FINRA proposed updating its Manual to reflect the new FINRA subsidiary, FINRA CAT LLC, an entity designed to further FINRA's compliance "with respect to the creation, operation and maintenance of a central [customer and order data] repository." The new entity is intended to be a dedicated resource solely for carrying out FINRA's obligations as Plan Processor of the consolidated audit trail ("CAT"). The update will take account of the governance procedures for the new subsidiary. In particular, the proposal would: codify the delegation of certain responsibilities and functions to FINRA CAT, LLC

Pursuant to Executive Order 13224, OFAC designated two individuals and three entities for "acting as conduits for sanctions evasion schemes" for Hizballah finances. The various entities and individuals were based in Belgium, the UK and Lebanon. OFAC stated that the two individuals and three entities designated are subject to "secondary sanctions" pursuant to the Hizballah Financial Sanctions Regulations. As a result of OFAC's action, all property and interests in property of the designated persons, or of any entity that is owned by one or more designated persons, that are in the United States

FINRA formed a new Office of Financial Innovation to serve as a "central point of coordination" for matters related to emerging uses for FinTech. FINRA stated that the new Office will oversee "outreach to FINRA stakeholders, training of FINRA staff, research and publications, internal coordination across FINRA, and collaboration with other regulators." Haimera Workie will head the new office. He is currently Senior Director at FINRA and was previously the Deputy Associate Director in the SEC Division of Trading and Markets.

The North American Securities Administrators Association ("NASAA") warned investors of the risks associated with "cross-selling" ( i.e., a common sales technique that "lures investors into purchasing securities related to the original investment"). In an Investor Advisory, NASAA stated that cross-selling may be mutually beneficial when done correctly. However, NASAA noted, trying to "push a product" that is outside an investor's scope of knowledge can mislead the investor. NASAA set out the following red flags: unregistered investment professionals and unregistered products; aggressive sales

A broker-dealer agreed to settle FINRA charges for neglecting to identify and apply available sales charge waivers on mutual fund shares to eligible retirement accounts and charitable organizations. In addition, FINRA alleged that the broker-dealer failed to have an adequate supervisory system designed to ensure that eligible customers received applicable sales charge waivers. According to the Letter of Acceptance, Waiver and Consent, FINRA acknowledged the "extraordinary cooperation" of Voya Financial Advisors, Inc. ("Voya") for having, among other things, (i) initiated an investigation to