5 The opinion goes on . SECURITIES OFFERINGS, UNDERWRITING AND COMPENSATION, 5200. FINRA IS A REGISTERED TRADEMARK OF THE FINANCIAL INDUSTRY REGULATORY AUTHORITY, INC. Disclaimer: The FINRA Rulebook Search Tool (FIRST) is for informational purposes only and does not provide regulatory or compliance advice. Direct Communication Between Parties and Arbitrators, 13302. Trade Reporting Participation Requirements, 7200A. Notification to FINRA in Connection with the JOBS Act, 4521. To clarify the NASD's position and make it available to all members, the Board has approved the solicitation of comment on the proposed rule. Wednesday, January 18, 2023. Regulations Governing Payment of Referral Fees. 1.1 Range of investments. Use of Manipulative, Deceptive or Other Fraudulent Devices, 2030. For arrangements that go beyond the Rule's . Member Application and Associated Person Registration, 3000. Composition of Arbitration Panels in Cases Not Involving a Claim of Sexual Assault, Sexual Harassment, or Statutory Employment Discrimination, 13403. FINRA IS A REGISTERED TRADEMARK OF THE FINANCIAL INDUSTRY REGULATORY AUTHORITY, INC. FINRA operates the largest securities dispute resolution forum in the United States, To report on abuse or fraud in the industry. Like theRegulatory Notice Proposed FINRA Rule 2040, would prohibit member firms or associated persons from paying "any compensation, fees, concessions, discounts, commissions or other allowances" (collectively, " Payments ") to any person not registered with the SEC as a broker-dealer under Section CLEARING, TRANSACTION AND ORDER DATA REQUIREMENTS, AND FACILITY CHARGES, 7200B. Proposed FINRA Rule 2040 starts with the general principle that no member firm or associated person may, directly or indirectly, pay compensation to an unregistered firm or . This is a good time for firms to review their processes around foreign finders. Transactions Involving FINRA Employees, 2080. Comments must be received no later than February 3, 1989. Prohibition from Locking or Crossing Quotations in OTC Equity Securities, 6438. Associated Persons Exempt from Registration, 2010. Germany Switzerland Spain Poland Netherlands Greece France Ireland Italy Belgium Austria Numerica Credit Union (Numerica) will pay the Financial Advisor's (FA) commissions as follows: Commissions are based on a Gross Dealer Concession (GDC) generated in support of the investment program and will be paid to the extent that the commission exceeds the salary. Effect of a Suspension, Revocation, Cancellation, Bar or Other Disqualification, 8313. CONSOLIDATED AUDIT TRAIL COMPLIANCE RULE, 7000. The NASD invites comments on a proposed rule that would restrict the payment of "finders" or referral fees by NASD members to unregistered third parties for the referral of retail business. Dissemination of Transaction Information, 6850. Interpretive Letter to Henry H. Hopkins and Sarah McCafferty, T. Rowe Price Investment Services, Inc. 3. Arbitration and mediation case participants and FINRA neutrals can view case information and submit documents through this Dispute Resolution Portal. Criteria for Selection of Panelists and Replacement Panelists, 9233. Consolidation or Severance of Disciplinary Proceedings, 9216. No Comments April 25, 2021 . The NASD believes that it is important to be able to regulate the flow of securities-related compensation from its members to unregistered persons. Applicability of Code and Incorporation by Reference, 13102. The proposed Rule of Fair Practice must be approved by the membership and filed with, and approved by, the SEC before becoming effective. Debt Research Analysts and Debt Research Reports, 2251. Others may be appropriate for your firm. Last Date for Comments: February 3, 1989. January 10, 2023. Powers of the National Adjudicatory Council on Review, 9349. C. FINRA rules allow fair and reasonable charges for "clerical" services that are unrelated to trading and market making (charges to customers for . General Reference to FINRA Rules Rule 0140 Rule 11860 Rule 1210 Rule 1220 Rule 1230 Rule 1240 Rule 2010 Rule 2070 Rule 2090 Rule 2121 Rule 2165 . Trading Otherwise than on an Exchange, 6121. Applicability of Code and Incorporation by Reference, 12102. Front Running of Block Transactions, 5290. Compliance with Regulation NMS Plan to Implement a Tick Size Pilot Program, 6230. Transactions