Firm will also pay $1.1 million in restitution after SEC finds improper sales of market-linked securities.
The move is intended to cut compliance costs for firms as well as make the registration and disclosure process more efficient.
James Nagengast is challenging Finra's handpicked nominee, Shelley O'Connor, co-head of wealth management at Morgan Stanley.
Merrill Lynch has seen two teams exit recently, each with more than $4 billion in client assets.
The mutual fund giant was the largest shareholder of American Realty Capital Properties Inc. when it reported inflated financial results because of a $23 million accounting mistake.
80 advisers at Pennsylvania firm used to be with Waddell & Reed.
A consistent priority during Securities and Exchange Commission exams is looking at disclosure of conflicts of interest.
Pershing executive said broker-dealer model has some "challenging dimensions" to it.
Finra and at least one state agency have taken disciplinary action against two brokers and an adviser involved in the Woodbridge real estate scheme.
CAIS Group, a distribution platform for alternatives, cites 40% increase in its structured notes business over the last couple of years.
