Reg BI Expulsion Shows FINRA Is on the Offensive

On May 12, 2023, the Financial Industry Regulatory Authority (FINRA) announced its first ever expulsion under Regulation Best Interest (BI), of member SW Financial, and a settlement with its CEO and majority shareholder, Thomas Diamante. Read this article for details about the charges against SW Financial and against its CEO and majority shareholder, primarily for conduct occurring from 2018 through 2021, as well as FINRA’s enforcement standard and reaffirmed focus on Reg BI violations.

Read now »

Related Content

• Market Trends 2022/23: Regulation Best Interest
  Keep up with Reg BI’s FINRA compliance and enforcement trends.

• Prohibited Trading Practices (Broker-Dealer) Checklist
  Use this quick reference checklist when representing FINRA members.

• FINRA Regulations
  Get the details on registration, conduct rules, marketplace rules, and more.

• Broker-Dealer Federal Regulation Compliance
  Help your clients manage the full spectrum of broker-dealer regulation.

Practical Guidance Updates 
Featuring the latest updates from your Practical Guidance account. 

• Generative Artificial Intelligence (AI) Resource Kit offers a collection of current practical guidance on generative AI, ChatGPT, and similar tools.
• Bank Failure Resource Kit assembles Practical Guidance resources covering topics related to the recent bank failures.
• The Practical Guidance Journal Second Edition 2023 includes legal developments on generative AI, bank failure impacts, and the risks created by crypto-assets.
• Check out the new Practical Guidance Author Center! Learn about the 1750+ leading attorney authors contributing to our 23 practice areas and find out how you can Become a Practical Guidance Author.

PRACTICAL GUIDANCE CUSTOMER EMAIL EDITION ON THE WEB

Experience results today with practical guidance, legal research, and data-driven insights—all in one place.

Experience Lexis+