Who is exempt from FINRA registration?

Who is exempt from FINRA registration?

Employees exempt from FINRA registration include individuals whose functions are: Solely clerical and/or ministerial in nature, Related solely to the member’s need for nominal corporate officers or capital participation (limited partners), OR.

What triggers FINRA investigation?

FINRA inquiries are primarily triggered by disclosures on the Forms U4 and U5. Many of these disclosures stem from allegations made by a customer or broker-dealer. Some disclosures are financial, and they reference liens or disputes. Others reference arbitrations or judgements against the advisor.

Who is a restricted person under FINRA Rule 5130?

Family offices and family investment vehicles. The definition of “Restricted Persons” in FINRA Rule 5130 includes “portfolio managers,” but not portfolio managers that are advisers to family investment vehicles.

Who needs to be FINRA registered?

You must be registered with FINRA if you’re engaged in the securities business of your firm, which includes salespersons, branch managers, department supervisors, partners, officers and directors. You are required to pass qualification exams to demonstrate competence in your particular securities activities.

What FINRA investigate?

FINRA Enforcement investigates potential securities violations and, when appropriate, brings formal disciplinary actions against firms and their associated persons. Sanctions include restitution, fines, suspensions, and in cases of serious misconduct, bars from the brokerage industry. Learn more. 3.

What is a FINRA Form 211?

FORM 211. General Instructions. Complete this form to initiate or resume quotations in a quotation medium, as defined in Rule 15c2- 11(e)(i) under the Securities Exchange Act of 1934 (1934 Act) including, but not limited to, the OTC. Bulletin BoardTM or OTC Link® ATS.

When did FINRA Rule 2111 become effective?

Feb. 4, 2013. Adopted by SR-FINRA-2010-039 and amended by SR-FINRA-2011-016 and SR-FINRA-2012-027 eff. July 9, 2012.

Who is subject to FINRA?

FINRA Regulates Broker-Dealers, Capital Acquisition Brokers, and Funding Portals. A Broker Dealer is in the business of buying or selling securities on behalf of its customers or its own account or both. A Capital Acquisition Broker is a Broker Dealer subject to a narrower rule book.

Which individuals are required to register with FINRA quizlet?

Any planner or broker/dealer, or the representative of a broker/dealer that wishes to sell securities, must register with FINRA, a self-regulatory organization.