Foley Partner Richard Wallace authored an article titled “FINRA Proposes New Suitability and ‘Know Your Customer’ Rules” in the 3rd Quarter 2009 issue of TIC Talk Quarterly. Wallace discusses the Financial Industry Regulatory Authority’s (FINRA) proposed rules for suitability and know-your-customer obligations and their implications for tenant in common (TIC) transactions. He adds that the proposed rules are likely to be accompanied by increased supervision and enforcement, noting that broker-dealers will need to be able to not only demonstrate appropriate policies and procedures with respect to determination of suitability, but also adequate training, supervision and disciplinary action with respect to licensed professionals.
Related Insights
May 13, 2026
Manufacturing Industry Advisor
Digital Twin Technology and Predictive Analytics in Manufacturing Supply Chains: Preventing Data-Driven Supply Chain Disputes
A digital twin is a dynamic, virtual representation of a physical asset, process, or system that is continuously updated by real‑world data.
May 13, 2026
Foley Viewpoints
Avoiding Class Action Exposure Through Early Issue Anticipation
Class action cases are on the rise in the United States with over 10,000 new class actions filed annually. Given the number of class action cases and costs associated with defending against them, companies should proactively manage class action exposure through early issue anticipation.
May 12, 2026
Energy Current
The Clock Is Already Running on Your Right to Get Paid
What Oilfield Services Companies Need to Know About Texas Mineral Liens Before a Customer Gets Into Trouble Nine Energy Service filed for…