Looking to extend your firm’s reach overseas to expatriates and foreign nationals? The Financial Industry Regulatory Authority (FINRA) is warning you to look before you leap. Both U.S. and foreign regulators may have jurisdiction over U.S. firms soliciting foreign citizens, greatly complicating compliance for cross-border operations.
FINRA recently issued Notice to Members 11-34 (NTM 11-34), reminding members that, whether they’re soliciting business on or offshore, they’re still bound by U.S. law—regardless of whether foreign law permits an activity. The notice, issued at the end of July, reaffirms prior notice NTM 00-02.
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For previous coverage of the debt talks in Advisor’s Journal, see Democrats Call Debt Limit Unconstitutional (CC 11-134), Debt Limit Standoff Boils Over (CC 11-115) and Storm Clouds over U.S. Debt (CC 11-85).