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FINRA Mourns the Loss of Former NASD Chairman and CEO Robert Glauber

February 17, 2021
Volume 7


  • Regulatory Notice
  • Information Notice
  • Updated FAQ
  • UPC Advisories
disciplinary actions

Disciplinary Actions


Upcoming Deadlines and Effective Dates
  • FINRA Request for Comment
  • SEC Request for Comment on FINRA Rules

Education and Compliance Programs

In response to COVID-19, FINRA has administratively postponed all in-person arbitration and mediation proceedings scheduled through April 30, 2021, unless the parties stipulate to proceed telephonically or by Zoom or the panel orders that the hearings will take place telephonically or by Zoom.

Annual report filing extension for smaller firms. The SEC has issued an Order that permits smaller firms an additional 30 calendar days for filing their annual reports as required pursuant to SEA Rule 17a-5(d), subject to certain conditions. The SEC’s Order is in response to a request by FINRA that is designed to ease potential burdens that smaller members may face in obtaining audit services. Members that meet the conditions set forth in the SEC’s Order and wish to avail themselves of the 30-day extension will need to provide notification to FINRA. We will shortly issue a Regulatory Notice summarizing the SEC Order and providing instructions for notifying FINRA.

Register today for the next Small Firm Conference Call on Wednesday, February 24, at 4:30 p.m. ET. FINRA President and CEO Robert Cook and Vice President of Member Relations and Education Kayte Toczylowski will be joined by FINRA senior staff to discuss the 2021 Report on FINRA’s Examination and Risk Monitoring Program.

FINRA mourns the loss of former NASD Chairman and CEO Robert Glauber, a tireless advocate for the interests of investors and sound financial regulation throughout his distinguished career in the private, public and academic sectors. Glauber joined the NASD Board of Governors in 1998 and served as Chairman and CEO from 2000-2006.


FINRA Amends Arbitration Codes to Increase Arbitrator Chairperson Honoraria and Certain Arbitration Fees

FINRA has amended its Codes of Arbitration Procedure for Customer and Industry Disputes to: (1) increase the additional hearing-day honorarium chairs receive for each hearing on the merits from $125 to $250 and (2) create a new $125 chair honorarium for each prehearing conference in which the chair participates. To fund the increase in payments to chairs, the amendments make minimal increases to certain arbitration fees. The amendments, outlined in Regulatory Notice 21-04, are effective for arbitration cases filed on or after April
 19, 2021.

New Rate for Fees Paid Under Section 31 of the Exchange Act

Effective February 25, 2021, the Section 31 fee rate applicable to specified securities transactions on the exchanges and in the over-the-counter markets will decrease from its current rate of $22.10 per million dollars in transactions to a new rate of $5.10 per million dollars in transactions. See Information Notice 2/16/21 for additional information. 

Updated FAQ

FINRA has updated the Frequently Asked Questions about Electronic Blue Sheets (EBS) to add a new Share Quantity and Price section.

UPC Advisories

The following UPC Advisories were published in the last week:

  • UPC #14-21: Tuesday Morning Corporation (TUESQ)
  • UPC #15-21: Chesapeake Energy Corporation (CHKAQ, CHKLQ, CHKPQ, CHKGQ, CHKWQ, CHKVQ)
  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 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 Request for Comment on FINRA Rules

On February 4, 2021, 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 FINRA Rules 5122 (Private Placements of Securities Issued by Members) and 5123 (Private Placements of Securities) that would require members to file retail communications concerning private placement offerings that are subject to those rules’ filing requirements. The comment period expires February 24, 2021. Any rebuttals to comments filed with the SEC must be submitted by March 8, 2021. See the SEC Notice of Order.

 Education and Compliance Programs

FINRA's premier event — the 2021 FINRA Annual Conference — will be held entirely online. Join us virtually May 18-20 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!

Virtual Compliance Boot Camps are filling up fast! These one-hour interactive virtual classroom sessions include training on a variety of topics including Cybersecurity, Anti-Money Laundering (AML), and Social Media and Digital Communications, and provide an opportunity to learn from and work closely with FINRA subject matter experts. Select your sessions and register today.

Free on-demand recordings of sessions from the 2020 FINRA Small Firm Virtual Conference and the 2020 FINRA AI Virtual Conference are now available for FINRA member firms and CRCP® Graduates.

Register for these upcoming FINRA events:

  • FINRA Institute at Georgetown Certified Regulatory and Compliance Professional® Program
    Week I | July 18-23, 2021
  • Advertising Regulation Conference |
    October 14-15, 2021 | Washington, DC
  • Small Firm Conference | October 27-28, 2021 |
    Santa Monica, CA
  • FINRA Institute at Georgetown Certified Regulatory and Compliance Professional® Program
    Week II | November 14-19, 2021

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