A Few Minutes With FINRA

Brief video segments in which senior FINRA staff discuss timely regulatory topics and respond to comments from firms on specific areas of concern.

Credit for Extraordinary Cooperation
FINRA Executive Vice President and Head of Enforcement Susan Schroeder sits down with Senior Vice President of Member Relations and Education Chip Jones to discuss new guidance on credit for extraordinary cooperation in investigations, as described in Regulatory Notice 19-23. (7 min. 11 sec.)
529 Plan Share Class Initiative - Frequently Asked Questions
In a follow up to a recent episode of A Few Minutes With FINRA, FINRA Executive Vice President of Enforcement Susan Schroeder answers questions FINRA has received from firms in response to its 529 Plan Share Class Initiative. (11 min. 58 sec.)
529 Plan Share Class Initiative
Chip Jones and Susan Schroeder discuss the 529 Plan Share Class Initiative. Under the program, firms can self-report to FINRA by April 1, 2019, supervisory violations related to 529 plan share-class recommendations and include a plan to remediate the issue; and in response, FINRA Enforcement will recommend that FINRA accept a settlement that includes restitution for the impact on affected customers and a censure, but no fine. (7 min. 33 sec.)
Report on Selected Cybersecurity Practices – 2018
FINRA’s Senior Vice President of Member Relations and Education Chip Jones, leads a discussion with Chief Information Security Officer John Brady, Senior Director Steve Polansky and Kansas City Surveillance Director Dave Kelley, on FINRA’s 2018 report on selected cybersecurity practices. The discussion includes an overview of the report, which highlights effective practices in five challenging areas that firms should consider to strengthen and further develop their cybersecurity programs—as well as core cybersecurity controls for small firms. (30 min. 17 sec.)
Creating a Single, Unified Examination Program
Chip Jones, FINRA’s Senior Vice President of Member Relations and Education, talks with Bari Havlik, FINRA’s Executive Vice President of Member Supervision, about the recent decision to consolidate FINRA’s examination and risk monitoring programs. The discussion includes an overview of how FINRA plans to integrate three separate programs into a single, unified program to drive more effective oversight, reduce duplication and create a single point of accountability for the examination of firms. (6 min. 42 sec.)
Small Firm Advisory Committee
Chip Jones, FINRA’s Senior Vice President of Member Relations and Education, talks with Wendy Lanton, Chief Compliance Officer of Lantern Investments and Chair of the Small Firm Advisory Committee (SFAC), about the SFAC and the work it does on behalf of small firms. The discussion includes an overview of the committee structure, the 2018 SFAC election, and information on how small firms can get more involved and raise issues to be addressed. (17 min. 59 sec.)
Exam Restructuring + the SIE Exam
Chip Jones, FINRA’s Senior Vice President of Member Relations and Education, leads a discussion with John Kalohn, Vice President, Testing & Continuing Education, and Joe McDonald, Senior Director, Qualifications & Exams, about FINRA’s exam restructuring initiative. (10 min. 13 sec.)
High-Risk Registered Representative Program
Mike Rufino, Executive Vice President and Head of FINRA Member Regulation—Sales Practice, talks about FINRA’s High-Risk Registered Representative Program. The discussion includes an overview of the program, the criteria FINRA uses to identify high-risk activity, and tools and resources that are available to help firms perform their own reviews. (8 min. 45 sec.)
Cybersecurity – Part III
Dave Kelley explains common cybersecurity program deficiencies related to vendor management, branch-level controls and data protection. (7 min. 45 sec.)
Cybersecurity – Part II
Dave Kelley talks about formalizing the oversight of a firm's cyber program and strengthening controls around access to data and systems. (6 min. 24 sec.)
Cybersecurity – Part I
Susan Axelrod and Dave Kelley discuss common deficiencies FINRA staff see during examinations of firm's cybersecurity programs. (6 min. 34 sec.)
Risk Monitoring Report Cards
Noah Egorin describes the risk monitoring reports that are available through FINRA’s Report Center. (9 min. 53 sec.)
Insider Trading “Red Flags” and Filing a Tip With FINRA
FINRA Cam Funkhouser, Executive Vice President of FINRA’s Office of Fraud Detection and Market Intelligence (OFDMI), suggests some “red flags” firms should look out for with regard to insider trading, provides an overview of recent cases his office has handled, and explains how to contact FINRA with a tip about insider trading or other fraud. (8 min. 11 sec.)
Special Notice: Engagement Initiative
Robert Cook talks about the recently published Special Notice seeking comment on enhancements to certain aspects of FINRA’s engagement efforts. (8 min. 44 sec.)
Report on Distributed Ledger Technology: Implications of Blockchain for the Securities Industry
Haimera Workie, FINRA’s Senior Director for Emerging Regulatory Issues, leads viewers through FINRA’s report on the implications of distributed ledger technology—providing a definition of the technology, discussing how it is being used, and explaining key implementation and regulatory considerations for broker-dealers.
Nine Risks That Inform FINRA’s Examination and Surveillance Program
Bill Wollman and Mike Rufino explain the nine risks that inform FINRA’s risk-based examination and surveillance program, and give examples of what staff looks for when assessing a firm’s risk. (19 min. 52 sec.)
Digital Investment Advice Report
Dan Sibears, FINRA’s Executive Vice President of Regulatory Operations – Shared Services, expands upon the organization’s March 2016 Digital Investment Advice Report.
BrokerCheck Rule 2210
Joe Savage, FINRA Vice President and Counsel – Regulatory Policy, expands upon FINRA Regulatory Notice 15-50, which describes FINRA Rule 2210 requiring firms to include a link to BrokerCheck on their website. He also provides details on several optional BrokerCheck-related tools and resources.
IRA Rollovers Q&A
Tom Selman, FINRA’s Executive Vice President for Regulatory Policy, responds to questions FINRA has received from firms about IRA rollovers, the focus of FINRA Regulatory Notice 13-45, which was published in December 2013. (5 min. 32 sec.)
Conflicts of Interest
Rick Ketchum, FINRA’s Chairman and CEO, provides background information on FINRA’s recent Report on Conflicts of Interest and discusses what firms should be thinking about with respect to managing conflicts. (8 min. 3 sec.)
FINRA Rulemaking Updates
Robert Colby, FINRA's Chief Legal Officer, explains the process for periodic review of FINRA rules, discusses next steps in FINRA's conflicts review project and provides an update for limited-purpose broker-dealers. (9 min. 4 sec.)