Bradley attorney Rod Kanter was quoted in The Bond Buyer on the confusion surrounding the latest notice released by the Financial Industry Regulatory Authority (FINRA). The notice states that some member firms are involved in investment-related activities with municipal clients but have not registered as municipal advisors (MA) and do not have reasonably designed supervisory systems and controls to determine whether they are required to register as municipal advisors.
Kanter said he hasn’t seen many broker-dealers cross the line into unregistered MA activity. However, he said it wasn’t unusual for FINRA to put out such notices.
“It’s not uncommon for regulatory and similar bodies to alert the market when they spot behavior that they disagree with before taking more aggressive action,” Kanter explained.
The full article, “FINRA Notice Highlights Confusion,” first appeared in The Bond Buyer on Aug. 26, 2019.