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September 2021 Board Update

FINRA’s Board of Governors met on September 23 and 24, and approved a proposal to establish a modest fee for individuals who choose to complete continuing education (CE) to remain qualified for up to five years following the termination of the individual’s registration. The Board also approved two rulemaking items and reaffirmed FINRA’s Financial Guiding Principles.

September 29, 2021

FINRA’s Board of Governors met virtually last week, and I am pleased to share some updates from our discussions.

The FINRA Board approved a proposal to establish a modest fee for individuals who choose to complete continuing education (CE) to remain qualified for up to five years following the termination of the individual’s registration. Earlier in the week, the Securities and Exchange Commission (SEC) approved amendments to FINRA rules to enhance the CE program to, among other things, allow individuals who terminate their registrations to reregister after an extended period without retaking the required qualification examinations if they maintain their CE requirements during this period. The proposal the Board approved at the September meeting establishes the $100 annual fee for this new option, and requires SEC approval before going into effect.

These enhancements to the continuing education program provide individuals with more flexibility to address life and career events and necessary absences from registered functions without having to retake qualification exams in order to return to the industry. They support FINRA’s efforts to promote diversity and inclusion in the securities industry by attracting and retaining a broader and more diverse group of professionals.

Also at the September meeting, the FINRA Board reaffirmed FINRA’s Financial Guiding Principles, which we first published three years ago to provide more transparency about how we manage our financial resources.

In addition, the Board approved two rulemaking items, which are listed below. Our next meeting is scheduled for December 1-2, 2021. More information regarding the Board's operations, including the membership and responsibilities of its committees, is available at www.finra.org/governance.

Sincerely,

Robert W. Cook
President and CEO


Rulemaking Items Approved at the September 2021 Board Meeting

Proposed Enhancements to FINRA’s TRACE Reporting Rules for Transactions in U.S. Treasury Securities
The Board approved filing with the SEC proposed amendments to the Trade Reporting and Compliance Engine (TRACE) Rules to enhance the audit trail for transactions in U.S. Treasury securities.

Processing and Forwarding of Issuer-Related Materials
The Board approved filing with the SEC proposed amendments to FINRA Rule 2251 (Processing and Forwarding of Issuer-Related Materials) to conform with recent changes to related New York Stock Exchange (NYSE) rules.

Visit FINRA’s website for more information about FINRA’s rulemaking process.