What is a 3120 letter?
FINRA Rule 3120 requires a firm to have a system of supervisory control policies and procedures (SCPs) that tests and verifies a firm’s supervisory procedures. Pursuant to Rule 3120, a firm must designate principal(s) to be responsible for establishing, maintaining and enforcing a firm’s SCPs.
What is a FINRA WSP?
The Written Supervisory Procedures Checklist (“WSP Checklist”) is an outline of selected key topics representative of the range of business activities typically proposed by applicants seeking approval to become FINRA members or to expand their existing securities business under NASD Membership and Registration Rules ( …
How do you get a 3210 letter?
Rule 3210 requires financial advisors to make a request and obtain consent from the FINRA member firm they work for to keep their accounts somewhere else. It also requires a disclosure letter to the outside firm when a securities industry professional opens an account.
What is a Series 24?
The Series 24 exam is the General Securities Principal Qualification Examination. Candidates are responsible for planning their course of study in preparation for the exam. PURPOSE OF THE EXAM. The Series 24 exam is designed to assess the competency of entry-level General Securities Principals.
What FINRA 3110?
FINRA Rule 3110 (Supervision) requires firms to establish, maintain and enforce a system to supervise their activities and the activities of their associated persons that is reasonably designed to achieve compliance with federal securities laws and regulations, as well as FINRA rules.
What is finra Rule 4512?
FINRA Rule 4512 (Customer Account Information) requires members to make reasonable efforts to obtain the name of and contact information for a trusted contact person upon the opening of a non-institutional customer’s account or when updating account information for a non-institutional account.
When did rule 3012 come into effect for FINRA?
1 Rule 3012 became effective on January 31, 2005, which would require a member’s first Rule 3012 report to be submitted by no later than January 31, 2006 and at least annually thereafter; however, a member may elect to submit its first Rule 3012 report by no later than April 1, 2006.
What does FINRA Rule 3110 ( a ) ( 1 ) require?
FINRA Rule 3110 (a) (1) requires a firm’s supervisory system to provide for the establishment and maintenance of written supervisory procedures.
Is the NASD Rule 3012 still in effect?
3012. Supervisory Control System This rule is no longer applicable. NASD Rule 3012 has been superseded by FINRA Rule 3120. Please consult the appropriate FINRA Rule.
What are the FINRA rules for investment banking?
FINRA Rule 3110 (b) (2) (Review of Member’s Investment Banking and Securities Business), based on NASD Rule 3010 (d) (1), requires a firm to have supervisory procedures for the review by a registered principal, evidenced in writing, of all transactions relating to the firm’s investment banking or securities business.