FINRA Notice March 2015: New Background Checks Rule

New consolidated ruling on Background Checks: effective July 1, 2015

What’s it about: Background Checks –  New consolidated rules on mandatory background checks for individual registration.

Explanation:  The Securities and Exchange Commission has approved FINRA Rule 3110(e), which requires member firms to conduct independent background checks on candidates applying for registration with the member firm. FINRA Rule 3110(e) also requires member firms to adopt written supervisory procedures designed to verify the accuracy and completeness of a candidate’s Form U4.

When is it effective:  July 1, 2015

Additional:  FINRA rule 3110.15 temporarily allows refunds to member firms assessed late fees for the late filing of responses to Form U4 Question 14M, subject to conditions.

Read the Rule:  FINRA Rule 3110(e) effective July 1, 2015 –

RND Resources, Inc. – the leading Securities Brokerage Professionals. RND is devoted exclusively to providing accounting, back office support, registration, and compliance services to the investment community.

At RND, we can be your sole source for expertise necessary to efficiently organize your accounting, back office, and compliance functions. We integrate business planning, compliance, operations, trading and registration services using veteran compliance and registration specialists, and proprietary tools.

Need advice from one of our compliance experts? Contact us for assistance following the new background check rules and filing for your late fee assessment refund.

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