{"id":1259,"date":"2019-04-24T13:26:27","date_gmt":"2019-04-24T13:26:27","guid":{"rendered":"https:\/\/www.bfvlaw.com\/finra-guidance-helps-departing-brokers\/"},"modified":"2019-04-24T13:26:27","modified_gmt":"2019-04-24T13:26:27","slug":"finra-guidance-helps-departing-brokers","status":"publish","type":"post","link":"https:\/\/www.bfvlaw.com\/finra-guidance-helps-departing-brokers\/","title":{"rendered":"FINRA Guidance Helps Departing Brokers"},"content":{"rendered":"

On April 5, 2019, FINRA<\/a> provided guidance on customer communications related to departing registered representatives.\u00a0 The full text of the Regulatory Notice can be found here:\u00a0 FINRA Regulatory Notice<\/a>.\u00a0 <\/span><\/p>\n

\u00a0<\/span>Member firms and registered representatives need to be aware of this development as it will have a significant impact on departures by registered representatives for rival firms.\u00a0 According to the Notice: \u201cFINRA has consistently sought to ensure that customers can make a timely and informed choice about where to maintain their assets when their registered representative \u2026 leaves a member firm.\u201d\u00a0 Therefore, according to the Notice, FINRA expects the following:<\/p>\n

    \n
  1. In the event of a registered representative’s departure, the member firm should promptly and clearly communicate to affected customers how their accounts will continue to be serviced; and<\/li>\n
  2. The firm should provide customers with timely and complete answers, if known, when the customer asks questions about a departing registered representative.<\/li>\n<\/ol>\n

    This guidance from FINRA represents a significant development for registered representatives moving from one firm to another.\u00a0 Counsel should consider the implications of this guidance when advising firms and representatives with respect to their rights and obligations relative to any noncompete and customer non-solicitation covenants.\u00a0 The Notice could also have implications for trade secret claims against departing representatives which must be considered.<\/p>\n","protected":false},"excerpt":{"rendered":"

    On April 5, 2019, FINRA provided guidance on customer communications related to departing registered representatives.\u00a0 The full text of the Regulatory Notice can be found here:\u00a0 FINRA Regulatory Notice.\u00a0 \u00a0Member firms and registered representatives need to be aware of this development as it will have a significant impact on departures by registered representatives for rival […]<\/p>\n","protected":false},"author":5,"featured_media":1260,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_mo_disable_npp":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[4,195,6],"tags":[],"acf":[],"yoast_head":"\nFINRA Guidance Helps Departing Brokers - Berman Fink Van Horn P.C.<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bfvlaw.com\/finra-guidance-helps-departing-brokers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FINRA Guidance Helps Departing Brokers - Berman Fink Van Horn P.C.\" \/>\n<meta property=\"og:description\" content=\"On April 5, 2019, FINRA provided guidance on customer communications related to departing registered representatives.\u00a0 The full text of the Regulatory Notice can be found here:\u00a0 FINRA Regulatory Notice.\u00a0 \u00a0Member firms and registered representatives need to be aware of this development as it will have a significant impact on departures by registered representatives for rival […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.bfvlaw.com\/finra-guidance-helps-departing-brokers\/\" \/>\n<meta property=\"og:site_name\" content=\"Berman Fink Van Horn P.C.\" \/>\n<meta property=\"article:published_time\" content=\"2019-04-24T13:26:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.bfvlaw.com\/wp-content\/uploads\/2022\/06\/Finra.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"667\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Berman Fink Van Horn\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Berman Fink Van Horn\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.bfvlaw.com\/finra-guidance-helps-departing-brokers\/\",\"url\":\"https:\/\/www.bfvlaw.com\/finra-guidance-helps-departing-brokers\/\",\"name\":\"FINRA Guidance Helps Departing Brokers - 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