Marianna Shafir Esq.

Marianna Shafir Esq.

Corporate Counsel, Regulatory Advisor at Smarsh
Marianna Shafir is Corporate Counsel and Regulatory Advisor at Smarsh, where she’s responsible for legal and regulatory affairs worldwide. With her expertise in financial services industry, compliance and eDiscovery, Marianna counsels Smarsh clients on meeting regulatory obligations, leveraging technology and guidance on best practices related to electronic communications supervision. Prior to joining Smarsh, Marianna worked for BNY Mellon and Invesco where she was an instrumental member on compliance teams.Marianna has also served as an adjunct professor at New York Career Institute where she taught Law Office Management and Real Estate Law. She earned her Juris Doctorate from Nova Southeastern University. She is a frequent speaker at industry conferences and a contributor to various online publications.
Marianna Shafir Esq.
ENTRIES BY Marianna Shafir Esq.

Regulatory Update: Lax Email Supervision Costs Brokerage $95,000

FINRA is increasing disciplinary actions against firms and individuals for failing to comply with recordkeeping and supervision rules. This month, FINRA reported enforcement actions against firms and individuals for failing to comply with recordkeeping and supervision obligations. A brokerage firm was fined $95,000 for failing to establish a reasonably designed supervisory system to ensure that…
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At Smarsh, your data is YOUR data

The Financial Industry Regulatory Authority (FINRA) issued Regulatory Notice 18-31 on Sept. 14, highlighting recent guidance from the Securities and Exchange Commission (SEC) regarding the use of third-party recordkeeping services (like Smarsh), and broker-dealers’ recordkeeping obligations under Section 17(a) of the Securities Exchange Act of 1934 and Rule 17a-4 thereunder. Of specific concern are broker-dealers…
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Regulatory Update: SEC Fines Citi $10.5 Million for Inaccurate Records and Supervision Violations

Last week, the Securities and Exchange Commission (SEC) fined Citigroup $10.5 million for books and records, internal accounting controls, and supervision violations. The bank has agreed to pay $5.75 million to settle the first charge of inaccurate records and failure to reasonably supervise traders. The SEC found that from 2013 to 2016, three traders mismarked…
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Regulatory Update: New York Broker-Dealer Fined $1.25 Million By SEC

Last month, the SEC issued a sizable $1.25 million fine against a New York-based broker-dealer. According to the SEC Order, the brokerage firm failed to retain audio files requested by SEC staff and did not maintain adequate books and records related to The SEC determined that the brokerage firm deleted the audio files despite receiving two…
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Regulatory Update: Brokers Face Over $80,000 In Avoidable Fines

Recordkeeping & Supervision Last month, FINRA fined a firm $50,000 for failing to ensure that a non-registered, affiliated individual involved in the management of the firm’s business was properly registered as a principal. The findings stated that the firm was required to review or retain all business-related emails sent from or received through the email…
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