無端限制散戶交易，Robinhood高管未能獲得自監(jiān)管許可
Chris Morris
2021-02-08
圖片來源：Noam Galai/由蓋蒂圖片社為TechCrunch提供
Robinhood的首席執(zhí)行官，也是其快速增長的在線經(jīng)紀(jì)業(yè)務(wù)代言人弗拉基米爾?特內(nèi)夫，其未能獲得華爾街最大的自律監(jiān)管機構(gòu)的許可。
雖然金融控股公司的負(fù)責(zé)人未獲得許可的情況并不罕見，但CNN率先報道這則消息之后，卻導(dǎo)致外界對公司運營產(chǎn)生了更多的質(zhì)疑。在最近圍繞視頻游戲零售商游戲驛站（GameStop）引發(fā)的市場狂熱之后，Robinhood因為在其中扮演的角色已經(jīng)遭到了更嚴(yán)格的審查。
金融業(yè)監(jiān)管局（Financial Industry Regulatory Authority，F(xiàn)INRA）是監(jiān)管股票經(jīng)紀(jì)商和交易所的非政府機構(gòu)。這家民間行業(yè)組織要求企業(yè)和個人必須在該組織完成注冊之后才能開展證券交易。
經(jīng)紀(jì)交易商業(yè)務(wù)的負(fù)責(zé)人通常都會進(jìn)行注冊；金融業(yè)監(jiān)管局的規(guī)則規(guī)定：“凡是參與公司證券業(yè)務(wù)的任何人員都必須在金融業(yè)監(jiān)管局進(jìn)行注冊，包括銷售人員、部門經(jīng)理、部門主管、合作伙伴、高級職員和董事等?！?/p>
Robinhood指出，特內(nèi)夫現(xiàn)任控股公司Robinhood Markets首席執(zhí)行官，該公司是其股票經(jīng)紀(jì)業(yè)務(wù)的母公司，這意味著他沒有必要在金融業(yè)監(jiān)管局注冊。Robinhood旗下的Robinhood Financial、經(jīng)紀(jì)交易商部門和其經(jīng)濟(jì)清算部門Robinhood Securities等證券相關(guān)子公司的負(fù)責(zé)人都已經(jīng)獲得了金融業(yè)監(jiān)管局批準(zhǔn)。
只有通過資格考試才能獲得金融業(yè)監(jiān)管局發(fā)放的許可。該項考試旨在證明一家公司及其負(fù)責(zé)人具備金融知識和資質(zhì)。公眾可以通過注冊信息了解到相關(guān)人員的任何違規(guī)行為。
有些競爭對手公司的CEO獲得了金融業(yè)監(jiān)管局的許可，但并非全都如此。與Robinhood一樣，將經(jīng)紀(jì)交易商業(yè)務(wù)作為大型控股公司的子公司，在金融服務(wù)業(yè)中較為常見。
Robinhood自2013年創(chuàng)立以來，知名度飛速攀升。該網(wǎng)站成為許多Reddit用戶的首選交易平臺。這些散戶上周推高了游戲驛站、AMC影院（AMC Theaters）等多只股票的價格。
Robinhood是否向可能缺乏經(jīng)驗的交易者充分披露了相關(guān)風(fēng)險，監(jiān)管機構(gòu)和政策制定者對此均表示質(zhì)疑。盡管存在這些問題，Robinhood仍在上周輕松融資30億美元，用于滿足其新的資本需求。
去年的問題遺留至今，Robinhood的客戶在去年市場最動蕩的兩天中無法進(jìn)行交易。（財富中文網(wǎng)）
譯者：劉進(jìn)龍
審校：汪皓
Robinhood的首席執(zhí)行官，也是其快速增長的在線經(jīng)紀(jì)業(yè)務(wù)代言人弗拉基米爾?特內(nèi)夫，其未能獲得華爾街最大的自律監(jiān)管機構(gòu)的許可。
雖然金融控股公司的負(fù)責(zé)人未獲得許可的情況并不罕見，但CNN率先報道這則消息之后，卻導(dǎo)致外界對公司運營產(chǎn)生了更多的質(zhì)疑。在最近圍繞視頻游戲零售商游戲驛站（GameStop）引發(fā)的市場狂熱之后，Robinhood因為在其中扮演的角色已經(jīng)遭到了更嚴(yán)格的審查。
金融業(yè)監(jiān)管局（Financial Industry Regulatory Authority，F(xiàn)INRA）是監(jiān)管股票經(jīng)紀(jì)商和交易所的非政府機構(gòu)。這家民間行業(yè)組織要求企業(yè)和個人必須在該組織完成注冊之后才能開展證券交易。
經(jīng)紀(jì)交易商業(yè)務(wù)的負(fù)責(zé)人通常都會進(jìn)行注冊；金融業(yè)監(jiān)管局的規(guī)則規(guī)定：“凡是參與公司證券業(yè)務(wù)的任何人員都必須在金融業(yè)監(jiān)管局進(jìn)行注冊，包括銷售人員、部門經(jīng)理、部門主管、合作伙伴、高級職員和董事等?！?/p>
Robinhood指出，特內(nèi)夫現(xiàn)任控股公司Robinhood Markets首席執(zhí)行官，該公司是其股票經(jīng)紀(jì)業(yè)務(wù)的母公司，這意味著他沒有必要在金融業(yè)監(jiān)管局注冊。Robinhood旗下的Robinhood Financial、經(jīng)紀(jì)交易商部門和其經(jīng)濟(jì)清算部門Robinhood Securities等證券相關(guān)子公司的負(fù)責(zé)人都已經(jīng)獲得了金融業(yè)監(jiān)管局批準(zhǔn)。
只有通過資格考試才能獲得金融業(yè)監(jiān)管局發(fā)放的許可。該項考試旨在證明一家公司及其負(fù)責(zé)人具備金融知識和資質(zhì)。公眾可以通過注冊信息了解到相關(guān)人員的任何違規(guī)行為。
有些競爭對手公司的CEO獲得了金融業(yè)監(jiān)管局的許可，但并非全都如此。與Robinhood一樣，將經(jīng)紀(jì)交易商業(yè)務(wù)作為大型控股公司的子公司，在金融服務(wù)業(yè)中較為常見。
Robinhood自2013年創(chuàng)立以來，知名度飛速攀升。該網(wǎng)站成為許多Reddit用戶的首選交易平臺。這些散戶上周推高了游戲驛站、AMC影院（AMC Theaters）等多只股票的價格。
