FINRA Conducting Sweep Exams for Public Plan Solicitors

FINRA has published notice of a sweep exam of firms serving as, or working with, placement agents for municipal and public plan business. FINRA is requesting significant documentation covering the last 2 calendar years including all services performed, solicitors engaged, clients solicited, compensation, policies and procedures, and political contribution disclosures. FINRA does not release the firms targeted indicating that sweep exam targets are chosen “on a variety of factors, including level and nature of business activity in a particular area, customer complaints and regulatory history, and prior examination findings.” 

OUR TAKE: If your firm is a target, consider yourself forewarned of the documents that you will need to deliver. If you are not a target, use this list to ensure proper recordkeeping. 

Posted by Todd Cipperman at 10/26/2010 7:41 AM
Categories: Compliance and Operations
Tags: finra sweep public plan solicitor placement agent
 

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