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Registration Now Open for the 2020 Small Firm Conference

February 26, 2020
Volume 8

 
 
guidance

Guidance
  • Regulatory Notice
  • UPC Advisory
upcoming

Upcoming Deadlines and Effective Dates
  • FINRA Requests for Comment
education

Education and Compliance Programs

Deadline extension: FINRA accepting senior investor rule review survey responses through February 28. 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. On February 3, FINRA sent a voluntary survey via email to firms about their experiences with these rules. To allow firms more time to share their perspectives, FINRA has extended the survey until Friday, February 28. Please complete the survey using the link in the February 3 email if your firm has not already done so. Questions about the survey can be sent to [email protected].
 



Registration is now open for the 2020 Small Firm Conference. The event will be held on November 11–12 in Santa Monica, California, and will bring together FINRA staff and industry peers for in-depth discussions on small firms' practices. Register early to receive discounted registration rates!
 

 Guidance

FINRA Announces Update of the Interpretations of Financial and Operational Rules

FINRA is updating the text of the Securities Exchange Act (SEA) financial responsibility rules in the Interpretations of Financial and Operational Rules to reflect the effectiveness of a rule change that the SEC adopted. The SEC’s rule change, amending paragraph (e)(1)(i)(A) of SEA Rule 17a-5, relates to a specified exemption with regard to the annual reporting requirement for a broker-dealer whose securities business has been limited to acting as broker (agent) for a single issuer in soliciting subscriptions for securities of that issuer. See Regulatory Notice 20-06 for additional details.

UPC Advisory

The following UPC Advisory was published in the last week:

  • UPC #04-20 Insys Therapeutics Inc. (INSYQ)

 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!


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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Regulatory Contacts
FINRA By-Laws require member firms to maintain an Internet email account on behalf of their executive representatives. This facilitates firm notification of important publications and information added to the FINRA website.

Firms wishing to change the name or email address of their executive representative or designated assistant should do so through the FINRA Contact System (FCS). See http://www.finra.org/FCS for further information. Requests from executive representatives to be removed from this email notification list cannot be honored.

Subscribers
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