The Financial Industry Regulatory Authority is being told by compliance and financial reporting experts that its proposed requirement for broker-dealers to cough up more detailed and frequent financial reports could be cumbersome and costsly to follow.
In its Regulatory Notice 10-33 issued late last month, FINRA said it wants firms to file supplemental financial reports that would include information on net gains or losses as well as commissions related to trades by asset category. The main industry authority over broker-dealers also wants fee income broken out by type of business such as investment banking, research services, 12b1 fees, execution and clearing services.
Register or login for access to this item and much more
All Financial Planning content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access