Tagged: finra

Private Securities Marketplace Forge Global Receives FINRA Approval to Operate as Single Broker Dealer

Forge Global, a multinational private securities marketplace, has revealed that it has acquired the Financial Industry Regulatory Authority’s (FINRA) approval to offer services as a single broker dealer with SharesPost after a merger last year. Forge Global has also finalized an oversubscribed investment round of… Read More

GameStopped Hearing Part III: What’s Next for Policymakers?

Today was the 3rd, and perhaps final, hearing held by the House Committee on Financial Services regarding the GameStop (NYSE:GME) sage regarding short selling by traders chatting on Reddit. As most people are aware, investors on subreddits like Wallstreetbets, combined to drive the value of… Read More

Number of FINRA Regulated Funding Portals Holds Steady as Crowdfunding Industry is Poised for Growth in 2021

Periodically, Crowdfund Insider reviews the number of FINRA regulated funding portals operating in the Regulation Crowdfunding (Reg CF) funding sector. A funding portal is a new entity created by the JOBS Act of 2012 designed specifically to issue securities under Reg CF. The last time… Read More

Robinhood being Investigated by US Regulators over Trading Restrictions, Options Trading Policies

Robinhood Markets Inc, the leading zero-fee stock trading app provider, stated on Friday (February 26, 2021) that US regulatory authorities were investigating the firm’s temporary trading restrictions on these so-called “meme stocks” earlier in 2021. These activities have come under increased scrutiny as the shares… Read More

Robinhood Could IPO as Soon as March 2021

Robinhood Markets Inc., the digital investment and trading platform that’s largely behind or at least part of the trading frenzy in GameStop Corp.’s company shares, is reportedly planning to file confidentially for an IPO at some point next month or later, according to Bloomberg which… Read More

Netshares Scores Approval by FINRA to Operate as a Broker-Dealer and Crowdfunding Portal

Netshares Financial Services, a U.S.-based digital investment bank and regulation crowdfunding (Reg CF) platform, announced earlier this week that the Financial Industry Regulatory Authority (FINRA) has approved its New Membership Application to commence operations as a registered broker-dealer. Netshares revealed that it will bring offering… Read More

Reg CF: 62 FINRA Regulated Crowdfunding Portals. How Many Will Endure?

To issue securities under Reg CF (Regulation Crowdfunding), a platform must either be a FINRA regulated funding portal or a broker-dealer. In this sector of online capital formation, both types of regulated entities issue securities under this rule. Periodically, we re-visit the number of FINRA… Read More

Openfinance Securities Receives FINRA Approval for Updated Digital Securities Alternative Trading System (ATS)

Openfinance Securities, LLC, the Broker-Dealer and ATS behind the Openfinance digital securities trading platform, announced on Friday it has received approval for digital securities trading enhancements to its membership agreement with FINRA, relying upon the SEC’s recent Staff no-action letter clearing Openfinance’s digital ATS business… Read More

SEC Issues No Action Letter to FINRA Regarding ATSs and Digital Asset Trading

The Securities and Exchange Commission (SEC), Division of Trading and Markets, issued a no-action letter to FINRA yesterday afternoon that impacts certain trading platforms that serve as markets for digital assets that are securities. FINRA is a self-regulatory entity that coordinates with the SEC regarding… Read More

tZERO Approved by FINRA to Offer Retail Brokerage Services

tZERO, a subsidiary of Overstock (NASDAQ:OSTK), has received approval from the Financial Industry Regulatory Authority (FINRA) to offer retail brokerage services for digital securities and provide issuers with investment banking and placement agent services in connection with capital raising activities. tZERO CEO Saum Noursalehi called… Read More

Reg CF: The Number of FINRA Regulated Funding Portals Increases as Investment Crowdfunding Grows

  The number of FINRA regulated funding portals continues to increase. Created by the JOBS Act of 2012, a “funding portal” is a bit like a broker-dealer light and may offer securities under Reg CF (Regulation Crowdfunding). While an approved broker-dealer may sell securities under… Read More

Regtech Software Provider iComply Lists in the FINRA Compliance Vendor Directory

Canadian regtech company iComply Investor Services announced on Wednesday its listing in the Financial Industry Regulatory Authority (FINRA) Compliance Vendor Director, which notably features vendors that offer products, solutions, and services to firms overseen by the U.S. regulator. Founded in 2017, iComply claims to be the… Read More

Reg CF Chatter: There are a Flood of New Funding Portal Applications

Word on the street is there has been a recent increase in applications to become a FINRA regulated Funding Portal. A funding portal is a relatively new entity created under the JOBS Act of 2012. Funding portals may raise capital under Regulation Crowdfunding, commonly referenced… Read More

FINRA Posts Paper on ArtificiaI Intelligence in Financial Services, Requests Comments

FINRA’s Office of Financial Innovation has posted a report on Artificial Intelligence (AI) and the securities industry. Financial services firms are incorporating AI into a growing number of services. FINRA is seeking to engage with this sector of Fintech to better understand the impact on… Read More

On Anniversary of Reg CF, there are Now 51 Active Funding Portals. Almost 1,500 companies Have Raised $367 Million

This past week, Reg CF (or Regulation Crowdfunding) celebrated its 4th birthday. Reg CF is one of three securities crowdfunding exemptions that were created by the JOBS Act of 2012. While Reg CF became law back in 2012, it took the Securities and Exchange Commission… Read More

Once an Advocate of Reg A+, Tripoint Global Equities Shutters Broker Dealer

Tripoint Global Equities, an early advocate of issuing securities under updated rules for Reg A+, has filed with the Securities and Exchange Commission to shut down its broker-dealer . The information was part of a recently filed Focus report. To quote the document: “On March 13,… Read More

Fintech AlphaPoint Raises $5.6 Million, FINRA Board of Governors Member Joins AlphaPoint Board

AlphaPoint, a Fintech that powers digital asset exchanges, has raised an additional $5.6 million in new funding, according to a note from the company. Simultaneously, AlphaPoint has announced a significant appointment as FINRA Board of Governors Member, and CEO of Janney (a wealth management firm),… Read More

There are Now Three Reg CF Funding Portals that Have Been Suspended Due to Unpaid FINRA Fees

The number of FINRA regulated “funding portals,” investment crowdfunding platforms that have been approved to issue securities under Reg CF, has continued to move upward since the new entity was created under the JOBS Act of 2012. Today, there are well over forty funding portals…. Read More

US-based Digital Asset Brokerage Firm BitOoda Acquires $7 Million via Seed Round Including Contributions from Former JPMorgan Exec

US-headquartered digital asset brokerage firm BitOoda has acquired $7 million in capital from several large investors including a former senior investment executive at JPMorgan, the world’s sixth-largest bank. Established in 2017, BitOoda is an established crypto-asset financial services provider that aims to leverage applied science… Read More

FINRA Slams Robinhood with $1.25 Million Fine for Trade Order Routing Shortcomings

FINRA, the regulator for US broker-dealers, has slapped Robinhood – a Fintech trading platform, with a $1.25 million fine for violations pertaining to order routing. While long rmored inside the industry, Robinhood has been assesed the penalty due to “best execution violations.” Robinhood is a… Read More

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