle of financial fraud. On this episode, we hear from moderator Emma Fletcher, a senior data researcher with the FTC, and panelists Marti DeLiema, Assistant Research Professor at the University of Minnesota, Twin Cities, Duygu Başaran Şahin, a postdoctoral research fellow at the RAND Center for the Study of Aging, and Gary Mottola, research director for the FINRA Foundation, about the latest research into these important questions and learn more about what might stop someone from engaging with a fraud to begin with. Resources mentioned in this episode: Exposed to Scams: What Separates Victims from Non-Victims Does One Size Fit All? An Examination of Risk Factors by Scam Type Fraud Victimization Across the Lifespan: Evidence on Repeat Victimization Using Perpetrator Data Addressing the Problem of Chronic Fraud Victimization Vulnerability of Older Adults to Government Impersonation Scams A Review of Scam Prevention Messaging Research Protecting Retail Customers from Gift Card Payment Scams | |||
| 03 May 2022 | The Essential Senior Investor Protection Tools: FINRA Rules 2165 and 4512 | 00:24:13 | |
Every year, millions of seniors become victims of financial exploitation, resulting in billions of dollars in losses. That's just one reason why the protection of these investors is a top priority for FINRA. On this episode, we hear from FINRA’s Office of General Counsel’s Jeanette Wingler and Jim Wrona about how FINRA Rules 4512 and 2165, the first uniform national senior investor protection standards, can help broker-dealer firms and representatives protect their senior and other vulnerable adult customers. How are we doing? Take the FINRA Unscripted survey today. Resources mentioned in this episode: Episode 16: How FINRA Rules Get Made (and Reviewed) | |||
| 09 Aug 2022 | Introducing FINRA's Complex Investigations and Intelligence team and Cyber and Analytics Unit | 00:26:55 | |
The new Complex Investigations and Intelligence (CII) team and Cyber and Analytics Unit (CAU) are driving a shift in terms of how Member Supervision’s National Cause and Financial Crimes Detection Program comes at its work and leverages intelligence and analytics to drive decision making and operations. On this episode, we hear from Omer Meisel, Vice President of CII, and Brita Bayatmakou, Senior Director of CAU, about how these changes will help FINRA better deliver on its mission of investor protection, market integrity. Episode 86: FINRA’s Financial Intelligence Unit | |||
| 22 Jan 2019 | The Annual Priorities Letter: A Fresh Take | 00:21:32 | |
The Annual FINRA Priorities Letter is a great resource for firms looking to improve their compliance, supervisory and risk management programs. But the 2019 Letter is a little different—this year focusing on materially new areas of focus so readers can better identify areas for program improvement. On this episode of FINRA Unscripted, we’re joined by Bari Havlik, FINRA’s executive vice president of Member Supervision, Steve Polansky, a senior director in Member Supervision, and Gene DeMaio, a senior vice president of options regulation and the trading and financial compliance exam program, to learn more about the changes to the letter and to drill into a few key topics. Stay tuned to hear more about new priorities such as fixed income mark-up disclosure and supervision of digital assets business, as well as some new takes on existing priorities, including suitability, best execution, market manipulation and more. Resources mentioned in this episode: Fixed Income Confirmation Disclosure FAQs SEC Statement on Digital Asset Securities Issuance and Trading | |||
| 19 Mar 2024 | MRTS 2.0: A Redesign for a Rapidly Evolving Market | 00:24:57 | |
U.S. financial markets today are not what they were ten years ago, five years ago, or even just a couple of years ago. Over the years, FINRA's Market Regulation and Transparency Services (MRTS) team successfully grew and evolved to meet the changing demands of the markets they oversaw. But recently, the group took time to ask, how would we build this team if we were starting from scratch? And the answer to that question involved redesigning the group structure around specific functions, rather than around specific rules or products. On this episode, we hear from Feral Talib, Executive Vice President of Surveillance and Market Intelligence, Jackie Perrell, a Senior Vice President and Chief of Staff for MRTS, and Steve Price, Senior Vice President of Market Investigations to learn how the MRTS team has realigned itself, allowing it to be more nimble in addressing and anticipating risks, to better leverage its data and more. Resources mentioned in this episode: 2024 FINRA Annual Regulatory Oversight Report Feral Talib Named Executive Vice President and Head of Surveillance & Market Intelligence Episode 60: Greg Ruppert and the National Cause and Financial Crimes Detection Programs | |||
