form u4
Registration from for a securities agent or principal of a broker-dealer or an investment adviser representative.
DRPs
criminal disclosurefinancial civil judicialregulatory actioncustomer complaint/arbitration/termination
customer complaint procedures
must be in writingretained for a min of 4 years
when complaints are received
must be brought to attention of deisgnated personmeditation or oarbitration if cannot be solves
Code of Arbitration Procedure
The formal method of handling securities-related disputes or clearing controversies between members, public customers, clearing corporations, or clearing banks. Any claim, dispute or controversy between member firms or associated persons must be submitted to arbitration.a copy of predispute arbitration agreement must be supplied within 10 business days if requested
initiation of proceedings
statement must describe:detail of controversy$ being soughtcheck for filing feerespondent has 45 days to respond
mediation
A method of settling disputes outside of court by using the services of a neutral third party, called a mediator. The mediator acts as a communicating agent between the parties and suggests ways in which the parties can resolve their dispute.
nonpublic Arbitrators
worked in financial industry more than 5 years ago
public arbitrators
any persons who do not meet the definition of nonpublic arbitrator
Arbitration Thresholds
-for disputes involving $50,000 or less: 1 arbitrator -50,000 - 100,00: 1 arbitrator unless both parties agree to 3->100,000: 3 arbitrators unless both parties agree to one
awards
accrues interest if not paid within 30 days
Statute of Limitations
no claim is eligible for submission to arbitration if 6 years have elapsed from time of event
Code of Procedure
A section of FINRA rules. It describes the procedure to be used when dealing with violations or complaints related to the Conduct Rules
availability of manual to customers
current copy of FINRA manual must be available to customer upon request
Reporting Requirements
Any issuer of securities, as defined by the Securities Exchange Act of 1934, must keep its books and records in such a way that they accurately reflect the financial transactions of the issuer. The purpose behind the reporting requirements is to make it more difficult for firms to hide questionable payments to foreign government officials.
sactions
censurefinesuspension of membershipexpulsionbarring
appeals
to take a case to a higher court for a rehearing
clearly erroneous
Standard used by appellate courts when reviewing a trial court's findings of fact.