FINRA

Alabama-based Frazer Lanier failed to detect a $500 political contribution by one of the firm's muni finance professionals from a joint checking account, FINRA said.

Independent Financial Group, LLC failed to ensure its employees were offering low-cost options to retail customers looking to rollover a 529 plan to another state.

Panelists at the SEC, FINRA and MSRB joint Compliance Outreach Program looked at the state of municipal advisor regulation and how the Commission could respond going forward.

Drexel Hamilton and four of its representatives were charged by the Financial Industry Regulatory Authority for violating the retail order period eligibility criteria set by municipalities.

Rudy MeJia Jr. has been fined and given an eight-month suspension from associating with any FINRA member firm for failing to disclose that he opened a private investment pool and was receiving commission for sales on behalf of it.

The banking giant has been fined for reporting 65,335 municipal securities transactions that it shouldn't have, violating MSRB Rule G-14 on customer transaction reporting and MSRB Rule G-27 on supervision.

The Financial Industry Regulatory Authority found that the firm had not included the non-transaction-based compensation indicator on 23,000 municipal securities transactions.

Dealers are welcoming the widening of the exceptions to manual trades and de minimis trading activity but are still asking regulators to prove why such a move is necessary.

The Financial Industry Regulatory Authority adds Morgan Stanley to the growing list of firms charged with mark-up and mark-down failures on municipal securities transactions.

The amendments to MSRB rule A-12 on registration would cause bank dealers to disclose associated persons, the same requirements that currently apply to non-bank dealers.