| 16 Apr 2024 | Preparing for Change: What to Know About the Shift to T+1 | 00:27:05 | |
On May 28th, U.S. markets are moving to a one-day settlement cycle, familiarly known as T+1. This move, which returns the settlement time frame back to a point at which it last stood a century ago, will have wide ranging impacts for firms, investors and regulators. On this episode, we hear from James Barry, Director of Credit Regulation with FINRA's Office of Financial and Operational Risk Policy, Bobby Gomez, a Senior Director with Market Regulation and Transparency Services' Strategic Initiatives team, Mike MacPherson, a Senior Advisor in Member Supervision's Risk Monitoring group, and John Nachmann, Associate General Counsel with the Office of General Counsel's Regulatory Practice, to discuss what all market participants need to be thinking about and testing ahead of the transition. Resources mentioned in this episode: Episode 127: Understanding the Unique Risks of Every Firm DTCC: The Key to T+1 Success Blog Reg Notice 23-15: Regulation T and SEA Rule 15c3-3 Extension Technical Notice: T+1 Settlement Testing FINRA Investor Insight: Understanding Settlement Cycles | |||
| 05 Mar 2019 | CRD Transformation: Enhancing the Registration & Disclosure Process | 00:18:32 | |
FINRA’s Central Registration and Depository (CRD) system is the central licensing and registration system not just for FINRA, but also for U.S. securities exchanges and all 50 states . But the system is still partying like it’s 1999. Twenty years after the CRD system’s last major update, FINRA is in the middle of a multi-year effort to overhaul the registration and disclosure system that is the backbone of the BrokerCheck, the free tool that allows investors to research the background of their financial professionals and firms. On this episode of FINRA Unscripted, FINRA’s executive vice president of Registration & Disclosure, Derek Linden, tells us more about the transformation and what users can expect. Resources mentioned in this episode: Announcement: CRD Transformation | |||
| 06 Feb 2024 | From NCFC to Enforcement Head: Reintroducing Bill St. Louis | 00:26:48 | |
FINRA Enforcement works tirelessly on the front lines of investor protection, whether looking into cases of fraud or ways that bad actors try to manipulate the markets. This tremendous undertaking demands steadfast leadership. On this episode, we meet Bill St. Louis, the former head of FINRA’s National Cause and Financial Crimes Detection Program and FINRA's new Executive Vice President and Head of Enforcement, to learn more about the man at the helm and what's on the horizon for Enforcement in the new year. Resources mentioned in this episode: 2024 FINRA Annual Regulatory Oversight Report FINRA Names Bill St. Louis as New Head of Enforcement FINRA Fines BofA Securities $24 Million for Treasuries Spoofing | |||
| 23 Jan 2024 | Compliance and Communication: An Update on FINRA’s Crypto Asset Targeted Exam | 00:12:31 | |
FINRA recently wrapped up a targeted review of the practices of certain member firms when it comes to communicating with retail investors regarding crypto products and services. On this episode, Ira Gluck, Senior Director, Advertising Regulation at FINRA, joins us to share the results of that crypto asset communications sweep that began in November 2022. Resources mentioned in this episode: Advertising Regulation Department Crypto Asset Communications Targeted Exam Letter FINRA Blog: An Inside Look into FINRA’s Crypto Asset Work Episode 136: An Introduction to FINRA’s Crypto Asset Work and the Crypto Hub Episode 137: The Crucial Role of FINRA’s CAI Team Episode 138: FINRA’s Blockchain Lab | |||
| 07 Jan 2025 | Investing Wisely in 2025: Avoiding Scams and Achieving Your Financial Goals | 00:15:16 | |
Many of us view January as a time to make a fresh start, and as a time to bid farewell to bad habits. In thinking about your New Year's resolutions, have you considered whether you're making financially healthy decisions? On this episode, we sit down with Gerri Walsh, President of the FINRA Investor Education Foundation and Senior Vice President of Investor Education, to uncover the trends and tips investors need to get their finances in order for 2025. Resources mentioned in this episode: FINRA Investor Education Foundation | |||
