Self-Reporting of Broker-Deal Misconduct Under FINRA Rule 4530

February 18, 2011Articles Westlaw News & Insight
On July 1, 2011, Financial Industry Regulatory Authority Rule 4530 will go into effect. Even though Rule 4530 is months away, it has already impacted the industry.

FINRA Rule 4530 represents a consolidation of NASD Rule 3070 and NYSE Rule 351. This new rule requires member-firms to self-report violations within 30 days of when the member-firm "concluded or reasonably should have concluded" that the member-firm or one of its registered representatives "violated any securities, insurance, commodities, financial or investment-related laws, regulations or standards of conduct of any domestic or foreign regulatory body or self-regulatory organization."

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