Supervision of Registration of the Broker-Dealer and Personnel Management Activities
- Broker-dealer and office registration: Forms BD, BDW and BR in CRD; SEC, SRO and state requirements; broker-dealer versus investment adviser (23 min)
- Hiring and registering associated persons: pre-hire screening, Forms U4 and U5, statutory disqualification, heightened supervision and continuing education (25 min)
Supervision of General Broker-Dealer Activities
- Written supervisory procedures and controls: OSJ and branch inspections, testing and CEO certification, systems controls and business continuity (27 min)
- Supervising associated persons: conflicts of interest, personal trading, private securities transactions and outside activities (28 min)
- Compensation practices: networking arrangements, referral payments, cash and non-cash compensation and gifts (24 min)
- Products and services: product risk and account fit, new-product due diligence, training and ongoing risk assessment (28 min)
- Disciplinary and corrective action: customer complaints and disputes, FINRA and SEC disciplinary processes and event reporting (27 min)
- Books and records: what must be made and kept, retention periods and electronic storage (31 min)
- Financial responsibility: net capital and reporting, customer protection and segregation, short interest, clearing arrangements and credit extension (28 min)
Supervision of Retail and Institutional Customer-Related Activities
- Opening and maintaining accounts: customer information, CIP and AML, account transfers and changes, privacy and identity theft (33 min)
- Communications with the public: correspondence, retail and institutional communications, social media, approval and filing, do-not-call (32 min)
- Reviewing transactions and recommendations: best interest and suitability, red flags and escalation, commissions and markups, required disclosures (34 min)
Supervision of Trading and Market Making Activities
- Order entry, routing and execution: trader mandates, market making, Regulation SHO, best execution and Regulation NMS, prohibited trading (39 min)
- Booking and settling trades: confirmations and their disclosures, buy-ins and close-outs (34 min)
- Trade reporting: FINRA trade reporting facilities, the ADF, OTC equity and TRACE reporting (33 min)
Supervision of Investment Banking and Research
- Investment banking: public and private offerings, due diligence, M&A and tender offers, loan and bankruptcy terms, issuer reports, information barriers (31 min)
- Offering communications: pitch books and marketing materials, new-issue communication rules and notices excluded from the prospectus definition (35 min)
- Research: what counts as research, report approval and dissemination, analyst public-appearance disclosures (33 min)
