FINRA Comment Letter – Regulatory Notice 14-09; Limited Corporate Financing Broker (LCFB)
The Financial Industry Regulatory Authority (FINRA) published Regulatory Notice 14-08 (Regulatory Notice) seeking comments on a proposed rule set (Proposed Rule Set”) for member firms that meet the definition of “limited corporate financing broker” (LCFB). It is a positive sign that FINRA acknowledges that LCFB firms do not in fact expose investors and the markets to the same risk as firms who do carry or maintain customer accounts, handle customers’ funds or securities, accept customers’ trading orders, engage in proprietary trading or market-making or actually market securities products to investors. As the primary focus of The LeGaye Law Firm PC is the representation of professionals in the securities industry with respect to regulatory compliance and securities law matters, we respectfully offer the comments set forth below in response to the Regulatory Notice. The opinions expressed herein are our own and do not necessarily reflect the opinions of any of our clients.