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Following Up With the New and Experienced Investors of 2020

March 8, 2023
Volume 10



disciplinary actions

Disciplinary Actions


Upcoming Deadlines and Effective Dates


Education and Compliance Programs


Tune in to the latest episode of the FINRA Unscripted podcast. On this episode, we talk with two researchers from the FINRA Foundation and NORC at the University of Chicago who studied the surge of new 2020 investors. After following up with them years later, these researchers are shedding light on some of the most interesting findings and pinpoint areas of opportunities for regulators, investor educators and firms alike. Listen to the podcast.

FINRA Blog Post: The $3.4 Million Tip

A single call to FINRA’s Senior Helpline resulted in $3.4 million returned to approximately 300 customers, with the cooperation of 30 different brokerage firms. Read the story of how FINRA followed that lead and found that hundreds of investors in a Milton, Fla. bridge authority bond issue were overcharged.



FINRA recently published the Update on Sweep: Social Media Influencers, Customer Acquisition and Related Information Protection—a follow-up to the September 2021 targeted exam (sweep) of firms’ practices related to their acquisition of customers through social media channels and their sharing of customers’ usage information with affiliates and non-affiliated third parties.

Regulatory Notice 23-03 pertains to the GASB Accounting Support Fee to fund the Governmental Accounting Standards Board. FINRA will assess and collect a total of $14,403,500 to adequately fund GASB’s annual budget by collecting $3,600,875 from its member firms each calendar quarter beginning in April 2023. The GASB Accounting Support Fee is collected on a quarterly basis from member firms that report trades to the Municipal Securities Rulemaking Board (MSRB).

 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.

 Upcoming Deadlines and Effective Dates

FINRA is updating the Interpretations of Financial and Operational Rules to reflect amendments to the text of SEA Rule 17a-4 (Records to be preserved by certain exchange members, brokers and dealers) that the SEC has adopted. The amendments to Rule 17a-4 became effective on January 3, 2023, with a compliance date of May 3, 2023.

Members should note that, effective February 24, 2023, the Interpretations of Financial and Operational Rules on are only available in HTML. The pdf versions of these materials have been retired.

Questions may be directed to Yui Chan at [email protected].


 Education and Compliance Programs

View the brochure for FINRA’s Senior Investor Protection Conference, which takes place on March 27, 2023. Get the most up-to-date regulatory information, effective strategies and solutions for protecting senior investors. PLUS-In-person attendees have the opportunity meet with FINRA's Vulnerable Adults and Seniors Team (VAST) and other agencies who focus on protecting seniors including Consumer Financial Protection Bureau (CFPB), National Adult Protective Services Association (NAPSA), and the Securities and the U.S. Exchange Commission (SEC).

Week I of the 2023 FINRA Institute at Georgetown Certified Regulatory and Compliance Professional (CRCP)® Program is at capacity. This popular program brings together world-renowned professors, expert faculty and fellow industry participants for two non-consecutive weeklong courses on the foundation, theory and practical application of securities laws and regulation. Register for the Week I waitlist and reserve your spot now for Week II on November 12 – 17.

Register for all of FINRA’s upcoming events:

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