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FINRA Welcomes Deborah Bailey and Kathryn Ruemmler to the Board of Governors

January 13, 2021
Volume 2


  • UPC Advisories

Upcoming Deadlines and Effective Dates
  • FINRA Request for Comment
  • SEC Requests for Comment
  • Renewal Program

Education and Compliance Programs

Tune in to the latest episode of the FINRA Unscripted podcast. On this episode, we talk to Kayte Toczylowski, the new head of Member Relations and Education, to hear how they've adapted in the face of COVID-19 and what the future looks like for the group. Listen to the podcast.

Classic CRD Form U4 filing capabilities will retire April 2021. Form U4 filing is available in both FINRA Gateway and Classic CRD. The Classic CRD Form U4 filing experience will be retired no earlier than April 5, 2021. As previously mentioned, firms are encouraged to prepare for the retirement of Classic CRD Form U4 filing capabilities by beginning to use the Form U4 filing functionality in FINRA Gateway now and providing feedback about their filing experience. See the Registration Filing in the FINRA Gateway page for more information.

Annual verification in the FINRA Contact System due January 27, 2021. Firms are required to complete an annual verification of their contact information within the first 17 business days of each calendar year. To access FCS, log in to the FINRA Gateway Contacts page and select the FCS link in the upper right corner. Prior to completing the Annual Verification, we are asking that firms review all contacts in FCS and update as needed. This includes updating contact details, removing duplicate entries or deleting contacts no longer associated to a role in FCS. As a reminder, Rule 4517 requires firms to update designated contact information promptly upon any material change, verify such information annually and comply promptly with any request for such information via FCS.

The FINRA Board of Governors has appointed Deborah Bailey and Kathryn Ruemmler as new Governors. Bailey will serve on the Board as a public member, and Ruemmler as an industry member. "Deborah and Kathy are wonderful additions to the FINRA Board of Governors. They bring a broad array of experience and knowledge to the Board, and we look forward to their contributions in support of our mission of investor protection and market integrity," said FINRA CEO Robert Cook.


UPC Advisories

The following UPC Advisories were published in the last week:

  • UPC #04-21: AAC Holdings, Inc. (AACH)
  • UPC #05-21: Briggs & Stratton Corp. (BGGSQ)
  • UPC #06-21: Signal Advance, Inc. (OTC: SIGL)

 Upcoming Deadlines and Effective Dates

FINRA Request for Comment

In consultation with the U.S. Department of the Treasury, FINRA is soliciting comment in Regulatory Notice 20-43 on potential enhancements to the information reported to FINRA’s TRACE facility regarding transactions in U.S. Treasury securities. The comment period expires February 22, 2021.

SEC Requests for Comment on FINRA Rules

The SEC requests comment on FINRA’s proposal to amend FINRA Rule 8312 (FINRA BrokerCheck Disclosure). The proposed rule change would (1) make information about formerly registered individuals subject to a final regulatory action available through BrokerCheck® on a permanent basis only for those individuals who have been registered on or after August 16, 1999; and (2) exclude information from BrokerCheck about deceased individuals. The proposed rule change also would make non-substantive, technical changes to FINRA Rule 8312. The comment period expires January 20, 2021. See the Federal Register notice.

On December 18, 2020, the SEC issued an order instituting proceedings to determine whether to approve or disapprove FINRA’s proposal, as modified by Amendment No. 1, to amend the Codes of Arbitration Procedure relating to requests to expunge customer dispute information, including creating a special arbitrator roster to decide certain expungement requests. The comment period expires January 19, 2021. See the SEC Notice of Order.

On December 30, 2020, the SEC issued an order instituting proceedings to determine whether to approve or disapprove FINRA’s proposal, as modified by Amendment No. 1, to enhance the regulation of quotations in OTC Equity Securities by adopting new requirements for member inter-dealer quotation systems, and to rescind the rules related to the OTC Bulletin Board® Service and cease its operation. The comment period expires January 27, 2021. See the SEC Notice of Order.

Renewal Program

FINRA has posted the 2021 Final Renewal Statements in E-Bill. Adjustments resulting from registration approvals or terminations as of December 31, 2020, are included in this final statement. The payment deadline is January 22, 2021, for firms that have a balance due. See Regulatory Notice 21-01 and visit the Annual Renewal Program page for details.

 Education and Compliance Programs

FINRA's premier event — the 2021 FINRA Annual Conference — will be held entirely online. Join us virtually as practitioners, peers and regulators exchange ideas on timely compliance and regulatory topics. Nowhere else will you find this unique combination of the highest-caliber speakers discussing issues that matter most for the financial services industry. Register today and take advantage of our virtual pricing!

Registration is open for the 2021 FINRA Institute at Georgetown Certified Regulatory and Compliance Professional (CRCP)® Program. Week I takes place on July 18-23, 2021, and Week II takes place on November 14-19, 2021.Take advantage of our new reduced registration rates and gain your CRCP designation.

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Regulatory Contacts
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