| 28 May 2024 | FINRA’s High-Risk Representative Program: Keeping an Eye on Individuals Posing a Heightened Risk of Misconduct | 00:34:26 | |
Protecting investors from harm is a top FINRA priority. And when it comes to specific individuals who may pose a risk, FINRA's High Risk Representative (HRR) Program is on the case. On this episode, Brooks Brown, Senior Director, and Eric Hebert and John Salerno, Investigative Directors, from the HRR unit join us to explain how they identify and monitor individuals who pose an elevated risk of misconduct to protect investors and maintain the integrity of the market. Resources mentioned in this episode: Episode 114: Bringing Cases Against Individual Brokers Episode 150: A Cybersecurity Update with FINRA’s Complex Investigations and Intelligence Team (CII) Key Topic: Protecting Investors from Misconduct Virtual Conference Panel: Supervision of High-Risk Activities | |||
| 25 Jun 2024 | Finfluencers: New Marketing Strategies Meet Existing Compliance Obligations | 00:22:19 | |
Financial social media influencers—or finfluencers—are growing in popularity as a cheap way to reach a new generation of investors. But using these individuals to promote a firm its products or services comes with risks, as revealed by the results of a recent targeted review of FINRA member firm practices in the space. On this episode, Ira Gluck, senior director of Advertising Regulation, and Melissa Turitz, a director with FINRA Enforcement, dig into the results of the finfluencer target review, the risks and regulatory requirements around this newer form of advertising and share some best practices for firms looking to make use of social media influencer programs. Resources mentioned in this episode: Reg Notice 17-18: Guidance on Social Media and Business Communications February 2023 Finfluencer Sweep Update Rule 2210 – Communications with the Public Press release – March Finfluencer Enforcement Action April Finfluencer Letter of Acceptance, Waiver and Consent (AWC) Gen Z and Investing: Social Media, Crypto, FOMO and Family (Research Report) Episode 134: A Look at the Attitudes and Behaviors of the Youngest Investors | |||
| 09 Jul 2024 | Financial Intelligence Unit: Connecting the Industry with Actionable Information | 00:23:40 | |
FINRA's Financial Intelligence Unit acts as a nerve center for information on emerging threats impacting the financial industry with the aim of providing actionable intelligence to firms, other regulators and law-enforcement to keep investors safe. On this episode, Blake Snyder, senior director of FIU, joins us to share how the group has grown and matured over the last few years and how they are evolving the way they share information, including through the introduction of the new Threat Intelligence Products, or TIPs. Resources mentioned in this episode: Episode 33: AML in the Securities Industry TIP: Protecting Vulnerable Adult and Senior Investors Investor Insight: Pig Butchering Scams Investor Insight: Ramp-and-Dump Scams | |||
| 06 Aug 2024 | FINRA’s Membership Application Program: Safeguarding the Integrity of the Markets | 00:22:35 | |
FINRA’s Membership Application Program (MAP) team serves as the first point of contact for firms looking to enter the broker-dealer industry. It works both to protect investors by ensuring would-be member firms meet FINRA standards of admission, and to help new and existing firms grow and evolve, ensuring a vibrant market for all. On this episode, Cindy Foster, Vice President of MAP, joins us to share more about FINRA standards of admission and how the group works to ensure a smooth process for both current and prospective member firms. Resources mentioned in this episode: Episode 117: Reviewing and Approving Digital Asset Firms Checklist for Mandatory Materiality Consultation Residential Supervisory Locations (RSL) FAQs Phone: 212-858-4000, option five Email: MAPintake@finra.org | |||
| 12 Nov 2024 | Special Investigations Unit: Combating Money Laundering and Fraud in the Securities Industry | 00:30:16 | |