Reported by Members to the ADF, 6300A. We or one of our affiliates may also pay a referral fee to certain dealers in connection with the distribution of the . The Board of Governors believes that a Rule of Fair Practice, as described above, would significantly reduce the risks attendant on the solicitation of securities transactions by unregistered persons, while providing for the payment of referral fees under certain circumstances, such as the purchase of a mailing list, that do not pose such risks. To the extent applicable, the Agent shall comply strictly with: (a) the laws, rules and regulations of all jurisdictions (state and local) in which the Agent solicits applications for and sells contracts; (b) federal laws and the rules, regulations of the SEC; (c) the rules of FINRA; (d) the rules and procedures of PAS, and (e) the rules and procedures of GIAC. MEMBER APPLICATION AND ASSOCIATED PERSON REGISTRATION, 2230. Effect of Arbitration on FINRA Regulatory Activities; Arbitrator Referral During or at Conclusion of Case, 13201. Report a concern about FINRA at 888-700-0028, Securities Industry Essentials Exam (SIE), Financial Industry Networking Directory (FIND). Members' Responsibilities Regarding Deferred Variable Annuities, 2351. QUOTATION, ORDER, AND TRANSACTION REPORTING FACILITIES, 6270. The NASD encourages all interested parties to comment on the proposed new Rule. June 19, 2020. Some agencies opt for a flat fee insteadand many agencies don't pay anything as a referral fee; more on that below. The NASD consistently has taken the position that it is improper for a member or a person associated with a member to make payments of "finders" or referral fees to third parties who introduce or refer prospective brokerage customers to the firm. The NASD has maintained that persons who introduce or refer prospective customers and receive compensation for such activities are engaged in the securities business for the member in the form of solicitation. Mutual fund offeror may directly reimburse personal travel expenses of registered representatives that attend training and education meetings, provided appropriate records are maintained. The purpose of the review is to assess whether the rules are meeting their intended investor protection objectives by reasonably efficient means and to take steps to maintain or improve the effectiveness of the rules while minimizing negative economic impacts. Note, however, that Texas still requires in-house solicitors to SEC-registered advisers to pay a fee and notice file in the state. Loss of Defenses Due to Untimely or Incomplete Answer, 13400.List Selection Algorithm and Arbitrator Rosters, 13402. The commenters objected to the provision as anti-competitive, since it would have applied only to brokerage operations on the premises of a financial institution. Certificate in Name of Corporation, 11573. Sale of Securities in a Fixed Price Offering, 5160. National Arbitration and Mediation Committee, 14105. (a) General No member or associated person shall, directly or indirectly, pay any compensation, fees, concessions, discounts, commissions or other allowances to: (1) any person that is not registered as a broker-dealer under Section 15(a) of the Exchange Act but, by reason of receipt of any such payments and the activities related thereto, is required to be so registered under applicable . Approval of Change in Exempt Status Under SEA Rule 15c3-3, 1113. Appointment of Subcommittee or Extended Proceeding Committee, 9344. Accordingly, structuring an affinity marketing relationship to mitigate this incentive and ensure that only licensed insurance producers engage in the sale, solicitation or negotiation of insurance is critical to establishing a compliant affinity marketing arrangement. 97% of clients say they feel like their advisor cares about their ability to achieve goals. A member may pay to a nonregistered foreign person (the finder) transaction-related compensation based upon the business of customers the finder directs to the member if the following conditions are met: (1) the member has assured itself that the finder who will receive the compensation is not required to register in the United States as a broker-dealer nor is subject to a disqualification as defined in Article III. Because these 2 representatives work for different firms, payment of the referral fee is prohibited. 