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Banking & Financial Services

19 November 2019
Lloyd Harmetz FINRA fines broker-dealer for unsuitable sale of complex securities

USA - Morrison & Foerster LLP

The Financial Industry Regulatory Authority recently censured and fined a Florida-based broker-dealer, including for failing to reasonably supervise sales of complex securities such as structured products and leveraged, inverse and inverse-leveraged exchange-traded funds. This case illustrates the need for broker-dealers to establish and enforce proper surveillance systems and written procedures to ensure the suitability of their sale recommendations.

Authors: Lloyd Harmetz, Yiyang Huang, James Schwartz, Jeremy Jennings-Mares
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