In the securities world today, there is little daylight between money laundering and fraud. As these two spaces have come to increasingly overlap, FINRA created the Special Investigations Unit, or SIU, to detect and investigate cases illicit finance, market abuse and other fraud. On this episode, we sit down with SIU Senior Director Gargi Sharma, and three investigative directors from her team: Kayla Le, Peter Gonzalez and David Byrne. They join us to share how they work to proactively identify and mitigate threats related to money laundering and other frauds. Resources mentioned in this episode: Reg Notice 21-14: FINRA Alerts Firms to Increase in ACH Instant Funds Abuse Reg Notice 22-25: Heightened Threat of Fraud Reg Notice 23-06: Effective Practices to Address Risks of Fraudulent Transfers 2023 Report on FINRA’s Examination and Risk Monitoring Program 2024 FINRA Annual Regulatory Oversight Report Investor Insight: Ramp-and-Dump Scams Investor Insight: Investment Group Imposter Scams Episode 33: AML in the Securities Industry Episode 129: Detecting and Preventing ACATS Fraud Episode 154: FINRA’s High-Risk Representative Program Episode 157: An Update on FINRA’s Financial Intelligence Unit Episode 161: FINRA CEO Robert Cook on Disrupting the Cycle of Financial Fraud | |||
| 09 Jan 2024 | 2024’s Must-Read | FINRA’s Annual Regulatory Oversight Report | 00:36:50 | |
As a self-regulatory organization, information sharing is key to FINRA's pursuit of its mission of investor protection and market integrity, and no single resource is a better example of that than FINRA's Annual Regulatory Oversight Report. On this episode, Ornella Bergeron, Senior Vice President of Risk Monitoring, Omer Meisel, Executive Vice President of the National Cause and Financial Crimes Detection Program, Claire O'Sullivan, Vice President and Regulatory Advisor of Stakeholder Engagement, and Michael Solomon, Senior Vice President of Examinations, join us to discuss highlights from the 2024 report. Resources mentioned in this episode: 2024 FINRA Annual Regulatory Oversight Report Reg Notice 23-20: Guidance and Resources Related to Regulation Best Interest Reg Notice 23-11: Concept Proposal for a Liquidity Risk Management Rule Reg Notice 21-35: Proposed Order Routing Disclosure Requirements Episode 136: An Introduction to FINRA’s Crypto Asset Work and the Crypto Hub Episode 137: The Crucial Role of FINRA’s CAI Team Episode 138: FINRA’s Blockchain Lab | |||
| 08 Aug 2023 | An Introduction to FINRA’s Crypto Asset Work and the Crypto Hub | 00:31:38 | |
In 2022, FINRA developed an enterprise-wide strategy to ensure it is prepared for an evolving crypto asset regulatory landscape and created the Crypto Hub, the Blockchain Lab and the Crypto Asset Investigations Team. On this episode, the first in a three-part series, we sit down with Omer Meisel, Senior Vice President of the Complex Investigations and Intelligence Group, Jason Foye, Senior Director and Head of FINRA's Crypto Hub, and Reema Abdelhamid, a Director with FINRA Enforcement to learn more about the strategy and the role of the Hub and FINRA’s work to advance its mission of investor protection and market integrity. Resources mentioned in this episode: FINRA Blog: An Inside Look into FINRA’s Crypto Asset Work SEC’s SPBD December 2020 Statement Crypto Asset Communications Exam Letter – November 2022 FINRA and NFA Joint Press Release Reg Notice 20-23: Activities Related to Digital Assets Reg Notice 21-25: Continued Engagement in Activities Related to Digital Assets Episode 112: FINRA's Complex Investigations and Intelligence Team & Cyber and Analytics Unit Episode 113: Regulatory Operations: Stronger Regulation Through Integrated Oversight Episode 117: Membership Application Program Episode 134: Gen Z Investor Attitudes FINRA Foundation Report: Gen Z and Investing Investor Insights: What Is a Blockchain, and Why Should I Care? | |||
| 23 Jul 2024 | An Update on FINRA’s Crypto Asset Work and the Crypto Hub | 00:20:11 | |
Last summer, we introduced listeners to FINRA’ Crypto Hub and enterprise-wide strategy for keeping up with the evolving crypto asset regulatory landscape. A year later, this remains an important area of focus for investors, the industry and FINRA. On this episode, Jamie Udinson, senior director of the Cyber and Analytics Unit, Michael Yuan, a director with FINRA’s Risk Monitoring program, and Jason Stralka, an examination manager with the Exam program, join us to provide an update on FINRA’s crypto asset work, to dig into the results of a recent survey of member firms regarding their crypto-asset touchpoints, to tell us about the new spot Bitcoin ETP market and more. Resources mentioned in this episode: 2024 Regulatory Oversight Report: Crypt Asset Developments Episode 136: An Introduction to FINRA’s Crypto Asset Work and the Crypto Hub Episode 137: The Crucial Role of FINRA’s CAI Team Episode 138: FINRA’s Blockchain Lab | |||
