March 06, 2019 Articles

Is It Your First Time Having a Client under Investigation by FINRA?

Here’s what you need to know, from receipt of an 8210 letter to the hearing in the enforcement action

By Joseph S. Simms and Andrew T. Illig

Receiving an inquiry from a regulatory agency or self-regulatory organization can make anyone nervous. Questions immediately arise as to what to do, how to respond, how to determine the reason for the investigation, and what steps to take. Using Financial Industry Regulatory Authority (FINRA) procedures as an example, we look to answer some of these questions, with an eye toward the overarching obligation of registered representatives and member firms to fully cooperate and respond to FINRA’s inquiries.

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