The Financial Industry Regulatory Authority (“FINRA”) announced new rules aimed at member firms and registered representatives who have unpaid FINRA arbitration awards. Pursuant to the new rules, FINRA may deny new membership to a firm or registered representative if that rep or firm has pending arbitration claims against them in which there is a concern about payment of a potential award. Additionally, the new rule will require firms with substantial unpaid arbitration awards to submit an application for continued FINRA membership and also subject these firms to heightened scrutiny by FINRA if those firms try to shift assets, management or owners to another firm.
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