Guidance
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Upcoming Deadlines and Effective Dates
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Education and Compliance Programs
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We will release the 2024 FINRA Annual Regulatory Oversight Report—formerly the Report on FINRA’s Examination and Risk Monitoring Program—in the coming weeks to provide insights from FINRA’s oversight programs to member firms. The report sets forth our observations and findings across key regulatory topics to help firms as they engage in compliance planning for 2024.
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Annual Review in the FINRA Contact System Due January 25; New Role Added
Per FINRA Rule 4517, all firms are required to complete an annual review of their contact information within the first 17 business days of each calendar year. The deadline to complete this year's annual review in the FINRA Contact System (FCS) is Jan. 25. To access FCS, log in to FINRA Gateway. Select the Contacts icon on the left menu then select Perform Annual Review on the right.
FINRA recently added a new role to FCS: Chief Risk Officer, the person at the firm responsible for overseeing risk management, including ensuring the businesses and strategic initiatives align with the firm’s risk appetite and risk management governance framework. While the role is optional, we encourage firms to designate a contact to ensure they receive member alerts and other time-sensitive risk-related information from FINRA.
| | Guidance FINRA has issued Regulatory Notice 24-01 to help firms review, reconcile and respond to their Final Statements in E-Bill as well as view the reports that are currently available in the Central Registration Depository (CRD) and Investment Adviser Registration Depository (IARD) systems for the annual registration renewal process.
FINRA’s Renewal Program supports the collection and disbursement of fees related to the renewal of broker-dealer (BD) and investment adviser (IA) registrations, exempt reporting and notice filings with participating self-regulatory organizations (SRO) and jurisdictions.
The deadline to remit payment for any additional amounts owed and to report any discrepancies to FINRA is Jan. 26.
FINRA recently announced the results of elections to fill vacancies on the Small Firm Advisory Committee (SFAC), the Regional Committees and the National Adjudicatory Council (NAC), as well as newly appointed members to the SFAC and NAC.
FINRA has named Feral Talib as Executive Vice President and Head of Surveillance and Market Intelligence.
FINRA published Regulatory Notice 23-21 to remind firms of net capital, recordkeeping and financial reporting requirements in connection with revenue recognition practices.
FINRA is sharing Frequently Asked Questions (FAQs) on Regulation Crowdfunding for the guidance of its member firms. For additional information, visit our Funding Portal webpage.
| | Upcoming Deadlines and Effective Dates Web EFT Retires November 2024
This is a reminder to firms using the legacy Web EFT service that effective this Nov. 15, all associated XML file upload and download functionality will be completely retired. Current Web EFT subscribers wishing to continue making automated data transfers with FINRA must transition to using the new FINRA API platform. Key milestones and frequently asked questions are on the platform’s Web EFT Sunset page.
| | Education and Compliance Programs Registration is now open for the first 2024 sessions of the Virtual Registration Systems Foundation Training. Firm compliance personnel who are new to registration and licensing—or would like to become more familiar with navigating related systems—are invited to join FINRA virtually March 6-7 or May 1-2. See the Virtual Training Schedule & How to Register page for more information. Register for all of FINRA’s upcoming events: |
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