Robinhood是否向可能缺乏經(jīng)驗的交易者充分披露了相關(guān)風(fēng)險，監(jiān)管機構(gòu)和政策制定者對此均表示質(zhì)疑。盡管存在這些問題，Robinhood仍在上周輕松融資30億美元，用于滿足其新的資本需求。
去年的問題遺留至今，Robinhood的客戶在去年市場最動蕩的兩天中無法進(jìn)行交易。（財富中文網(wǎng)）
譯者：劉進(jìn)龍
審校：汪皓
Vlad Tenev, the chief executive of Robinhood and public face of its fast-growing online brokerage, is not licensed by Wall Street’s largest self-regulator.
While it's not entirely unusual for the heads of financial holding companies to lack such licenses, the news, first reported by CNN, is raising further questions about the company’s operations, which were already coming under greater scrutiny after Robinhood's role in a recent market mania centering on the video game retailer GameStop.
FINRA, or the Financial Industry Regulatory Authority, is a nongovernment entity that regulates brokers and exchanges. The private industry group requires firms and individuals to register with it before they are allowed to trade securities.
The leaders of broker-dealer businesses are generally expected to register; FINRA rules say, “You must be registered with FINRA if you’re engaged in the securities business of your firm, which includes salespersons, branch managers, department supervisors, partners, officers, and directors.”
Robinhood points out that Tenev is the CEO of Robinhood Markets, the holding company that is the parent of Robinhood's brokerage arms, which means he is not required to register with FINRA. The heads of Robinhood's relevant securities-related subsidiaries, including Robinhood Financial, Robinhood's broker-dealer arm, and Robinhood Securities, its clearing broker, have FINRA approval.
Securing a FINRA license involves passing qualification exams. The tests are designed to show a business and its leaders are financially knowledgeable and competent. Registration also allows the public to learn of any violations by that person.
Some competitors have CEOs who are FINRA licensed, but not all. It's common in the financial services industry for broker-dealer operations to be subsidiaries of a larger holding company, as is the case with Robinhood.
Robinhood's popularity has risen immensely since its founding in 2013. The site was a primary trading platform for many Redditors who drove up the price of GameStop, AMC Theaters, and more last week.
Regulators and policymakers have questioned whether Robinhood adequately discloses risks to traders, who might be inexperienced. Despite those concerns, Robinhood had little trouble quickly raising $3 billion last week as it scrambled to meet new capital requirements.
This year’s issues follow problems last year, when Robinhood customers were unable to conduct trades for two of the market’s most volatile days.
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