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Guidance
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Upcoming Deadlines and Effective Dates
- SEC Request for Comment on FINRA Rules
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Education and Compliance Programs |
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Tune in to the latest episode of the FINRA Unscripted podcast. On this episode, Executive Vice President and Head of FINRA Enforcement Jessica Hopper walks us through the Enforcement process from referral to final outcome and details the many steps along the way. Listen to the podcast.
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FINRA’s virtual conference panels provide a unique opportunity to hear the most up-to-date compliance information directly from industry and regulatory leaders right from the comfort of your home. Join FINRA staff and industry panelists as they share how they implemented their remote branch inspection plan using zoom, electronic documentation review and other technological tools. Panelists also discuss written supervisory procedures, red flags, and how they prioritize inspections. Watch the latest panel on remote inspections today!
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Online testing for additional FINRA exams. To address the ongoing challenges facing exam candidates by the COVID-19 pandemic, FINRA is adopting an interim accommodation request process to allow candidates to take additional FINRA exams online, including the Series 24, Series 57, Series 79 and Series 99 exams. This change is effective February 24, 2021. An interim accommodation request is not required for the Securities Industry Essentials (SIE), Series 6 or Series 7 exams, which have been available online for all candidates since mid-July 2020. See the announcement for additional information.
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Guidance
SEC Grants FINRA Request for 30-Day Filing Extension for Smaller Broker-Dealers
The SEC has issued an order that permits specified FINRA members 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 must provide notification to FINRA as described further in Regulatory Notice 21-05. The SEC’s order is immediately effective, so members that meet the conditions set forth in the order may avail themselves of the extension beginning with the current filing cycle for their December 31, 2020, and January 31, 2021, annual reports. Questions regarding this Notice may be directed to your FINRA Risk Monitoring Analyst.
2021 GASB Accounting Support Fee to Fund the Governmental Accounting Standards Board
In February 2012, pursuant to an SEC order, FINRA established an accounting support fee to adequately fund the annual budget of the Governmental Accounting Standards Board (GASB). The GASB Accounting Support Fee is collected on a quarterly basis from member firms that report trades to the Municipal Securities Rulemaking Board (MSRB). Each member firm’s assessment is based on its portion of the total par value of municipal securities transactions reported by all FINRA member firms to the MSRB during the previous quarter. As outlined in Regulatory Notice 21-06, FINRA will assess and collect a total of $10,707,300 to adequately fund GASB’s annual budget by collecting $2,676,825 from its member firms each calendar quarter beginning in April 2021.
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Upcoming Deadlines and Effective Dates
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.
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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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