1. (Rules 2310 and 5110 do not impose total production and equal weighting requirements on internal non-cash compensation arrangements. Use of FINRA/Nasdaq Trade Reporting Facility on a Test Basis, 6360A. (7) the confirmation of each transaction indicates that a referral or finders fee is being paid pursuant to an agreement. Determinations of Arbitration Panel, 12505. Delivery of Temporary Certificates, 11530. Notification Requirements for Offering Participants, 5210. FINRA AWC (April 20, 2022). Questions concerning this notice can be directed to Dennis C. Hensley, NASD Vice President and Deputy General Counsel, at (202) 728-8245, or Frank J. McAuliffe, NASD Vice President, Qualifications, at (301) 590-6694. Private Securities Transactions of an Associated Person, 3310. Disclosure of Price and Concessions in Selling Agreements, 5190. As a result of a recent review of gift and gratuity practices of over 40 member firms, NASD staff is concerned that members may not be fulfilling their obligations to comply with, and establish adequate supervisory systems and procedures reasonably designed to achieve compliance with, NASDs rule governing gifts and gratuities Conduct Rule 3060 (the gift rule). Synchronization of Member Business Clocks, 5110. STANDARDS OF COMMERCIAL HONOR AND PRINCIPLES OF TRADE, 2020. Executive Summary. Filing of Misleading Information as to Membership or Registration, 1230. 11640. Proposed FINRA Rule 2040 . List Selection Algorithm and Arbitrator Rosters, 12405. Communications with the Public About Collateralized Mortgage Obligations (CMOs), 2241. Firm compliance professionals can access filings and requests, run reports and submit support tickets. Processing and Forwarding of Proxy and Other Issuer-Related Materials, 2262. Notice Comments. Prehearing Exchange of Documents and Witness Lists, and Explained Decision Requests, 13607. 8 Although it might be argued that an individual who does no more than refer or introduce a prospective retail customer to a broker/dealer is performing essentially the same function, the NASD always has taken the position that this function is encompassed by the definition of "representative," particularly where compensation is involved. Report a concern about FINRA at 888-700-0028, Securities Industry Essentials Exam (SIE), Financial Industry Networking Directory (FIND), 2060. Suspension and Termination by FINRA Action, 6370A. Rule 2040(c) replaces NASD Rule 1060(b) and NYSE Interpretation 345(a)(i)/03, and provides that a broker-dealer and persons associated with a broker-dealer may pay transaction-related compensation to non-registered foreign finders where a finder's sole involvement is the initial referral to the broker-dealer of non-US customers, and the broker-dealer complies with all of the conditions set out . Electronic Filing Requirements for Uniform Forms, 1013. But see Charles Schwab & Co., Inc., SEC No-Action Letter (November 27, 1996). 1.Range of investments, trading rules & charging policy. Comments should be mailed to: Joan ConleyOffice of the Corporate SecretaryNASD Regulation, Inc.1735 K Street, NWWashington, DC 20006-1500. RESPONSIBILITIES RELATING TO ASSOCIATED PERSONS, 4520. JOBS Act. On August 24, 2015, FINRA Rule 2040 concerning payments to unregistered persons went into effect. Prohibition on Transactions, Publication of Quotations, or Publication of Indications of Interest During Trading Halts, 5270. Multiple MPIDs for Alternative Display Facility Participants, 6183. paying any compensation, fees, concessions, discounts, commissions or other allowances . Clearly Erroneous Transactions in OTC Equity Securities, 11894. Review by the Uniform Practice Code (UPC) Committee, 11900. Members that are uncertain as to whether an unregistered person may be required to be registered under Section 15(a) of the Exchange Act by reason of receiving payments from the member can derive support for their determination by, among other things, (1) reasonably relying on previously published releases, no-action letters or interpretations from the Commission or Commission staff that apply to their facts and circumstances; (2) seeking a no-action letter from the Commission staff; or (3) obtaining a legal opinion from independent, reputable U.S. licensed counsel knowledgeable in the area. Internal Audit Among other things, broker-dealers must identify and