Because so many RR have dropped their license and were using EIA as a vehcile of choice was the reason that FINRA and the BD's were making the power grab to take over regulation of EIAs. They are losing Reps and revenue.
- - - - - - - - - - - - - - - - - -
Compliance requirements are odious and sometimes down right stupid.
OBAs - Recurring Trap for the Good (but Unsuspecting) Rep : New Jersey Law Blog
The RR knew the rules and his supervisor knew the rules and the firm knew about the activity. It just didn't get recorded on the disclosure evidently through bad advice or faulty interpretation. In this case the rules were not about protecting the client but about the FINRA rules and bureaucratic power nothing else. In most situations in life there is the principle of "no harm no foul" but not with FINRA. This guy got fined $5,000 for what? People commit assault and battery in our society and don't get fined more than that. Why do you think so many registered reps are giving up the 6 & 7 and becoming RIA. FINRA and the B/D's are losing reps everyday and they would like to extend their kingdom to us so that we all have to bow to them.
- - - - - - - - - - - - - - - - - -
Compliance requirements are odious and sometimes down right stupid.
OBAs - Recurring Trap for the Good (but Unsuspecting) Rep : New Jersey Law Blog
The RR knew the rules and his supervisor knew the rules and the firm knew about the activity. It just didn't get recorded on the disclosure evidently through bad advice or faulty interpretation. In this case the rules were not about protecting the client but about the FINRA rules and bureaucratic power nothing else. In most situations in life there is the principle of "no harm no foul" but not with FINRA. This guy got fined $5,000 for what? People commit assault and battery in our society and don't get fined more than that. Why do you think so many registered reps are giving up the 6 & 7 and becoming RIA. FINRA and the B/D's are losing reps everyday and they would like to extend their kingdom to us so that we all have to bow to them.
Last edited: