Finra Unscripted

Member Supervision's Membership Application Program Group is the gatekeeper to the broker-dealer industry. It works both to protect investors by ensuring would-be firms meet FINRA's Standards of Admission and to help new and existing firms grow and evolve, ensuring a vibrant market for all. Now, the program is undergoing a transformation. On this episode, we hear from Cindy Foster, the new head of MAP, to hear how the group is working to develop a more streamlined process to help firms and prospective firms work through the New Membership and Continuing Membership Application processes more efficiently. How are we doing? Take the FINRA Unscripted survey today. Resources mentioned in this episode:Broker-Dealer RegistrationFINRA Standards for AdmissionPhone: 212-858-4000, option fiveEmail: MAPintake@finra.org

This episode originally aired in November 2021. For service members, a missed credit card payment might do more than just ding their credit report, it could also jeopardize a hard-fought promotion. And for their spouses, move after move might be more than just a financial or logistical hardship; it might also be the biggest hurdle in their own career growth. These challenges are two sides of the same coin. The FINRA Foundation Military Spouse Fellowship Program is just one program that is aiming to address both sides. On this episode, we sit down with FINRA Military Spouse Fellows Heather Baker, Shay Cook and Andia Dinesen to learn more.How are we doing? Take the FINRA Unscripted survey today. Resources mentioned in this episode:AFCPE FINRA Foundation Military Spouse FellowshipFind an AFCPE Certified ProfessionalYellow Ribbon Network/Coordinated Assistance NetworkMilitary OneSourceCoast Guard Support

Detecting and deterring fraud and insider trading is at the core of FINRA's mission of investor protection and market integrity. On this episode, Sam Draddy, the head of FINRA's Market Investigations team, joins us once again to talk about the latest trends and patterns in FINRA's fraud and insider trading investigations, including some stories about some of the craziest and most interesting cases of the past few years.How are we doing? Take the FINRA Unscripted survey today. Resources mentioned in this episode:Episode 23: Insider Trading: Finding the Needle in the Haystack

In February, FINRA issued its second Report on FINRA’s Examination and Risk Monitoring program, a comprehensive document that combines elements of what used to be the annual Priorities Letter and the Examination Findings Report. The report can serve as a reference document, addressing more than 20 topics of interest for firms and regulators from Regulation Best Interest and Form CRS to cybersecurity and mobile apps. On this episode, J Koutros, vice president of risk monitoring standards, Joe Sheirer, vice president of the examination program, and Steve Polansky, senior director of special initiatives, join us to talk about the report, some key highlights and how firms can use this extensive document. Resources mentioned in this episode:2022 Report on FINRA’s Examination and Risk Monitoring ProgramEpisode 79: Year in Review: The 2020 Exam and Risk Monitoring ProgramEpisode 80: Exam and Risk Monitoring Program: Responding to COVID-19 and Looking Ahead2022 FINRA Annual Conference

We are celebrating 100 episodes of FINRA Unscripted! We’ve covered a lot of ground over the past four years and 100 episodes, but we wouldn’t have made it to this point without you, our listeners. To celebrate our 100th episode, we would love to hear from you. Take the quick, anonymous FINRA Unscripted survey today. With your help, we can make the next 100 episodes better than the last.For today’s episode, we are going to hop in our DeLorean and take a listen to excerpts from a few of our greatest hits, including: Episode 33: Money Laundering in the Securities IndustryEpisode 23: Finding the Needle in the HaystackEpisode 16: How FINRA Rules Get Made (And Reviewed) Other resources mentioned in this episode:Episode 86: FINRA’s Financial Intelligence Unit

Greg Ruppert joined FINRA in 2020 to form and lead the National Cause and Financial Crimes Detection Programs. Now, he’s been tapped to lead Member Supervision, the team responsible for the surveillance and examination of FINRA member firms and for detecting and deterring activities that can cause investor harm. On this episode, we talk to Greg about how he views this transition in leadership and his goals and areas of focus in his new role.How are we doing? Take the FINRA Unscripted survey today. Resources mentioned in this episode:Episode 60: Introducing Greg Ruppert and the National Cause and Financial Crimes Detection ProgramsEpisode 86: FINRA’s Financial Intelligence Unit: Connecting the Dots2021 Report on FINRA’s Examination and Risk Monitoring ProgramPLI Podcast: Focus on FINRA Enforcement with Jessica HopperFINRA’s Upcoming Conferences and Events

FINRA’s Market Regulation and Technology teams recently wrapped up an extensive project to migrate the majority of FINRA’s market manipulation surveillance program to using deep learning in what is perhaps the largest application of artificial intelligence in the RegTech space to date. On this episode, we hear from Susan Tibbs, senior vice president of Market Manipulation in the Market Regulation Quality of Markets group, and from C.K. Chow, principal developer with the Technology team, about how the use of deep learning is making FINRA’s market surveillance data more digestible and increasing the efficiency and flexibility of the program. How are we doing? Take the FINRA Unscripted survey today. Resources mentioned in this episode:Episode 13: How the Cloud and Machine Learning Have Transformed FINRA Market SurveillanceEpisode 67: FINRA’s R&D Program: Exploring the Future of Advanced AnalyticsEpisode 68: Augmenting the Exam and Risk Monitoring Program with Data Analytics and Technology

In 2020, FINRA and the CE Council embarked on the biggest transformation of the continuing education program in 25 years. And in the months ahead, those major changes are going into effect. On this episode, we hear from Patricia Monterosso of FINRA's Credentialing, Registration, Education and Disclosure team and Elizabeth Hansen, the 2021 CE Council Chair, about what firms and reps can expect and why these changes will have such a big impact. How are we doing? Take the FINRA Unscripted survey today. Resources mentioned in this episode:CE Council WebsiteKey Topics: Continuing EducationRegulatory Notice 20-05Regulatory Notice 21-41Maintaining Qualifications ProgramFinancial Professional Gateway (FinPro)Episode 54: Enhancing Industry Continuing EducationSmall Firm Conference Call: CE Transformation

This episode originally aired in April 2021. The brokerage industry has an important role to play when it comes to detecting, preventing and reporting fraud. It's not just a regulatory concern, but an important reputational concern for individual firms and the industry as a whole. On this episode, we hear from Greg Ruppert, who was then head of FINRA's National Cause and Financial Crimes Detection Programs, but now heads Member Supervision, about recent trends in the fraud space and how firms can work to protect themselves and their customers.Resources mentioned in this episode:FTC Scam AlertsFBI Fraud ResourcesIC3 Annual ReportsEpisode 60: Introducing Greg Ruppert and the NCFCEpisode 71: Overlapping Risks, Part I: AML and CybersecurityEpisode 73: Overlapping Risks, Part II: AML and Elder Financial Exploitation

Transparency plays a central role in promoting the fairness and efficiency of U.S. markets, lowering transaction costs, leveling the playing field and enhancing public trust in our markets. And the data market transparency provides serves as the lifeblood of FINRA's surveillance program. On this episode, we hear the Market Regulation and Transparency Services’ Jon Kroeper, executive vice president of the Quality of Markets Group, and Ola Persson, senior vice president and head of Transparency Services, about FINRA's historical commitment to market transparency and how it has impacted FINRA's regulatory regime.Resources mentioned in this episode:Trade Reporting and Compliance Engine (TRACE)Consolidated Audit Trail (CAT)Regulatory Notice 20-43Advancing Market Regulation and TransparencyEpisode 13: How the Cloud and Machine Learning Have Transformed FINRA Market Surveillance 

The small firm community, those firms with 150 or fewer registered financial professionals, came together in October to discuss and engage on key areas of concern at the Small Firm Conference. On this episode, we're taking you behind the scenes of this year's event with an abridged look at the fireside chat with FINRA CEO Robert Cook and Executive Vice President Greg Ruppert, moderated by FINRA's head of Member Relations Kayte Toczylowski.Resources mentioned in this episode:Trusted Contact ResourcesRacial Justice Task Force2021 Report on FINRA’s Examination and Risk Monitoring ProgramCybersecurity Resources

For service members, a missed credit card payment might do more than just ding their credit report, it could also jeopardize a hard-fought promotion. And for their spouses, move after move might be more than just a financial or logistical hardship; it might also be the biggest hurdle in their own career growth. These challenges are two sides of the same coin. The FINRA Foundation Military Spouse Fellowship Program is just one program that is aiming to address both sides. On this episode, we sit down with FINRA Military Spouse Fellows Heather Baker, Shay Cook and Andia Dinesen to learn more.Resources mentioned in this episode:AFCPE FINRA Foundation Military Spouse FellowshipFind an AFCPE Certified ProfessionalYellow Ribbon Network/Coordinated Assistance NetworkMilitary OneSourceCoast Guard Support

Firm regulatory risks and priorities don't exist in a vacuum. And that is perhaps nowhere clearer than when it comes to a firm's anti-money laundering responsibilities. A firm's AML risks can overlap with any number of other priorities. On this episode, we're looking at the intersection of a firm's AML and cybersecurity risks. Joining us are Jason Foye, a director with FINRA's Anti-Money Laundering Investigative Unit, and Dave Kelley, a director with FINRA's Cybersecurity Specialist Program, both with FINRA’s National Cause and Financial Crimes Detection Program. Resources mentioned in this episode:Episode 60: Introducing Greg Ruppert and the NCFCEpisode 33: Money Laundering in the Securities IndustryEpisode 34: AML Priorities and Best Practices SWIFT: How Cyber Attackers ‘Cash Out’ Following Large-Scale HeistsFinCEN October 2020 Advisory on Ransomware FinCEN July 2020 Advisory on CybercrimeFinCEN October 2016 Advisory on Cyber EventsFINRA Cybersecurity ResourcesRegulatory Notice 20-32 on Fraudulent Options T

Native communities face unique challenges and opportunities when it comes to their personal finances. Helping them navigate the sometimes-confusing world of finance is Shawn Spruce, the recipient of the 2021 Ketchum Prize. Every year, the FINRA Investor Education Foundation awards the Ketchum Prize, the FINRA Foundation’s highest honor, to recognize outstanding service and research to advance investor protection and financial capability in the United States. On this episode, we talk to Shawn Spruce about his advocacy and outreach, the financial challenges facing Native communities, and what leaves him feeling optimistic about the future.Resources mentioned in this episode:First Nations Development Institute: Building Native CommunitiesAsk Dr. Per Cap Blog

As a Self-Regulatory Organization, FINRA benefits from the expertise and industry knowledge of member firms to react more quickly to emerging challenges and write more effective and efficient regulations. FINRA’s Regional Committees play an important role in this process, supplying FINRA with real-time insights that help us fulfill our mission of investor protection and market integrity. On this episode, FINRA’s Deputy Corporate Secretary Jennifer Piorko Mitchell and Regional Committee Member Trinity Lee join the podcast to discuss the benefits of participating on FINRA’s Regional Committees and how you can get involved. Resources mentioned in this episode:FINRA’s Regional CommitteesRegional Committee Election NoticeSFAC Election NoticeIndication of Interest in FINRA Service Form2021 Election Process Overview2021 Advisory Committee Overview and Engagement Notice

The Office of Financial Innovation is a conduit and a facilitator of information related to significant innovation in the financial services industry, working to provide expertise and support to groups within FINRA, as well as FINRA member firms. As cloud computing transforms how broker-dealers operate, FINRA’s Office of Financial Innovation surveyed nearly 40 broker-dealer firms, cloud service providers, industry analysts and technology consultants to better understand the implications of cloud computing on the securities industry. On this episode, FINRA’s Haime Workie and Michael Oh join the podcast to discuss the group’s latest report on cloud computing and to provide an update on other areas of focus. Resources mentioned in this episode:Report - Cloud Computing in the Securities IndustryInvestor Alert - Following the Crowd: Investing and Social MediaTopic Page - FinTech

FINRA’s Market Regulation and Transparency Services department sits at the center of the U.S. securities markets, conducting ongoing oversight within and across markets and providing transparency to help investors make informed decisions. On this episode, we meet Stephanie Dumont, the new head of FINRA’s Market Regulation and Transparency Services department. Stephanie shares her priorities, her vision for the department, and how FINRA is responding to recent market events. Resources mentioned in this episode:Market Transparency Reporting ToolsTRACE Treasury Aggregate Statistics

Intelligence means different things to different people. But for FINRA, at its most basic, it is the actionable information that allows employees, from an organization’s senior executives to its examiners or investigators, to make informed decisions. On this episode, we sit down with Blake Snyder, Senior Director of FINRA’s Financial Intelligence Unit, to learn about this new group, and how it is looking to transform how FINRA takes in, analyzes, and shares data.Resources mentioned in this episode:Regulatory Notice 21-14: FINRA Alerts Firms to Recent Increase in ACH “Instant Funds” AbuseRegulatory Notice 20-30: Fraudsters Using Registered Representatives Names to Establish Imposter Websites

Diversity has been a focus for FINRA’s Board of Governors for several years—and while the current Board makeup leaves a lot to be proud of, the important work of diversity remains a perpetual work in progress.On this episode, we sit down with Marcia Asquith, Executive Vice President of Board & External Relations, and Jennifer Piorko Mitchell, Vice President of Corporate Governance and Deputy Corporate Secretary, to explore how FINRA has prioritized diversity in the boardroom. Resources mentioned in this episode:Episode 25: Behind the Scenes: FINRA's Board of GovernorsFINRA Governance2021 Election Process OverviewFINRA Indication of Interest in Service FormFINRA’s Racial Justice Task ForceStatement of the FINRA Board of Governors

The 2021 FINRA Annual Conference was like no other with the event held entirely online. Nonetheless, like in any other year, the event provided the opportunity for practitioners, peers and regulators to connect and exchange ideas. On this episode, we’re taking you behind the scenes of this year’s event to listen in on the fireside chat between FINRA CEO Robert Cook and FINRA Board Chair Eileen Murray as they talk about everything from return to work and the future of the workforce to the work of FINRA Board of Governor and diversity, equity and inclusion. Resources mentioned in this episode:Episode 12: How the Cloud has Revolutionized FINRA TechnologyEpisode 68: Augmenting the Exam and Risk Monitoring Program with Data Analytics and Technology2021 Virtual Technology Conference2022 FINRA Annual Conference McKinsey Study: Jobs Lost, Jobs GainedStatement of the FINRA Board of Governors: June 11, 2020