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Finra Home Office Plan Could Let Advisors 'Skirt the Rules,' Group Warns  

Wednesday, Dec 07 2022
Regulatory & Compliance
Written by  PFA News

The Financial Industry Regulatory Authority’s proposal to classify home offices as non-branch locations is “fundamentally flawed” and “leaves considerable opportunity for advisors working from home to skirt the rules,” the Public Investors Advocate Bar Association contends. So reports Think Advisor.

finra 2PIABA President Hugh Berkson wrote in a November 22 comment letter to the SEC that the regulator should reject Finra’s proposed change, which would permit a home office to be deemed a non-branch “residential supervisory location” under particular circumstances.

“There are some things that technology cannot detect, but would be found with little difficulty through an in-person audit,” said Berkson, whose bar association represents investors.

Read the full article from Think Advisor. 

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