High Marks For Broker-Dealers On Suitability Test

Law360, New York (October 11, 2013, 1:49 PM EDT) -- With a little more than one year of experience in applying its new suitability rule to broker-dealers, FINRA has declared the rule — FINRA Rule 2111 — a fairly successful work in progress.

Indeed, according to its recently released regulatory notice,[1] while FINRA’s examiners have issued Letters of Caution to certain members regarding the adequacy of their supervisory procedures with respect to suitability, examiners have not yet made any referrals to the Department of Enforcement related to the new areas covered by FINRA Rule 2111....
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