| 20 Feb 2024 | Investors of Color: New Insights from FINRA’s Investor Education Foundation | 00:28:14 | |
The FINRA Investor Education Foundation has released a new report, Investors of Color in the United States, examining the behavior and attitudes of investors of color based on data from the FINRA Foundation's National Financial Capability Study coupled with a series of focus groups conducted with young Black/African American, Hispanic/Latino and Asian American/Pacific Islander investors. The report shows interesting trends related to the pace at which these investors are entering the market, their views on risk, where they're receiving information and more. On this episode, we hear more from Ritta McLaughlin, Director of Investor Education, Community Outreach, and Principal Research Analyst Olivia Valdes to learn more. Resources mentioned in this episode: Investors of Color in the United States (2024) Gen Z and Investing: Social Media, Crypto, FOMO, and Family (2023) Investors in the United States: The Changing Landscape (2022) New Accounts and the People Who Opened Them (2021) | |||
| 05 Mar 2024 | An Evolving Landscape: Generative AI and Large Language Models in the Financial Industry | 00:37:24 | |
Generative Artificial Intelligence (AI) and large language models (LLM) are taking the world by storm, presenting numerous opportunities to create business efficiencies. While the new technologies offer many potential benefits to firms, regulators and investors, they also introduce unique risks. On this episode, we hear from Brad Ahrens, senior vice president of Advanced Analytics, Andrew McElduff, vice president with Member Supervision's Risk Monitoring team and Haime Workie, vice president and head of FINRA's Office of Financial Innovation, who are closely looking at these technologies and following developments in this space to learn how FINRA is looking at and thinking about generative AI when it comes to its own business and what it's looking at and seeing when it comes to firm use of these tools. Resources mentioned in this episode: Artificial Intelligence (AI) in the Securities Industry Artificial Intelligence (AI) and Investment Fraud Reg Notice 21-19: Obligations Related to Outsourcing to Third-Party Vendors 2024 FINRA Annual Regulatory Oversight Report 2023 Executive Order on Artificial Intelligence for Congress | |||
| 14 May 2019 | Beyond Hollywood, Part II: AML Priorities and Best Practices | 00:31:09 | |
The world of money laundering is a fast-paced and ever evolving as we learned on the last episode of FINRA Unscripted. That can make it difficult for a financial firm to develop and maintain a robust anti-money laundering program. But maintaining a strong program is essential, making AML a perennial priority for FINRA’s examination staff. A robust AML program will not only safeguard the investing public and our financial markets, but it will also protect a firm’s reputation. On this episode of FINRA Unscripted, we are joined once again by Blake Snyder and Jason Foye of FINRA’s AML Investigative Unit to discuss current priorities and best practices when it comes to anti-money laundering regulation. Resources mentioned in this episode: FINRA Senior Helpline | |||
| 04 Dec 2018 | Insider Trading: Finding the Needle in the Haystack | 00:27:26 | |
When it comes to detecting insider trading, it really is like finding a needle in a haystack with more than 15,000 different stocks, options and bonds trading every day across millions of transactions. Yet, Sam Draddy and the Insider Surveillance team in the Office of Fraud Detection and Market Intelligence manage to find those needles. The Insider Surveillance team does it by combining a lot of data—20 years’ worth of data on thousands of actively traded bonds, stocks and equity options—with a mix of sophisticated surveillance technology and good old-fashioned detective work. On this episode of FINRA Unscripted Sam Draddy walks us through the process. Plus, he shares details of some of the most interesting cases of his career and attempts to answer the real question: why do people do it? Resources mentioned in this episode: Pro Golfer Agrees to Repay Trading Profits | |||
| 30 Apr 2019 | Beyond Hollywood: Money Laundering in the Securities Industry | 00:25:36 | |
