In a recent decision of the FINRA Regulatory Authority (FINRA), Andrey V. Tkatchenko was fined $10,000.00 and given a 15-day business suspension for marking trade tickets and trade confirmation relating to stock purchase transactions as being unsolicited, when in fact they were solicited. FINRA Rule 3110(a) requires that FINRA member firms “make and preserve books, accounts, records, memoranda, and correspondence in conformity with all applicable laws, rules . . . as prescribed by the FINRA Sanctions Broker For Marking Solicited Trades As Unsolicited 2008 and June 30, 2008, Tkatchenko marked as "unsolicited" trade tickets and/or confirmations pertaining to more than two dozen transactions in the stock of UniPixel, Inc. (UNXL) that he effected on behalf of his customers. traders and the confirmations sent to the firm However, the firm I came from told me that even though the trade is not solicited, I am still responsible in the eyes of FINRA since I can - and should - refuse to do the trade and it is my job to

Trade churning occurs when brokers trade excessively within client accounts for the purpose of generating commission. To determine whether trading frequency was excessive, it must be shown that a broker or firm had the power and authority to exercise control over financial decisions in an investor’s account. Solicited. This is a trade transaction where the registered representative contacts the client and initiates the buy or sell transaction. If the trade is initiated by a client, the subsequent A solicited proposal is when the customer asks for a proposal. They may ask verbally or they may issue a written Request for Proposals (RFP). An unsolicited proposal is when you send them a proposal they haven’t even asked for because you think they should buy from you or take some action. An unsolicited bid may come as a surprise to the target, while a solicited bid is the opposite. With a solicited bid, the target is actively seeking a purchaser and wants to be purchased. FREQUENTLY ASKED QUESTIONS ABOUT RULE 15a-6 Understanding Rule 15a-6 What is Rule 15a-6? Rule 15a-6 defines permissible activities which foreign broker-dealers may undertake in the United States without becoming subject to the broker-dealer registration requirements of the Securities Exchange Act of 1934 (the Exchange Act ).

FINRA Sanctions Broker For Marking Solicited Trades As Unsolicited as "unsolicited" trade tickets and/or confirmations pertaining to more than two dozen transactions in the stock of UniPixel

However, the firm I came from told me that even though the trade is not solicited, I am still responsible in the eyes of FINRA since I can - and should - refuse to do the trade and it is my job to “solicited” altogether. In arbitration, the term “solicited” is variously used as synonymous, similar, or completely different than “recommended.” This places customers at a distinct disadvantage when filing a FINRA arbitration claim. Even if the claim is for misrepresentation, fraud, breach of fiduciary duty, or other statutory or Confirmations might indicate whether trades are unsolicited or solicited. Check to be sure trades are properly categorized. Treat as a red flag an investment that was the broker’s idea, but reflected on the confirmation as an unsolicited trade. FINRA fined and suspended a Florida general securities representative after it found that he placed 14 discretionary trades in three customers’ accounts. FINRA found that while the customers had previously spoken with the representative about his general trading strategy for their accounts, he didn’t seek their approval of the trades prior to making them, which he was required to do. Overview of Allegations: Bruckner mismarked 20 trading order tickets as ‘unsolicited’ when in fact he had solicited the underlying trades to four customers. Merrill Lynch policy required Bruckner to obtain the firm’s authorization before soliciting the securities he recommended to However, the firm I came from told me that even though the trade is not solicited, I am still responsible in the eyes of FINRA since I can - and should - refuse to do the trade and it is my job to

12 Jan 2017 In the largest fine of the year, FINRA fined a broker-dealer $20 million from soliciting nontraditional ETFs and that it executed unsolicited trades of the conduct that triggered the alert, (v) the firm did not conduct adequate 

To put it simply, solicited trades are the broker’s idea, while unsolicited trades are the client’s idea. If you later file a claim against your broker, alleging that they recommended investments that were not suitable given your investment objectives and risk tolerance, the broker-dealer’s defense could be “those trades weren’t your broker’s idea; they were your idea!” In a recent decision of the FINRA Regulatory Authority (FINRA), Andrey V. Tkatchenko was fined $10,000.00 and given a 15-day business suspension for marking trade tickets and trade confirmation relating to stock purchase transactions as being unsolicited, when in fact they were solicited. FINRA Rule 3110(a) requires that FINRA member firms “make and preserve books, accounts, records, memoranda, and correspondence in conformity with all applicable laws, rules . . . as prescribed by the FINRA Sanctions Broker For Marking Solicited Trades As Unsolicited 2008 and June 30, 2008, Tkatchenko marked as "unsolicited" trade tickets and/or confirmations pertaining to more than two dozen transactions in the stock of UniPixel, Inc. (UNXL) that he effected on behalf of his customers. traders and the confirmations sent to the firm However, the firm I came from told me that even though the trade is not solicited, I am still responsible in the eyes of FINRA since I can - and should - refuse to do the trade and it is my job to “solicited” altogether. In arbitration, the term “solicited” is variously used as synonymous, similar, or completely different than “recommended.” This places customers at a distinct disadvantage when filing a FINRA arbitration claim. Even if the claim is for misrepresentation, fraud, breach of fiduciary duty, or other statutory or Confirmations might indicate whether trades are unsolicited or solicited. Check to be sure trades are properly categorized. Treat as a red flag an investment that was the broker’s idea, but reflected on the confirmation as an unsolicited trade.

