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Selling away occurs when an associated person engages in private securities transactions outside the supervision and approval of their broker-dealer. It is a serious ethical violation under FINRA Rule 3280. Operations professionals must recognize red flags of selling away activities.

Mutual fund communications must state that prospectuses are available. Supervisors ensure accuracy and balanced presentation.

TRACE provides transparency in corporate and agency bonds. EMMA applies to municipals, ACT to equities, and OATS to equity order trails.

FINRA Rule 4511 requires firms to maintain accurate books and records, including communications related to securities transactions. Failure to retain emails is a serious violation, often leading to enforcement actions.

The SEC regulates investment advisers at the federal level through the Investment Advisers Act of 1940. FINRA regulates broker-dealers, not advisers.