Capsule: Steve Luparello, Finra

Over the next few months, there will be a lot of focus on the ongoing effects of the credit crisis and regulatory reform. "At the same time, we want to continue to focus on the core investor protections issues."
JAN 04, 2009
STEVE LUPARELLO Senior executive vice president of regulatory operations Financial Industry Regulatory Authority Inc. Washington General outlook: Over the next few months, there will be a lot of focus on the ongoing effects of the credit crisis and regulatory reform. "At the same time, we want to continue to focus on the core investor protections issues," Mr. Luparello said. Next big trend: "We're looking at whether certain products or business lines that have traditionally been institutionally focused will become more retail-focused," he said. "That's often a warning sign for us from a regulatory standpoint. As business lines start to change, morph and shrink, we want to make sure that the products traditionally designed for institutions don't become more retail-packaged and focused. We want to make sure that those retail customers are properly protected. "[An example is] structured products. Auction rate securities were a pretty good example of that. Hedge funds could be a good example. One saw more auction rate securities being sold to retail investors as the market started to change. It had traditionally always been an institutional product." Biggest concern: "The trend and the concern is the same — aggressiveness of sales practices." Reading, watching, listening to: Book: "The Tortilla Curtain" by T.C. Boyle (The Viking Press, 1995). TV: "30 Rock," CNBC Newspaper: The Wall Street Journal Websites: wsj.com, cnn.com.

Latest News

Retiree alleges advisor withheld $600K through real estate LLC web
Retiree alleges advisor withheld $600K through real estate LLC web

$1.7M invested from an inheritance. Then the phone went dead.

SEC accuses Linqto chiefs of 'Wizard of Oz' investor deception
SEC accuses Linqto chiefs of 'Wizard of Oz' investor deception

The pre-IPO platform sold $430M in units while allegedly rigging prices behind the scenes.

GLP-1 users are trading retirement savings for their prescriptions
GLP-1 users are trading retirement savings for their prescriptions

A Nationwide survey finds 47% of GLP-1 users have never discussed the drugs’ financial impact with an advisor, even as many dip into savings.

Inspired Healthcare sale price of properties is 59% of $1.2 billion sold by advisors
Inspired Healthcare sale price of properties is 59% of $1.2 billion sold by advisors

The hundreds of millions of dollars from a sale of Inspired Healthcare properties does not mean an immediate windfall for investors.

Class action alleges Webull misled investors about China operations
Class action alleges Webull misled investors about China operations

Its SEC filings said one thing - a congressional probe said another.

SPONSORED Built on insurance experience to deliver on long-term promises

Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor