April 14, 2021

Volume XI, Number 104

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April 13, 2021

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April 12, 2021

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FINRA Conducts Review of Waiver and Rebate Systems and Procedures with Respect to Mutual Fund ROR Purchases

The Financial Industry Regulatory Authority (FINRA) announced that it is conducting a review of firms’ systems and procedures for providing waivers and rebates to customers through Rights of Reinstatement (ROR) on mutual fund purchases. The ROR generally allows customers to redeem mutual fund shares and reinvest the proceeds in the same fund or another fund in the same fund family with a waiver or rebate of sale fees within a certain period of time.

As part of FINRA’s review process, firms that receive an information request will be required to respond to a series of questions.

Additional information and FINRA’s information request questions are available here.

 

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©2021 Katten Muchin Rosenman LLPNational Law Review, Volume X, Number 318
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About this Author

Susan Light, Katten Law Firm, Finance Law Attorney, New York
Partner

Susan Light focuses her practice on financial services regulatory matters. She counsels broker-dealers, hedge funds, investment banks and financial services clients on enforcement issues involving the Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA), other self-regulatory organizations (SROs) and state and federal regulatory authorities. She has particular experience related to sales practice issues, financial and operational issues, anti-money laundering, crowdfunding, cybersecurity, and cryptocurrencies.

...
212-940-8599
Michael T. Foley, Katten, Lawyer, Finance, FINRA, Chicago
Special Counsel

Michael Foley represents broker-dealers, investment advisers and other financial services industry participants with respect to a broad spectrum of legal and regulatory matters arising under the federal securities laws.

Michael has nearly 20 years of experience in private practice and in-house at both a large, full-service broker-dealer and at an online discount broker-dealer, advising broker-dealers and other financial institutions regarding compliance with the federal securities and commodities laws, and with the regulations of the US Securities and Exchange...

312-902-5452
Associate

Timothy Kertland concentrates his practice on transactional, corporate and regulatory aspects of financial services matters. Timothy is able to provide legal services to a wide variety of clients including proprietary trading firms, hedge funds, broker-dealers, registered investment advisers, and commodity trading advisers.

While in law school, Timothy served as an editor of the Virginia Tax Review. As a first-year law student, he represented the University of Virginia School of Law at the National...

312-902-5343
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