FINRA’s Acceptance, Waiver and Consent Settlement (AWC)-Part 2

Posted on December 5th, 2016 at 9:32 AM
FINRA’s Acceptance, Waiver and Consent Settlement (AWC)-Part 2

From the Desk of Jim Eccleston at Eccleston Law LLC:

This is the second of three posts to discuss FINRA Rule 9216. This post will discuss the “waiver” portion of the rule related to regulatory (disciplinary) settlement agreements.

As the term implies, the “waiver” portion of the AWC occurs once the financial advisor accepts the sanctions (the “acceptance” we previously discussed), and now is waiving any right to claim bias or prejudgment of the General Counsel, the National Adjudicatory Council, or any member of the National Adjudicatory Council.

Moreover, it is important to note that even if the AWC eventually is rejected by FINRA, the financial advisor still will be bound by the waiver for any conduct occurring during the period beginning on the date the AWC was executed and submitted and ending upon the date of the rejection of the AWC.  

The attorneys of Eccleston Law LLC represent investors and advisers nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of securities for financial advisors including breakaway broker servicesemployment mattersstrategic consulting and counselingbroker litigation and arbitration,whistleblower actions, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.  

Related Attorneys: James J. Eccleston

Tags: Eccleston, Eccleston Law, Eccleston Law LLC, James Eccleston, FINRA, Rule 9216, waiver, AWC, financial advisor, General Counsel, National Adjudicatory Council,

Return to Archive

TESTIMONIALS

Previous
Next

I have the best legal firm in the country to defend me. Awesome job!

Cindy C.

LATEST NEWS AND ARTICLES

October 26, 2021
Former Advisor Fails To Reverse Bar After Alleged $1 Million Theft From RBC

A former RBC Wealth Management advisor lost his bid to reverse an industry bar, according to an appellate decision issued by the Financial Industry Regulatory Authority (FINRA).

October 25, 2021
Firms Walk Thin Regulatory Line In Referring Self-Directed Clients To Advisors

While online trading platforms have surged in popularity during the pandemic, brokerage firms view self-directed investors as a source of new clients.

October 22, 2021
TIAA Sues Former Advisors For Allegedly Soliciting Clients

Teachers Insurance and Annuity Association of America (TIAA) filed suit against three of its former Connecticut advisors for allegedly soliciting TIAA clients to join them at their new firm.