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Now Available: Rule 4111 Compliance Tool Report of Interim Calculations

April 5, 2023
Volume 14



 • Regulatory Notices
 • Special Notice
disciplinary actions

Disciplinary Actions


Upcoming Deadlines and Effective Dates

 • SEC Request for Comment


Education and Compliance Programs


Now Available: Rule 4111 Compliance Tool Report of Interim Calculations – A new report of interim calculations is now available via the tool. Visit FINRA’s Compliance Tools page for more information about the Rule 4111 Compliance Tool, including access instructions.

Tune in to the latest episode of the FINRA Unscripted podcast. In this episode, we hear about FINRA’s Risk Monitoring team, and their responsibilities of assessing financial, operational and business conduct risks that exist within individual member firms and across the industry from three FINRA leaders. Listen to the podcast.


FINRA published a cybersecurity alert warning firms of an ongoing phishing campaign that involves fraudulent emails purporting to be from FINRA and using the domain names “” or “”. The domains of “” and “” are not connected to FINRA, and firms should delete all emails originating from these domains. Member firms should be aware that they may receive similar phishing emails from other domain names in addition to those identified in this alert.

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 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 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

As a reminder, the SEC amended Rule 17a-4 on October 12, 2022, to modify the requirements regarding the maintenance and preservation of electronic records, the use of third-party recordkeeping services to hold records, and the prompt production of records (effective and compliance dates: January 3, 2023, and May 3, 2023, respectively). FINRA prepared a chart that summarizes the most significant changes. Additionally, the SEC has prepared responses to Frequently Asked Questions (FAQ).

As a result of the changes to the language of the Third-Party Access Undertaking, firms electing to continue using their current third-party access arrangements to comply with Rule 17a-4(f) must ensure that the third-party files new undertakings including the amended language. These new undertakings must be submitted to FINRA by May 3, 2023. Firms are alerted that if they elect to utilize an electronic recordkeeping system, the amendments require that they submit to FINRA either a Third-Party Access Undertaking or a Designated Executive Officer Undertaking.

SEC Request for Comment
On March 24, 2023, the SEC issued an order instituting proceedings to determine whether to approve or disapprove FINRA’s proposed rule change to add IntelligentCross ATS as a new entrant to the Alternative Display Facility. Comments are due April 20, 2023. Any rebuttals to comments filed with the SEC are due May 4, 2023. See the SEC Notice of Order.


 Education and Compliance Programs

Firm compliance personnel who are new to registration and licensing—or would like to become more familiar with navigating related systems—are invited to join FINRA virtually for an upcoming Registration Systems Foundation training. These training sessions run noon to 5 p.m. ET on two consecutive days. See the Virtual Training Schedule & How to Register page for more information.

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. View the agenda.

Week I of the 2023 FINRA Institute at Georgetown Certified Regulatory and Compliance Professional (CRCP)® Program is sold out. 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
FINRA By-Laws require member firms to maintain an Internet email account on behalf of their executive representatives. This facilitates firm notification of important publications and information added to the FINRA website.

Firms wishing to change the name or email address of their executive representative or designated assistant should do so through the FINRA Contact System (FCS). See for further information. Requests from executive representatives to be removed from this email notification list cannot be honored.

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