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Annual FCS Verification Due January 27

January 20, 2021
Volume 3


  • UPC Advisory
disciplinary actions

Disciplinary Actions


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

Education and Compliance Programs

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.


UPC Advisories

The following UPC Advisory was published in the last week:

  • UPC #07-21: Exide Holdings, Inc.
  Disciplinary Actions

FINRA publishes disciplinary actions to remind registered representatives and firms of specific conduct that violates FINRA rules and may result in disciplinary action. FINRA posted the following disciplinary item on the website this week:

 Upcoming Deadlines and Effective Dates

FINRA Requests for Comment

FINRA welcomes feedback in Regulatory Notice 20-42 on lessons learned from stakeholders’ experiences during the COVID-19 pandemic, including the impact of changes made to member firms’ operations and business models, and the effectiveness of business continuity planning. FINRA further requests comment on whether it should consider changes to its rules, operations or administrative processes to address lessons learned during the pandemic or to address anticipated long-term impacts of the pandemic on member firms and investors. The comment period expires February 16, 2021.

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 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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