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Special Notice on Engagement, Effective Practices to Address ACATS Fraud Risk

March 29, 2023
Volume 13



 • Regulatory Notice 23-05
 • Regulatory Notice 23-06
disciplinary actions

Disciplinary Actions


Upcoming Deadlines and Effective Dates

 • SEC Request for Comment


Education and Compliance Programs


FINRA published Special Notice 3/29/23 to encourage employees of member firms and other interested parties with diverse skills, backgrounds, perspectives and experiences to become involved in FINRA committees so they can provide innovative feedback and support FINRA’s mission.


FINRA revised the Research Analyst (Series 86/87) exam program to reflect the Series 86/87 exam content outline on FINRA’s website. These changes will appear in Series 86/87 exams administered on or after May 15, 2023.

FINRA issued Regulatory Notice 23-06 to bring attention to a rising trend in the fraudulent transfer of customer accounts through the Automated Customer Account Transfer Service (ACATS). The Notice, a follow-on to Regulatory Notice 22-21, outlines potential indicators of ACATS fraud and shares effective practices to mitigate risks of ACATS fraud.


 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

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

Disclosure Reporting Webinar Series: Financial Events
Compliance professionals at member firms are invited to join FINRA staff on March 30 for the next installment in the Disclosure Reporting Webinar Series. During this webinar, FINRA will provide guidance on reporting bankruptcy and compromise with creditor events, judgments and liens. Register here.

FINRA's Annual Conference is less than two months away. Attend our premier event to connect and network with industry peers, engage in informal conversations with FINRA senior leaders and exchange diverse perspectives on the timeliest compliance and regulatory topics. Agenda coming soon.

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. Reserve your spot now for Week II on November 12 – 17.

Register for all of FINRA’s upcoming events:

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Regulatory Contacts
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