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FINRA's 2023 Industry Snapshot Now Available

May 10, 2023
Volume 19



 • FINRA Request for Comment
disciplinary actions

Disciplinary Actions


Upcoming Deadlines and Effective Dates

 • SEC Requests for Comment


Education and Compliance Programs


FINRA recently published the 2023 Industry Snapshot, the annual statistical report on registered representatives, brokerage firms, and market activity that FINRA oversees. This year’s edition adds new data about options trading activity, and certain demographic changes of FINRA-registered representatives. Get the 2023 Industry Snapshot Report.

You can still register to attend FINRA's Annual Conference virtually. The all-inclusive virtual platform gives you access to all sessions, the ability to connect with other conference attendees and exhibitors and ask live questions. You can even view speaker information, download presentations and handouts all from your home or office. View the brochure.



FINRA published Regulatory Notice 23-08 to remind members of their obligations in private placements (i.e., unregistered offerings sold pursuant to the Regulation D safe harbors under Sections 3 and 4 of the Securities Act of 1933 (Securities Act).

FINRA is requesting comment on whether additional changes to FINRA rules, operations or administrative processes would further enhance the capital-raising process without compromising protections for investors and issuers in Regulatory Notice 23-09.

FINRA’s latest Special Notice addresses the annual election nomination and election procedures for each specific election at the start of each election cycle. This Notice provides:

  • a description of responsibilities for the various groups;
  • an overview of each elected vacancy to be filled in 2023; and
  • a summary of how eligible individuals can become candidates for election.
 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 Requests for Comment

The SEC requests comment on FINRA’s proposal to amend FINRA Rule 3110 (Supervision) to adopt a voluntary, three-year remote inspections pilot program to allow member firms to elect to fulfill their obligation under paragraph (1) to Rule 3110(c) (Internal Inspections) by conducting inspections of some or all branch offices and locations remotely without an on-site visit to such office or location, subject to specified terms. Comments are due May 25, 2023. See the Federal Register notice.

The SEC requests comment on FINRA’s proposal to amend FINRA Rules 1015, 9261, 9341, 9524 and 9830 and Funding Portal Rule 900 to allow for video conference hearings before the Office of Hearing Officers and the National Adjudicatory Council under specified conditions. Comments are due May
 25, 2023. See the Federal Register notice.


 Education and Compliance Programs

Registration Systems Foundation In-Person Training returns this June in St. Petersburg, FL. This one-day training is designed for firm compliance personnel who are new to registration and licensing or need to become more familiar with navigating FINRA Gateway and submitting Uniform Forms. Space is limited, so register early.

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. Looking ahead? Registration is open for Week I in 2024.

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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