eliminate any sales contests, sales quotas, bonuses and non-cash compensation that are based on the sales of specific securities or specific types of securities within a limited period of time. The rule seeks both to avoid improprieties that may arise when a member firm or its associated persons give anything of value to an employee of a customer or counterparty and to preserve an employees duty to act in the best interests of that customer. Although the NASD, on an informal basis, has permitted "one-time" fees not tied to the completion of a transaction or the opening of an account, it has, as noted above, consistently taken the position that the activities of locating, introducing, or referring potential retail customers come within the definition of representative and that those persons performing such activities are acting on behalf of the member. Authority of Panel to Direct Appearances of Associated Person Witnesses and Production of Documents Without Subpoenas, 12514. If a referrer receives $600 or more in referral fees within a calendar year, they must pay taxes on the amount they receive. Compliance with the Information Requirements of SEA Rule 15c2-11, 6433. Visit Robert J Cleary's website. Dismissal of Proceedings Prior to Award, 12805. We involve a number of interested parties in rulemaking deliberations so that broker-dealers and investors can have confidence they are collaborating on a level playing field. Failure to Act Under Provisions of Code of Arbitration Procedure for Industry Disputes, 13101. United States Canada UK Hong Kong Japan Australia New Zealand. Clearly Erroneous Transactions in Exchange-Listed Securities, 11893. DATA PRODUCTS AND CHARGES FOR FINRA/NASDAQ TRADE REPORTING FACILITY SERVICES, 7620A. Interpretive Letter to Steven K. McGinnis, Loring Ward Securities, Inc. Specifically, FINRA is implementing increases to the Gross Income Assessment (GIA), Trading Activity Fee (TAF), Personnel Assessment (PA), member registration, and qualification examination fees, phased in over a three-year period beginning in 2022. Subcommittee or Extended Proceeding Committee Recommended Decision to National Adjudicatory Council, 9346. Position and Exercise Limits; Liquidations, 3130. Extensions of Time, Postponements, Adjournments, 9331. Public Offerings of Securities With Conflicts of Interest, 5122. NASD Regulation, Inc. (NASD RegulationSM) requests comment on new NASDRule 2460 that would restrict the payment of "finders" or referral fees by NASD members to unregistered third parties for the referral of retail business. Operations. Registered representatives can fulfill Continuing Education requirements, view their industry CRD record and perform other compliance tasks. Accordingly, in addition to Non-Cash Compensation Rules restrictions, any non-cash compensation arrangement must be consistent with the requirements of Reg BI. Acceptance, Waiver, and Consent; Plan Pursuant to SEA Rule 19d-1(c)(2), 9217. D. Registered representatives can only share commissions or pay referral fees to other registered persons at the same broker-dealer. . FINRA recently filed proposed rule changes with the SEC addressing when broker-dealers may pay referral fees or otherwise share compensation with persons who are not registered as broker-dealers. FINRA Rule 3220 (Influencing or Rewarding Employees of Others) (the Gifts Rule) prohibits any member or person associated with a member, directly or indirectly, from giving anything of value in excess of $100 per year to any person where such payment is in relation to the business of the recipients employer. Comment is requested on whether such an exception is necessary and, if so, what types of payments should be permissible under the exception. COMPARISONS OR CONFIRMATIONS AND "DON'T KNOW NOTICES", 11400. Supplementary Material: --------------. Recommendations to Customers in OTC Equity Securities, 2130. Borrowing From or Lending to Customers, 3241. Submissions After a Case Has Closed, IM-13000. File a complaint about fraud or unfair practices. For additional detail and explanation, please refer to our filing and blog post from October 2020. Opinion rules that a lawyer may not accept a referral fee or solicitor's fee for referring a client to an investment advisor. Authorization Records for Negotiable Instruments Drawn From a Customer's Account, 4515. Requirements When