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2019 Involvement and Election Process Overview

April 3, 2019
Volume 14

  • Information Notice
  • UPC Advisories

Upcoming Deadlines and Effective Dates
  • FINRA Request for Comment
  • SEC Request for Comment

Education and Compliance Programs

FINRA proposes disseminating new-issue reference data for corporate bonds. Last week, FINRA filed with the U.S. Securities and Exchange Commission a proposal to expand its collection and dissemination of new-issue reference data for corporate bonds. The proposal calls for FINRA’s TRACE (Trade Reporting and Compliance Engine) to serve as a centralized source for market participants to receive more comprehensive and timely security description information about new issues.

Upcoming scheduled outages of FINRA’s registration systems. As a reminder, the migration of FINRA’s registration systems will require three weekends in April to complete. During this time, Web CRD, IARD, PFRD and FPRD will be unavailable to all users. Please refer to our availability schedule for the complete list of dates and hours for these planned outages.

If you have any questions or experience any issues during the migration period, please contact the FINRA Contact Center (301) 590-6500.

Tune in to the FINRA Unscripted podcast to hear FINRA leaders review existing and emerging regulatory topics that impact the broker-dealer industry, as well as other insights into the operations of FINRA. 

On this episode, FINRA’s Tony Cavallaro discusses the role of the Office of Fraud Detection and Market Intelligence’s Central Review Group and describes how it triages tens of thousands of matters every year to look for red flags or other concerns. Listen to the podcast.

FINRA published Special Notice 4/3/19 (2019 Involvement and Election Process Overview) to inform firms and other interested parties about the process for filling vacancies on various FINRA committees and its boards. In addition, the Notice reminds interested individuals to use FINRA’s online portal to submit an online form to indicate their interest in being considered for future vacancies.


Information Notice

Effective April 16, 2019, the Section 31 fee rate applicable to specified securities transactions on the exchanges and in the over-the-counter markets will increase from its current rate of $13.00 per million dollars in transactions to a new rate of $20.70 per million dollars in transactions. See Information Notice 4/3/19 for more information.

UPC Advisories

The following UPC Advisories were posted in the past week:

  • UPC #11-19 Nine West Holding Inc.
    UPC #12-19 Parker Drilling Company (PKRDQ, PKDSQ)

 Upcoming Deadlines and Effective Dates

FINRA Request for Comment

FINRA is conducting a retrospective review of Rule 4370 (Business Continuity Plans and Emergency Contact Information), FINRA’s emergency preparedness rule, to assess its effectiveness and efficiency. Regulatory Notice 19-06 outlines the general retrospective rule review process and seeks responses to several questions related to firms’ experiences with this specific rule. Comments are due April 26, 2019.

SEC Request for Comment on FINRA Rules

The SEC requests comment on FINRA’s proposal to amend the Capital Acquisition Broker (“CAB”) Rules governing qualification, registration and continuing education of associated persons of CABs (CAB Rules 119-125) to reflect new consolidated FINRA qualification and registration rules and changes to its continuing education requirements which took effect on October 1, 2018 (collectively, the “Consolidated Rules”). Specifically, the proposed rule change would amend CAB Rules 119 (Foreign Members and Associates), 121 (Registration Requirements), 123 (Categories of Registration), 124 (Persons Exempt from Registration) and 125 (Continuing Education Requirements) to cross-reference the new FINRA rules governing these areas, and would delete CAB Rule 122 (Qualification Examinations) since this area is covered by other Consolidated Rules. The comment period expires April 22, 2019. See the Federal Register notice.

 Education and Compliance Programs

Register for the Annual Conference, which takes place May 15-17, 2019, in Washington, DC. This year's conference features more than 60 sessions and seven session tracks geared towards various business models, experience levels and firm sizes. Join securities attorneys, government officials, FINRA senior leaders and representatives from other securities regulators for a three-day event dedicated to today’s most important issues affecting the securities industry, including:

  • Common Examination Findings
  • Managing Cybersecurity Risks
  • Outside Business Activities (OBA) and Private Securities Transactions (PST)
  • Social Media and Digital Communications
  • And much more

Browse the conference brochure, which includes the full agenda and session descriptions. Register today to attend in person or via live online broadcast.

The 2019 Compliance Outreach Program for Municipal Advisors has been rescheduled for Tuesday, May 21, 2019, in San Francisco, CA. This free one-day program is designed to provide an open forum for municipal advisory industry professionals to discuss current compliance practices with regulators and promote a more effective compliance structure for regulatory obligations of municipal advisors. The program is sponsored by the SEC's Office of Compliance Inspections and Examinations (OCIE), in coordination with the SEC's Office of Municipal Securities, FINRA and the MSRB.

Register today to attend in person or via live audio webcast.

FINRA is hosting several upcoming Half-Day Compliance Boot Camps, AML Half-Day Seminars and Cybersecurity Half-Day Seminars across the country.

Half-Day Compliance Boot Camps

  • May 23, 2019 | Dallas, TX
  • June 4, 2019 | Chicago, IL
  • June 12, 2019 | New York, NY
  • June 14, 2019 | Tempe, AZ

AML Half-Day Seminar – June 4, 2019 | Costa Mesa, CA

Cybersecurity Half-Day Seminar – July 16, 2019 | Chicago, IL

Register today for the June 12 district compliance event in Boston, MA. This event is designed for compliance and legal professionals at FINRA member firms, and offers an opportunity to hear about current regulatory issues while engaging with District Office staff.

Register today for the 2019 FINRA Institute at Georgetown Certified Regulatory and Compliance Professional (CRCP)® program—comprised of two weeklong residential courses, which are delivered at Georgetown University's McDonough School of Business in Washington, DC. This program provides an executive educational experience that covers the theory and practical application of securities laws and regulation through intensive instruction, discussion and case studies.

Listen to our podcast to find out what makes the CRCP® program a can't-miss opportunity, and visit FINRA's website for additional details and registration information.

Registration is now open for FINRA’s new Institutional Conference—designed to bring together industry experts, executives and policymakers to share their specialized knowledge and experiences on topics affecting institutional firms across the country. Join us in-person on September 11 in New York City. Reduced rates are available to the first 50 to register through May 31.

FINRA’s Small Firm Conference returns October 23 – 24, 2019 in Santa Monica, CA. This conference features in-depth discussion on small firms’ practices and tips for complying with FINRA rules.

Discounted rates available—register early to secure your seat.

Registration is now open for FINRA's Advertising Regulation Conference—which takes place October 24 – 25, in Washington, DC. Join us in-person or via live broadcast to gain insights on advertisement compliance, and industry developments concerning communications rules and standard advertising practices. Reduced rates are available to the first 100 to register through May 31.

Registration is now open for FINRA's Senior Investor Protection Conference—which takes place November 12, in Washington, DC. This one-day event is dedicated to sharing the most up-to-date regulatory information and effective strategies and solutions for protecting senior investors and vulnerable adults. Discounted registration rates are available to the first 50 to register through June 28.

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