As part of FSI’s State Outreach Plan, FSI members and staff traveled to Tennessee last month for a meeting with Daphne Smith, the Assistant Commissioner of the Tennessee Division of Securities and her staff in Nashville.
The meeting included FSI President & CEO Dale Brown, FSI’s Jigar Gandhi, and FSI Board Chair Mike Mungenast, and began with discussing FSI, its advocacy mission, and describing the typical member firm and the unique features of the independent broker-dealer business model. Meeting attendees also spoke about our members’ commitment to compliance and our efforts to foster that culture of compliance.
One of the focal points of the discussion is the current process by which Tennessee is developing broker-dealer exams. Though it is still a work in progress, Smith noted that her office will begin by educating the industry of the exam program and before enforcing new procedures. The issues of due diligence and supervision were also discussed.
Overall, the meeting was productive, and we look forward to being a resource for the Tennessee Division of Securities for financial literacy efforts and assisting with other issues.