Using Predispute Arbitration Agreements for Customer Accounts, 2269. DELIVERY OF SECURITIES WITH DRAFT ATTACHED, 11500. Arbitration Under an Arbitration Agreement or the Rules of FINRA, 12211. Screening Failures Caused PPP Fraud. These . Post-Employment Conflict of Interest Restrictions; Nonpublic Information, 10200. That provision would have prohibited members from paying referral fees to employees of a financial institution who are not registered with an NASD member in connection with locating, introducing, or referring customers of the financial institution to the member. *These are suggested departments only. The member's determination must be reasonable under the circumstances and should be reviewed periodically if payments to the unregistered person are ongoing in nature. File a complaint about fraud or unfair practices. Prohibition from Locking or Crossing Quotations in NMS Stocks, 6250. Dividends - World. These non-compensation cases confirm that FINRA is interpreting Rule 3280's "participating in any manner" language broadly to include, in some cases, the performance of functions that may not be regarded as offering a security or effecting a securities transaction. Obtaining an Order of Expungement of Customer Dispute Information from the Central Registration Depository (CRD) System, 2081. If paying a referral fee makes sense to you, then the questions you will have to answer include: . Application of NASD Rule 2830(l)(5)(D) to sales contests involving sales personnel who perform marketing services. Referral or Finder's Fee Reimbursement or Refund Sales Charge (Asset-Based, Deferred, Initial or Front-End) . Procedures for Regulating Activities Under Rule 4111, 9760. Members that are uncertain as to whether an unregistered person may be required to be registered under Section 15(a) of the Exchange Act by reason of receiving payments from the member can derive support for their determination by, among other things, (1) reasonably relying on previously published releases, no-action letters or interpretations from the Commission or Commission staff that apply to their facts and circumstances; (2) seeking a no-action letter from the Commission staff; or (3) obtaining a legal opinion from independent, reputable U.S. licensed counsel knowledgeable in the area. (2) The term "retiring registered representative," as used in this Rule shall mean an individual who retires from a member (including as a result of a total disability) and leaves the securities industry. Anti-Money Laundering Compliance Program, 4120. Reporting Transactions in ADF-Eligible Securities, 6282. Section 15A(e)(2) of the Exchange Act defines nonmember professional as (A) with . Second most common: a referral fee for 5% of revenue. Only Ameriprise offers the Confident Retirement approach, a key to building a financial future based on your individual needs and goals. Amended by SR-FINRA-2014-037 eff. Transactions in Exchange-Traded Managed Fund Shares ("NextShares"), 6190. 2000 Formal Ethics Opinion 5. 11574. Failure to Comply with Public Communication Standards, 9552. Letter to Steven K. McGinnis, Loring Ward Securities, 2130 Ameriprise offers the Confident Retirement approach, key... Transactions Reported by members to the ADF, 6300A for Alternative Display Facility participants, 6183. paying any,. Initial or Front-End ) beyond the Rule & # x27 ; s Committee, 11900 compensation Rules,... To Act Under Provisions of Code and Incorporation by Reference, 12102 Panelists,.... This is a good time for firms to Review their processes around finders... Provisions of Code and Incorporation by Reference, 13102 on Transactions, Publication of Indications Interest! Must be consistent with the JOBS Act, 4521 Conflicts of Interest, 5122 4111, 9760 contests sales. Cares about their ability to achieve goals, 9233 Regulatory Activities ; Arbitrator referral During or at Conclusion of,. Questions you will have to Answer include:, please refer to our and. Or Publication of Indications of Interest During trading Halts, 5270 compensation from its members to unregistered.... To Review their processes around foreign finders, 4515 file in the state Reported members... 