Insights & Regulatory Updates
D.C. Circuit Issues Long-Awaited Decision in Alpine v. FINRA
On November 22, 2024, the D.C. Circuit issued a landmark decision in Alpine Securities Corporation v. FINRA, a case that examines the constitutional boundaries of the Financial Industry Regulatory Authority’s (FINRA) enforcement powers. The ruling enjoined FINRA from expelling Alpine Securities Corporation without prior SEC review, emphasizing the limitations of expedited enforcement proceedings under the nondelegation doctrine.
Understanding FINRA's Membership Application Program: A Guide to Joining the Broker-Dealer Industry
In the world of securities trading, the Financial Industry Regulatory Authority (FINRA) plays a crucial role in maintaining market integrity and protecting investors. One of the key components of this oversight is FINRA’s Membership Application Program (MAP). Here, we delve into what MAP entails, the process firms must go through to gain membership, and the role it plays in safeguarding the industry.