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Rule 2010: FINRA's Long Arm

Law360 (March 3, 2011, 3:36 PM EST) -- Perhaps the most formidable of the weapons in the Financial Industry Regulation Authority’s arsenal of regulatory power is its most ambiguous: Rule 2010. Indeed, the reach of the rule, at least as interpreted by FINRA, may be viewed as extending well beyond the scope of FINRA’s traditional sphere of influence, and seems to vest and empower FINRA to impose sanctions for perceived improprieties unrelated to the securities markets or the financial services industry.

The Conduct Rule

A stepchild of Section 15A(b)(6) of the Securities Exchange Act...
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