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FINRA Publishes 2020 Involvement and Election Process Overview

February 19, 2020
Volume 7

disciplinary actions

Disciplinary Actions


Upcoming Deadlines and Effective Dates
  • FINRA Requests for Comment

Education and Compliance Programs

Tune in to the FINRA Unscripted podcast to hear FINRA leaders review existing and emerging regulatory topics that impact the broker-dealer industry, as well as other insights into the operations of FINRA.

On this episode, Amy Sochard, senior director of FINRA’s Advertising Regulation Group, joins the podcast to provide an overview of the Advertising Regulation Group and how it oversees broker-dealer communications to ensure that they are fair, balanced and not misleading. Listen to the podcast.

FINRA held its biannual Cybersecurity Conference last month, bringing together experts from securities firms, regulators and law enforcement to share effective practices, practical tips and information about new threats and challenges. Some of the most significant lessons came in the form of real-life cybersecurity stories. Free on-demand recordings of conference sessions are now also available to member firms and CRCP graduates.

Reminder: senior investor rule review survey responses due February 21. In Regulatory Notice 19-27, FINRA announced it was conducting a retrospective review of its rules and administrative processes that help protect senior investors from financial exploitation. In addition to the feedback received during the comment process, FINRA sent a voluntary survey via email to firms about their experiences with these rules. Survey responses are due by February 21. Questions about the survey can be sent to [email protected].

FINRA reminds CAT registered firms to sign the CAT Reporter Agreement and to establish necessary reporting relationships. FINRA reminds its CAT registered members that it is necessary to electronically sign the CAT Reporter Agreement. In addition, reporting relationships are required to authorize a Reporting Agent (e.g., clearing firm or vendor) to report on behalf of a CAT Reporter and to authorize a Third-Party Reporting Agent to view data submitted on behalf of a CAT Reporter by another Submitter. CAT Reporting Relationships must be entered using the CAT Reporter Portal, and instructions for how to establish them can be found in the FINRA CAT Onboarding Guide.

PLUS – FINRA recently released a Small Firm CAT Onboarding Checklist to assist small firms with the onboarding process, deadlines and additional resources. It also includes information on CAT connectivity options, the CAT Reporter Portal, and CAT file transfers.

A PDF version of the CAT Reporter Agreement, as well as the FINRA CAT Onboarding Guide, are available on the CAT NMS website. All questions regarding CAT registration and onboarding should be directed to the FINRA CAT Helpdesk at (888) 696-3348 or [email protected].


FINRA published Special Notice 2/14/20 (2020 Involvement and Election Process Overview) to inform firms and other interested parties about the process for filling vacancies on various FINRA committees and its boards. In addition, the Notice reminds interested individuals to use FINRA’s online portal to indicate their interest in being considered for future vacancies.

  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 is conducting a retrospective review of Rule 4530 (Reporting Requirements) to assess its effectiveness and efficiency. Regulatory Notice 20-02 outlines the general retrospective rule review process and seeks responses to several questions related to firms’ experiences with this specific rule. The comment period expires March 9, 2020.

FINRA’s Capital Acquisition Broker (CAB) rules provide a simplified rulebook for broker-dealers that engage only in limited capital advisory, corporate restructuring and private placement activities. FINRA is requesting comment on proposed amendments to the CAB rules, as described in Regulatory Notice 20-04, to make them more useful to CABs without reducing investor protection. The comment period expires March 30, 2020.

FINRA is requesting comment on a proposal to implement the recommendations of the CE Council regarding enhancements to the continuing education requirements for securities industry professionals. The proposal, described in Regulatory Notice 20-05, would change the: (1) Regulatory Element to provide annual training, make the content more relevant, incorporate diverse instructional formats, publicize the learning topics in advance and enhance the related management systems; (2) Firm Element to expressly recognize other training requirements, improve the guidance and resources available to firms and establish a content catalog; and (3) Continuing Education Program to enable individuals who terminate their registrations the option of maintaining their qualification by completing continuing education. The comment period expires April 20, 2020.

Covered Agency Transactions

Members are reminded that the implementation date of the margin requirements for Covered Agency Transactions pursuant to SR-FINRA-2015-036 has been extended to March 25, 2021. See the Federal Register notice, available on the FINRA website, for more information.


 Education and Compliance Programs

Register today for the West Region Member Forum on March 26, 2020 in San Francisco, CA. This one-day event, which feature sessions on key topics like the SEC's Regulation Best Interest, is designed to provide financial professionals in the region the opportunity to engage in discussions with FINRA staff and connect with industry leaders and peers.

Gain insight into key priorities at FINRA’s Annual Conference, which takes place May 12–14 in Washington, DC. Join us for informative sessions, demos of FINRA systems and compliance tools, and opportunities to meet one-on-one with FINRA staff. PLUS – networking opportunities, conference exhibitors and more. Register today to receive reduced conference registration rates.

The 2020 Small Firm Conference takes place on November 11–12 in Santa Monica, California. This event brings together FINRA staff and industry peers for in-depth discussions on small firms' practices. Register early to receive discounted registration rates!

Save the Date for these upcoming FINRA events:

  • FINRA Institute at Georgetown Certified Regulatory and Compliance Professional® Program – Week I | July 19–24, 2020 | Washington, DC
  • Fixed Income Conference | September 24, 2020 | New York, NY (registration opening soon)
  • FINRA Institute at Georgetown Certified Regulatory and Compliance Professional® Program – Week II | November 15–20, 2020 | Washington, DC

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