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What is the first element of Finra Rule 2111?
FINRA Rule 2111 requires that a firm or associated person have a reasonable basis to believe a recommended transaction or investment strategy involving a security or securities is suitable for the customer.
What does FINRA regulates?
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.
What is sec Rule 405?
The term control is defined in Rule 405 under the Act as the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting securities, by contract, or otherwise.
What are the main suitability obligations?
The rule also explicitly covers recommended investment strategies involving securities, including recommendations to "hold" securities. The rule, moreover, identifies the three main suitability obligations. reasonable-basis, customer-specific, and quantitative suitability.
What is the NYSE know your customer rule?
Every member shall use reasonable diligence, in regard to the opening and maintenance of every account, to know (and retain) the essential facts concerning every customer and concerning the authority of each person acting on behalf of such customer.
What does FINRA stand for?
To protect investors and ensure the market's integrity, FINRA 14the Financial Industry Regulatory Authority 14is a government-authorized not-for-profit organization that oversees U.S. broker-dealers.
What is customer-specific suitability?
Customer-specific suitability requires that a broker, based on a particular customer's investment profile, has a reasonable basis to believe that the recommendation is suitable for that customer.
What are the elements of FINRA Rule 2111?
Rule 2111 is composed of three main obligations. reasonable-basis suitability, customer-specific suitability, and quantitative suitability.
When did FINRA Rule 2111 become effective?
Feb. 4, 2022. Adopted by SR-FINRA-2010-039 and amended by SR-FINRA-2011-016 and SR-FINRA-2012-027 eff. July 9, 2012.
What is difference between FINRA and SEC?
FINRA is a self-regulatory organization (SRO) that operates under the SEC, which is a federal government agency. While both agencies protect investors, FINRA primarily regulates broker-dealers and their agents, while the SEC has broad authority over securities markets.
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