FINRA Sweeps To Target SPACs, Social Media Influencers

By Al Barbarino (July 22, 2021, 7:02 PM EDT) -- The Financial Industry Regulatory Authority is planning a trio of regulatory sweeps to address the latest developments causing turbulence in financial markets, including special purpose acquisition companies and social media's "finfluencers," its president and CEO, Robert Cook, said Thursday.

The sweeps will address member firms' dealings with SPACs and the oversight of social media influencers who give financial advice, as well as the opening of options trading accounts, Cook said during a Securities Industry and Financial Markets Association webcast.

"One of the great things about our capital markets is that they're so innovative," Cook said. "Part of our job is also...

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