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Finra’s Budget Shows ‘Revenue Challenges’

Regulatory/Compliance

In a move of transparency, Finra has released its annual budget for the first time and noted that member fees will not be increased, reports ThinkAdvisor. “The 2018 budget underscores the magnitude of the operational hurdles faced by FINRA and the need for significant belt tightening,” Brad Bennett, former FINRA enforcement chief, told the publication. See the full story below. Also, 13 states so far have passed a version of the NASAA’s model rule designed to protect vulnerable adults from financial exploitation, InvestmentNews reports. The rule mandates that advisors report suspected elder financial abuse to state authorities, allows them to halt disbursements from accounts, and provides protection from liability, according to the publication. About 10 more states are expected to make a similar move, NASAA’s president said. Read the details below.

FINRA’s Budget, Released for First Time, Shows Revenue Problems

By Melanie Waddell

Source: ThinkAdvisor

The Financial Industry Regulatory Authority recently released its annual budget for the first time, stating that despite “revenue challenges,” FINRA will not increase member fees. Projected revenue is flat for 2018, at about $822 million.

http://www.thinkadvisor.com/2018/01/18/finras-budget-released-for-first-time-shows-revenu

 

State measures to prevent elder financial abuse gaining steam

By Greg Iacurci

Source: InvestmentNews

States are increasingly wading into the fight to combat elder financial abuse, the top state securities regulator said Thursday. The North American Securities Administrators Association released a model rule two years ago that mandates that advisers report suspected abuse to certain state authorities, allows them to stop disbursements from seniors’ accounts and gives them protection from liability.

http://www.investmentnews.com/article/20180118/FREE/180119917/state-measures-to-prevent-elder-financial-abuse-gaining-steam