FINRA's Restricted Firm Rule: Two SEC Commissioners Toast the Sinking of the Titanic (BrokeAndBroker.com Blog)
Bill Singer
A critic of the inept and incompetent, and an advocate for economic and political sanity. It's a lonely journey but I walk it. Wall Street legal, regulatory, and compliance veteran since 1982.
FINRA's Restricted Firm Rule: Two SEC Commissioners Toast the Sinking of the Titanic?(BrokeAndBroker.com Blog)
https://www.brokeandbroker.com/5980/finra-restricted-firm/
For decades, NASD and then FINRA have cozied up to the once-powerful market makers and, more recently, to what was once called a "wirehouse" but is now purportedly a "financial services company." Call it what you want. We're talking about a cluster of economic power and a consolidation of political influence that commands the waves to stop. And at FINRA, those waves do, indeed, stop.?My expectation -- my fear -- is that FINRA will not fully apply the Restricted Firm Rule but will only focus on the obvious miscreants: The heirs to the sordid traditions of boilerrooms and pennystock hustlers. What will not?blip?on FINRA's Restricted Firm radar are its Large Member Firms -- the newfangled financial services companies. No, those firms will never be deemed to to have a qualifying "history of misconduct."?