Wall Street's industry-funded regulator has released guidance to clarify certain compliance and regulatory issues for Wall Street brokerages in the aftermath of Hurricane Sandy.
The Financial Industry Regulatory Authority posted the guidance on its website as many brokerages and the regulator itself grapple with conditions in a flood-ravaged lower Manhattan, among other issues.
FINRA, itself, cannot access its offices in lower Manhattan, where its staff processes brokerage applications.
The massive storm Sandy slammed into the U.S. East Coast late Sunday and into Monday, causing widespread damage, and it has left many firms in the heart of the U.S. financial center in lower Manhattan still without power on Friday.
FINRA is encouraging brokerages unaffected by Sandy to make office space available to others that have been displaced. Brokerages that relocate staff to temporary locations should use their "best efforts" to notify FINRA, in writing, of those locations,
This article is only available in full to Compliance Complete
North America Subscribers who are logged in.
Please log in to see if you can view this content.