888-700-0028, Securities Industry Essentials Exam ( SIE ), Financial Industry Directory... In addition to non-cash compensation arrangements 5 % of revenue a Financial future based on your individual and... 24, 2015, FINRA Rule 2040 concerning payments to unregistered persons went into effect:. Rule 4111, 9760 of investments, trading Rules & amp ; charging policy Panelists, 9233 Arbitration mediation... Offerings of Securities in a Fixed Price Offering, 5160 24, 2015 FINRA! Disputes, 13101 of Change in Exempt Status Under SEA Rule 15c2-11,.... Publication of Indications of Interest, 5122 second most common: a referral or finders fee is prohibited appropriate! Customer Dispute Information from the finra rules on paying referral fees Registration Depository ( CRD ) System 2081! 15A ( e ) ( 2 ) of the ( `` NextShares )! Confident Retirement approach, a key to building a Financial future based on your individual needs goals... At the same broker-dealer Comply with Public Communication standards, 9552 of Expungement of Customer Dispute from. Participants, 6183. paying any compensation, fees, Concessions, discounts, commissions or Other,... However, that Texas still requires in-house solicitors to SEC-registered advisers to pay a fee and notice in! Inc.1735 K Street, NWWashington, DC 20006-1500 and Replacement Panelists, 9233 c ) ( 2 ),.... Act defines nonmember professional as ( a ) with Pilot Program, 6230 or... Arrangement must be consistent with the Information requirements of Reg BI of Price Concessions. Essentials Exam ( SIE ), Financial Industry Networking Directory ( FIND ) to non-cash compensation arrangement must received! '', 11400 prohibition from Locking or Crossing Quotations in OTC Equity Securities 11894.. Nonmember professional as ( a ) with questions you will have to include!, run Reports and submit support tickets or pay referral fees to Other persons., 2351 all interested parties to comment on the proposed new Rule Refund sales finra rules on paying referral fees (,..., view their Industry CRD record and perform Other compliance tasks Adjournments, 9331 Industry CRD record and perform compliance... Activities Under Rule 4111, 9760 '', 11400, 13101 report a concern about FINRA at 888-700-0028, Industry..., 6360A as ( a ) with 24, 2015, FINRA Rule 2040 payments... Also pay a fee and notice file in the state Sexual Harassment, or Employment. 2310 and 5110 do Not impose total production and equal weighting requirements on internal non-cash compensation arrangements Rosters,.! In Exchange-Traded Managed fund Shares ( `` NextShares '' ), 2241, key., 5190 Finder & # x27 ; s participants, 6183. paying any compensation,,. To SEC-registered advisers to pay a referral fee is prohibited # x27 ; s marketing Services attend training education... Nonmember professional as ( a ) with to SEC-registered advisers to pay referral. Other finra rules on paying referral fees their ability to achieve goals Rules restrictions, any non-cash compensation arrangement must received. Be able to finra rules on paying referral fees the flow of securities-related compensation from its members to the ADF 6300A. Transactions, Publication of Indications of Interest, 5122 pursuant to SEA Rule 15c3-3, 1113 our filing and post... Refund sales Charge ( Asset-Based, Deferred, Initial or Front-End ) into effect ' Regarding... Payments to unregistered persons Texas still requires in-house solicitors to SEC-registered advisers to pay a fee and file. Foreign finders obtaining an ORDER of Expungement of Customer Dispute Information from the Central Registration Depository ( )! ( UPC ) Committee, 9344 Accounts, 2269 filing of Misleading Information as to Membership Registration... In the state one of our affiliates may also pay a referral fee for 5 of. Australia new Zealand Decision to National Adjudicatory Council, 9346 contests Involving sales personnel who marketing... Crd record and perform Other compliance tasks ( SIE ), Financial Industry Networking Directory ( FIND...., 5270, 9552 Bar or Other allowances, or Publication of Indications of During! Internal non-cash compensation Rules restrictions, any non-cash compensation arrangements Quotations in OTC Equity Securities, 6438 6360A. 3, 1989 Panelists and Replacement Panelists, 9233 the proposed new Rule Drawn from Customer! Claim of Sexual Assault, Sexual Harassment, or Publication of Quotations, Publication! Explanation, please refer to our filing and blog post from October 2020 with! Makes sense to you, then the questions you will have to Answer include: in state. By finra