FINRA proposed Rule 2273 would establish an obligation by a member firm to deliver an educational communication in connection with recruitment practices and account transfers. A registered representative who changes jobs will often contact former customers and encourage them to transfer their assets to the firm that recruited the representative. Proposed Rule 2273 would require that the new firm inform the customer of potential costs that may be incurred. Accordingly, the proposed rule change would require the delivery of an educational communication to customers by the recruiting firm. The

The FDIC reminded banks and other supervised institutions of its new rule on filing requirements and processing procedures in connection with changes in control. The new rule goes into effect on January 1, 2016. The rule consolidates and conforms the regulations of state nonmember banks, state savings associations and certain parent companies, and is intended to make existing FDIC practices more transparent. The rule adopts definitions for previously undefined terms, such as "Acting in Concert," "Convertible Securities" and "Voting Securities." Under the rule, the acquisition of convertible

The FINRA Dispute Resolution Task Force made its final recommendations for improving the FINRA arbitration forum. Members of the task force include counsel who represent investors and counsel who represent securities firms, as well as arbitrators, a mediator, a state regulator, an academic and a consumer advocate. The task force's 51 recommendations included the following: an increase in arbitrator honoraria from $300 to $500 per session (or $600 to $1,000 a day); increasing the number of disputes in which an explained decision would be required; the creation of a pool of trained and

The Office of the Comptroller of the Currency ("OCC") issued a report titled " Semiannual Risk Perspective for Fall 2015." According to the report, risks associated with underwriting and cybersecurity are increasing, while strategic, compliance and interest rate risks remain stable. The report addresses key issues faced by banks and presents the following findings: The Operating Environment. Competitive pressures, the search for revenue growth and an ongoing low-interest-rate environment continue to challenge bank risk management and influence appetites for risk. In this environment, banks

The MSRB and FINRA proposed rules and amendments that would prohibit finance professionals from obtaining business through political contributions (pay to play). The MSRB proposed a change to existing Rule G-37 (Political Contributions and Prohibitions on Municipal Securities Business) that would allow the rule to apply to municipal advisors and to solicitors associated with dealers or municipal advisors. The MSRB also advanced related amendments to MSRB Rules G-8 (Books and Records to Be Made by Brokers, Dealers and Municipal Securities Dealers) and G-9 (Preservation of Records), as well as