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Classic CRD Form U4 Filing Capabilities Retire April 5

March 24, 2021
Volume 12

 
 
guidance

Guidance
  • Regulatory Notices
  • UPC Advisories
upcoming

Upcoming Deadlines and Effective Dates
  • FINRA Request for Comment
  • SEC Request for Comment on FINRA Rules
education

Education and Compliance Programs

Classic CRD Form U4 filing capabilities retire April 5. The ability to draft and submit Form U4 will no longer be available in Classic CRD after April 4. All other features in Classic CRD will continue to be supported. Pending filings that are not submitted on or before April 4 will be made available in a read-only format through May 15. The Anonymous CRD Registered Representative site will also retire on April 5, and all collaboration with the Allow Rep Edits feature will be performed through FinPro.

Additional CRD Program functionality, including Form U5 and individual disclosure letters, will become available soon in FINRA Gateway. See the Registration Filing in FINRA Gateway page for more information.

 

CAT Production Readiness Certification deadline. Consolidated Audit Trail, LLC and FINRA CAT, LLC remind Industry Members and CAT Reporting Agents that the deadline to request Production Readiness Certification for the CAT CAIS LTID Production Environment is Friday, April 9, 2021. Detailed information regarding the certification process can be found in the CAT Customer and Account Information System (CAIS) Industry Member Onboarding Guide. The CAT CAIS LTID Test and Production Environments are open. The CAIS LTID Production Go-Live date for Phase 2a, 2b and 2c reportable activity for Large Industry Members is April 26, 2021.

Please contact the FINRA CAT Helpdesk at [email protected] or (888) 696-3348 with any questions.

 



Tune in to the latest episode of the FINRA Unscripted podcast. On this episode, we hear from Ornella Bergeron, senior vice president of the carrying and clearing and diversified firm groups; Tom Nelli, senior vice president of exams and standards; Bill St. Louis, senior vice president of the retail and capital markets firm groups; and Tim Thompson, senior vice president of the trading and execution firm group on how FINRA’s Exam and Risk Monitoring Program fared in its first year after a major transformation. Listen to the podcast.
 

 Guidance

FINRA Reminds Member Firms of Their Obligations Regarding Customer Order Handling, Margin Requirements and Effective Liquidity Management Practices During Extreme Market Conditions

FINRA issued Regulatory Notice 21-12 to remind member firms of their obligations during extreme market conditions with respect to handling customer orders, maintaining appropriate margin requirements and effectively managing their liquidity.

FINRA Announces Updates to the Interpretations of FINRA’s Margin Rule for Day Trading

Regulatory Notice 21-13 announces, effective immediately, clarifications of interpretations of FINRA margin requirements regarding day trading (Rule 4210(f)(8)(B)(ii)).

UPC Advisories

The following UPC Advisories were published in the last week:

  • UPC #16-21: LSC Communications Inc (LKSDQ)
  • UPC #17-21: Speedcast Intl Ltd (SPPDQ)

 Upcoming Deadlines and Effective Dates

FINRA Request for Comment

FINRA seeks comment on proposed amendments to Rule 4210 (Margin Requirements) that would clarify and incorporate into the rule current interpretations regarding when issued and other extended settlement transactions, and provide relief to facilitate the application of the rule to these transactions. See Regulatory Notice 21-11 for the proposed rule text and additional information. The comment period expires May 14, 2021.

SEC Request for Comment on FINRA Rules

On March 4, 2021, the SEC issued an order instituting proceedings to determine whether to approve or disapprove FINRA’s proposal to adopt FINRA Rule 4111 (Restricted Firm Obligations) and FINRA Rule 9561 (Procedures for Regulating Activities Under Rule 4111) to address the risks that can be posed to investors and the broader market by broker-dealers that have a history of misconduct. The comment period expires March 24, 2021. Any rebuttals to comments filed with the SEC must be submitted by March 31, 2021. See the SEC Notice of Order.
 

 Education and Compliance Programs

Upcoming Webinars: Form U5 and Individual Disclosure Letters in FINRA Gateway. Firms will be granted access to enhanced individual disclosure letter and Form U5 filing functionality in FINRA Gateway this May. Register to attend the following webinars to learn more:

Presentation slides and recordings will be made available on the Registration System Changes Webinar Series page. For more information, see the CRD is Moving to FINRA Gateway page.

Virtual Compliance Boot Camps are almost sold out! 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.

Register today for FINRA's premier event—the 2021 FINRA Annual Conference. Join us virtually May 18-20 as practitioners, peers and regulators exchange ideas on timely compliance and regulatory topics. Plus—secure your spot at virtual networking events to meet peers in your firm grouping, reconnect with fellow FINRA Alums, or learn more about the CRCP® Program or how to get involved with FINRA.
Seating is limited for Networking Events this year – register by Friday, April 16 to secure your networking event spot(s).

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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Regulatory Contacts
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