finra rule 2040

{{courseNav.course.topics.length}} chapters | These payments include the following sources of payment: There are a number of recognized exceptions to the FINRA and SEC rules regarding payments to unregistered persons, and care should be taken to research and understand these exceptions. Specific legal advice should always be sought before taking or refraining from taking any action. Going back to our example, Joe would be able to make payments to his father Bill, who worked at the firm his entire career and recently retired, as long as the compensation was derived from clients and contracts that Bill held during his working years. The Silver Leaf NAC decision arose out of a multi-million dollar FINRA arbitration award, relating to Silver Leaf’s involvement in stock loan and block trading transactions. 2. However, given certain commonalities of these respective Rules, attention should be given to the principles from Silver Leaf that would apply to any enforcement proceeding brought under FINRA Rule 2040.

As part of this “introductory” process, Chapler enlisted an unregistered finder (“SH”)―a wealthy U.S. citizen residing in Florida who did business abroad. The contract is in compliance with all state, securities, and federal laws concerning these types of payments. Specific legal advice. OurNew York, San Francisco, Irvine and San Diego FINRA and SEC attorneys are well versed in counseling financial advisors on a wide range of securities matters. Rule 2040(b) allows FINRA firms to pay continuing commissions to retiring registered representatives, individuals who retire from a member firm and leave the securities industry after they are no longer associated with the firm for accounts of continuing customers of the retiring registered representatives. The securities clients must also be non-US persons. Every transaction made with the use of a foreign finder must expressly show that a finder fee has been paid. 2. This document provides a general summary and is for information/educational purposes only. Services. Did you know… We have over 220 college

It is not intended to be comprehensive, nor does it constitute legal advice. The NAC imposed a $100,000 fine and the requirement to retain an independent consultant. According to the Decision, Silver Leaf was paid a percentage of the fair market value of the transaction at close of the transaction, i.e., transaction-based compensation. The NAC found that Silver Leaf shared certain compensation with SH. The decision identifies numerous email exchanges in which Silver Leaf indicated, through an entity representative, knowledge and approval of the payment-sharing structure with SH. The reasonably supported determination exception is triggered when there is a previously published determination from the SEC, a no-action letter, or a legal opinion from licensed independent or in-house counsel. credit-by-exam regardless of age or education level.

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