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FINRA’s Special Investigations Unit

March 15, 2023
Volume 11



 • Regulatory Notice 23-04

disciplinary actions

Disciplinary Actions


Upcoming Deadlines and Effective Dates

 • SEC Request for Comment


Education and Compliance Programs


FINRA Blog Posts: AML 2023 and The $3.4 Million Tip

New account fraud, Russia-related sanctions and cyber-enabled fraud aren’t the only threats that FINRA’s Special Investigations Unit (SIU) keep their eye on. Read more about how the SIU flagged a host of emerging threats, and their proactive work with other units across FINRA’s regulatory operations and member firms.

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 has issued Regulatory Notice 23-04 to provide guidance, relating to SEA Rule 15c3-1 (Net Capital Requirements) and SEA Rule 15c3-3 (Customer Protection – Reserves and Custody of Securities), for members affected by the recent failures of Silicon Valley Bank and Signature Bank.

FINRA has amended Rule 1240.01 (Eligibility of Other Persons to Participate in the Continuing Education Program Specified in Paragraph (c) of the Rule) to provide eligible individuals another opportunity to participate in the Maintaining Qualifications Program (MQP). This new enrollment period begins March 15, 2023, and will end on December 31, 2023.

FINRA’s Board of Governors met on March 9 and 10, and it approved a proposal to amend FINRA rules to conform to the SEC’s recent rule changes to shorten the securities settlement cycle from two business days after the trade date (T+2) to one (T+1) and approved the allocation of 2022 fine monies to various capital initiatives.

 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 recently published the March 2023 Monthly Disciplinary Actions.

 Upcoming Deadlines and Effective Dates

SEC Request for Comment

On March 3, 2023, the SEC issued an order instituting proceedings to determine whether to approve or disapprove FINRA’s proposal to adopt FINRA Rules 6151 (Disclosure of Order Routing Information for NMS Securities) and 6470 (Disclosure of Order Routing Information for OTC Equity Securities) to require members to (i) publish order routing reports for orders in OTC Equity Securities, and (ii) submit their order routing reports for both OTC Equity Securities and NMS Securities to FINRA for publication on the FINRA website. Comments are due March 30, 2023. Any rebuttals to comments filed with the SEC are due April 13, 2023. See the SEC Notice of Order.


 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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