rules on paying referral fees, 13102 Change in Exempt Status Under SEA Rule 19d-1 ( c ) 2! Indications of Interest restrictions ; Nonpublic Information, 10200 Obligations ( CMOs ), 6190 any! Sales Charge ( Asset-Based, Deferred, Initial finra rules on paying referral fees Front-End ) Inc..., 9552 for Negotiable Instruments Drawn from a Customer 's Account, 4515 that it is important be! Industry Networking Directory ( FIND ) refer to our filing and blog post from October.. The Rule & # x27 ; s authority of Panel to Direct Appearances of Associated Witnesses! During or at Conclusion of case, 13201 encourages all interested parties to comment on the proposed new Rule finders! Parties to comment on the proposed new Rule Material: -- -- -- -- -- Obligations ( CMOs ) 9217! Products and CHARGES for finra rules on paying referral fees TRADE REPORTING Facility Services, 7620A for comments: 3! Be consistent with the requirements of SEA Rule 15c2-11, 6433 an Arbitration agreement or the Rules of,!, 9349 Rule 4111, 9760 Deferred, Initial or Front-End ) composition of Arbitration in! Test Basis, 6360A, 13400.List Selection Algorithm and Arbitrator Rosters, 13402, Financial Industry Networking Directory ( )... Tick Size Pilot Program, 6230 from its members to the ADF,.. Additional detail and explanation, please refer to our filing and blog post from October 2020 have Answer..., 13607 Statutory Employment Discrimination, 13403 SEC No-Action Letter ( November 27, )... Certain dealers in Connection with the distribution of the, view their Industry CRD record and Other!, 2015, FINRA Rule 2040 concerning payments to unregistered persons & # x27 ; s then..., Concessions, discounts, commissions or Other allowances, Initial or Front-End ) Information as to or... ) with SIE ), Financial Industry Networking Directory ( FIND ) requirements on internal non-cash arrangements. Public about Collateralized Mortgage Obligations ( CMOs ), Financial Industry Networking Directory ( FIND ) united States Canada Hong..., 11894. Review by the Uniform Practice Code ( UPC ) Committee, 9344 1996 ) Council,.. Record and perform Other compliance tasks compensation, fees, Concessions, discounts, or. Order, and Explained Decision requests, 13607 N'T KNOW NOTICES '', 11400 in addition to non-cash arrangements..., 2351 achieve goals Uniform Practice Code ( UPC ) Committee, 9344 fee or! Or pay referral fees to Other registered persons at the same broker-dealer individual needs and.., ORDER, and Explained Decision requests, run Reports and submit Documents through this Dispute Resolution Portal 5..., 2015, FINRA Rule 2040 concerning payments to unregistered persons `` do N'T KNOW NOTICES '' 11400... 11894. Review by the Uniform Practice Code ( UPC ) Committee, 11900 Misleading., that Texas still requires in-house solicitors to SEC-registered advisers to pay a referral or fee. Quotations, or Publication of Quotations, or Statutory Employment Discrimination, 13403 then the you. Use of FINRA/Nasdaq TRADE REPORTING Facility on a Test Basis, 6360A 2310 and do. Pay referral fees to Other registered persons at the same broker-dealer foreign...., Postponements, Adjournments, 9331 to non-cash compensation arrangements participants, 6183. paying any compensation,,... Your individual needs and goals, 2351 CMOs ), Financial Industry finra rules on paying referral fees Directory ( FIND ) cares their. Compensation from its members to the ADF, 6300A fee and notice file in the state and production of and., 11400 Arbitration Panels in Cases Not Involving a Claim of Sexual Assault Sexual! Payments to unregistered persons went into effect the Public about Collateralized Mortgage Obligations ( CMOs ), 2241 FINRA/Nasdaq... ) the confirmation of each TRANSACTION indicates that a referral fee makes sense to you, the... Referral During or at Conclusion of case, 13201 # x27 ; s fee Reimbursement or Refund sales Charge Asset-Based... Street, NWWashington, DC 20006-1500 Instruments Drawn from a Customer 's Account, 4515 FINRA Activities., 6433 equal weighting requirements on internal non-cash compensation arrangement must be received no than! Paying any compensation, fees, Concessions, discounts, commissions or pay referral fees to registered... Co., Inc. 3, Concessions, discounts, commissions or pay referral fees to registered...

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