8 Feb 2019 or on broker-dealers that execute unsolicited, client-directed trades are not available to broker-dealers using the specified titles. the client solicited the investment advice;; the client does not reasonably Industry Regulatory Authority (FINRA) rules, other regulatory regimes to which John V. Ayanian

In a recent decision of the FINRA Regulatory Authority (FINRA), Andrey V. Tkatchenko was fined $10,000.00 and given a 15-day business suspension for marking trade tickets and trade confirmation relating to stock purchase transactions as being unsolicited, when in fact they were solicited. FINRA Rule 3110(a) requires that FINRA member firms “make and preserve books, accounts, records, memoranda, and correspondence in conformity with all applicable laws, rules . . . as prescribed by the FINRA Sanctions Broker For Marking Solicited Trades As Unsolicited 2008 and June 30, 2008, Tkatchenko marked as "unsolicited" trade tickets and/or confirmations pertaining to more than two dozen transactions in the stock of UniPixel, Inc. (UNXL) that he effected on behalf of his customers. traders and the confirmations sent to the firm However, the firm I came from told me that even though the trade is not solicited, I am still responsible in the eyes of FINRA since I can - and should - refuse to do the trade and it is my job to “solicited” altogether. In arbitration, the term “solicited” is variously used as synonymous, similar, or completely different than “recommended.” This places customers at a distinct disadvantage when filing a FINRA arbitration claim. Even if the claim is for misrepresentation, fraud, breach of fiduciary duty, or other statutory or Confirmations might indicate whether trades are unsolicited or solicited. Check to be sure trades are properly categorized. Treat as a red flag an investment that was the broker’s idea, but reflected on the confirmation as an unsolicited trade.

An unsolicited bid may come as a surprise to the target, while a solicited bid is the opposite. With a solicited bid, the target is actively seeking a purchaser and wants to be purchased.

Overview of Allegations: Bruckner mismarked 20 trading order tickets as ‘unsolicited’ when in fact he had solicited the underlying trades to four customers. Merrill Lynch policy required Bruckner to obtain the firm’s authorization before soliciting the securities he recommended to However, the firm I came from told me that even though the trade is not solicited, I am still responsible in the eyes of FINRA since I can - and should - refuse to do the trade and it is my job to FINRA Sanctions Broker For Marking Solicited Trades As Unsolicited 2008 and June 30, 2008, Tkatchenko marked as "unsolicited" trade tickets and/or confirmations pertaining to more than two dozen transactions in the stock of UniPixel, Inc. (UNXL) that he effected on behalf of his customers. traders and the confirmations sent to the firm Solicited vs Unsolicited Trade. A solicited trade is a transaction where the broker contacts the customer to commence the transaction, generally meaning that it is the idea of the broker to buy or sell a particular investment. An unsolicited trade is one in which the customer initiates the trade; ie, the customer tells the broker he would like to buy or sell a particular investment. UNSOLICITED V. SOLICITED TRADES 15 x. UNAUTHORIZED TRADING CLAIMS IN ARBITRATION 17 XI. Unauthorized trading of securities in a customer's brokerage account is one of the top five causes of action in securities arbitration. The securities rules on unauthorized trading can be broken into two sets of rules.

If the trade is initiated by a client, the subsequent trade confirmation will indicate " unsolicited." Sponsors Center  26 Feb 2018 Solicited vs Unsolicited Trade. A solicited trade is a transaction where the broker contacts the customer to commence the transaction, generally  14 May 2018 The accuracy of statements and trade confirmations is something Confirmations might indicate whether trades are unsolicited or solicited. mining, retail, services, transportation and public utilities, and wholesale trade). Again not involving a direct recommendation to the individual"); DBCC v. 9 Sep 2010 To enforce this standard, FINRA requires that years of extensive In arbitration, the term “solicited” is variously used as “unsolicited” orders. Under industry rules, all orders must be marked as either solicited or unsolicited. A solicited order is one that was recommended by the investment professional. 22 Oct 2018 The distinction of solicited vs. unsolicited is very important in the securities industry. Any trade recommended by a broker, he and his employer