Guidance
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Upcoming Deadlines and Effective Dates
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Education and Compliance Programs
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New members were appointed to the Board of Directors of the non-profit FINRA Investor Education Foundation (FINRA Foundation) and Jonathan Sokobin, FINRA EVP, Chief Economist and Head of the Office of Regulatory Economics and Market Analysis, was named Chair.
| | Guidance As a reminder, FINRA published Regulatory Notice 24-03 to announce amendments to the Codes of Arbitration Procedure to make: (1) changes to the arbitrator list selection process in response to recommendations in the report of independent counsel Lowenstein Sandler LLP; and (2) clarifying and technical changes to requirements in the Codes for holding prehearing conferences and hearing sessions, initiating and responding to claims, motion practice, claim and case dismissals, and providing a hearing record. The amendments are effective for arbitration cases filed on or after March 4.
| | Upcoming Deadlines and Effective Dates SEC Requests for Comment
The SEC requests comment on FINRA’s proposal to amend FINRA Rule 6730 to reduce the 15-minute TRACE reporting timeframe to one minute, with exceptions for member firms with de minimis reporting activity and for manual trades. Comments are due Thursday, Feb. 15. See the Federal Register notice.
On Jan. 17, the SEC issued an order instituting proceedings to determine whether to approve or disapprove FINRA’s proposed rule change to adopt FINRA Rule 6897(a) (Consolidated Audit Trail Funding Fees) to establish fees for Industry Members related to certain historical costs of the National Market System Plan Governing the Consolidated Audit Trail incurred prior to Jan. 1, 2022. These fees would be payable to Consolidated Audit Trail, LLC and referred to as Historical CAT Assessment 1. Comments are due Tuesday, March 5. Rebuttal comments are due Tuesday, March 19. See the Federal Register notice.
On Jan. 17, the SEC issued an order instituting proceedings to determine whether to approve or disapprove FINRA’s proposed rule change to adopt FINRA Rule 6897(b) (CAT Cost Recovery Fees) to Implement a historical Consolidated Audit Trail (‘CAT’) recovery assessment through which FINRA would recoup its contributions to recoverable historical CAT costs incurred prior to Jan. 1, 2022. Comments are due Tuesday, March 5. Rebuttal comments are due Tuesday, March 19. See the Federal Register notice.
| | Education and Compliance Programs Join FINRA in Dallas for registration systems and disclosure trainings this April. Registration is open for the Registration Systems Foundation In-Person Training and Disclosure Reporting In-Person Boot Camp, both of which have back-to-back sessions. Space is limited, so register early. - Registration Systems Foundation Training is a one-day training for firm compliance personnel who want to become more familiar with navigating FINRA Gateway and submitting Uniform Forms.
- The Disclosure Reporting Boot Camp includes two days of comprehensive training on disclosure reporting topics, including determining reportability and responding to FINRA disclosure letters.
Registration is now open for the 2024 Advertising Regulation Conference Sept. 26-27. This event offers a comprehensive agenda designed for new and experienced communications compliance and marketing professionals. Industry and regulatory speakers facilitate interactive discussions of communications topics including new rules, effective practices, regulatory priorities and emerging technologies. Register today and save with early-bird rates. Register for FINRA’s upcoming events: |
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