FINRA and the SEC issued a joint risk alert and regulatory notice Wednesday, advising broker-dealers to make sure they’re mindful of what’s going on within their branch offices and even offering some tips to ensure they remain in compliance.
“A robust process for self-inspection of branch offices is a critical element of a firm’s compliance and supervision process, and a vital part of a comprehensive risk management program,” said Carlo di Florio, director of the SEC’s Office of Compliance Inspections and Examinations department, said in the alert, adding that the regulatory agencies have unearthed “major deficiencies” during recent broker-dealer branch inspections.
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