Securities rules move forward after committee questions on FINRA membership and ID.me biometric data
The committee approved a restructuring of securities rules and several regulatory updates, including expanded qualification timelines and updated net-capital thresholds. Lawmakers raised privacy concerns about a new requirement to include an applicant's FINRA membership application and whether that could require biometric data via ID.me; the department offered follow-up contacts and the rules received a positive recommendation after a short pause.
The full story
Department of Commerce and Insurance staff presented a wide restructuring of the Tennessee securities rules, splitting the industry regulation section into five chapters by registrant type and making substantive changes: extending the period that a professional may maintain exam qualifications from two to five years for certain registrants, prohibiting failure to pay an arbitration award as a prohibited business practice, and updating minimum net capital thresholds for non-FINRA broker-dealers and investment-adviser firms.
Sign up to keep reading.
Your free newsletter brings you what your city council, county, and school board discussed and decided.