When three hapless employees inadvertently embezzle a bunch of cash in the movie “Office Space,” they decide the best way to cover it up is to launder it. But the thing is, they don’t even really know what money laundering is and they learned that even the dictionary couldn’t fill them in. If you want to understand what money laundering is, and more specifically, the efforts brokerage firms must take to prevent and detect it, stay tuned. We have something better than the dictionary: we have Blake Snyder and Jason Foye, two members of FINRA’s Anti-Money Laundering Investigative Unit. On this episode of FINRA Unscripted, Blake and Jason explain what money laundering is, how it looks different in the securities industry, how that makes regulation different for the securities industry, what FINRA’s Anti-Money Laundering Investigative Unit does and more. Resources mentioned in this episode: | |||
| 30 Apr 2024 | Fighting Financial Exploitation: FINRA’s Vulnerable Adults and Seniors Team | 00:34:08 | |
Senior investor protection has long been a priority for FINRA, and the Vulnerable Adults and Seniors Team (VAST) is at the forefront of FINRA's efforts in this space. On this episode, we hear from Brooke Hickman, Director of the Vulnerable Adults and Seniors Investigative Team, Mike Paskin, a manager with VAST Investigations, and Liz Yoka, a manager of the VAST Intake team, to hear how the groups work with individual investors, firms, states and other regulators to prevent and detect financial exploitation of senior and other vulnerable investors. Resources mentioned in this episode: 2024 Annual Regulatory Oversight Report Episode 72: Anti-Money Laundering and Elder Exploitation Episode 128: The 2023 Senior Investor Protection Conference Episode 105: The Essential Senior Investor Protection Tools: FINRA Rules 2165 and 4512 FINRA Securities Helpline for Seniors – 844-57-HELPS (844-574-3577) FINRA Key Topic Page: Senior Investors FAQ Regarding FINRA’s Rules Relating to Financial Exploitation of Seniors | |||
| 14 May 2024 | Insider Trading Detection: FINRA’s Vital Role in Ensuring Market Integrity | 00:23:39 | |
Every day, FINRA's Insider Trading Detection Program uses sophisticated technology and analytics to monitor 100% of trading in stocks, options and bonds for potentially suspicious activity around material news events, resulting in hundreds of referrals to the SEC and law enforcement every year. On this episode, we hear from Sam Draddy, a Senior Vice President of the Market Abuse Unit within FINRA's Market Regulation and Transparency Services, and Karen Braine, Vice President of the Insider Trading Detection Program, about how they connect trading data, information from public sources and from companies and FINRA firms to pull together actionable intelligence. Resources mentioned in this episode: Episode 23: Insider Trading: Finding the Needle in the Haystack Blog: FINRA Plays a Vital Role in Exposing Insider Trading SEC Litigation Release: Sean R. Steward et al. SEC Litigation Release: Andreas Bechtolsheim | |||
| 25 Sep 2018 | The New SIE Exam: Opening Doors to the Securities Industry | 00:23:13 | |
Looking to break into the financial services industry? It is about to get easier. On October 1, 2018, FINRA will launch a new exam that consolidates the fundamental knowledge shared across several of FINRA’s existing Series exams into a single Securities Industry Essentials (SIE) exam. Additional “top-off” exams, such as the Series 7, will be trimmed down to focus only on the specific knowledge needed for that qualification—eliminating overlap in licensing exams and creating a more efficient program. And the biggest change: you don’t have to be associated with a financial firm to take the SIE exam. So get your number two pencils ready and tune in to this episode of Unscripted, where John Kalohn, FINRA’s Vice President of Testing & Continuing Education, joins us to provide insight that just might help you ace the SIE exam. Resources mentioned in this episode: | |||
| 03 Sep 2024 | FINRA’s Examination Program: Optimizing for the Future | 00:35:31 | |
FINRA’s Examinations team carries out one of FINRA’s core functions in the examination of FINRA member firms. In an effort to continuously improve the program, the team has undertaken changes to create efficiencies before, during and after the exam process. On this episode, Michael Solomon, executive vice president of Examinations and the Membership Application Program, Tom Mellett and John Martino, both vice president of Firm Group Examinations, join us to detail some of the recent changes, including the introduction of thematic reviews, changes to the post-exam closeout process and more. Resources mentioned in this episode: Episode 132: The Ins and Outs of FINRA’s Annual Program | |||