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Register Now for the Next Small Firm Conference Call

May 26, 2021
Volume 21


  • UPC Advisory

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

Education and Compliance Programs

FINRA has released its 2021 Annual Budget Summary, which outlines how FINRA plans to deploy its resources in 2021 to meet FINRA’s various regulatory responsibilities, consistent with the Financial Guiding Principles.

FINRA has published the 2021 FINRA Industry Snapshot, the annual statistical report on the brokerage firms, registered representatives and market activity that FINRA regulates. The latest edition includes new statistics on U.S. Treasury volume and corporate financing filings, as well as data ranging from the size and geographic distribution of the firms FINRA regulates to the number of individuals in the industry, and from trading activity to how firms market their products and services.

Register today for the next Small Firm Conference Call on Tuesday, June 15, at 4:30 p.m. ET. FINRA President and CEO Robert Cook and Vice President of Member Relations and Education Kayte Toczylowski will be joined by Member Supervision’s Dave Kelley, Keith Bettencourt and Wyatt Hamilton to discuss cybersecurity-related issues affecting the industry, along with effective practices observed at firms.

Last week, the FINRA Board of Governors met virtually for its May 2021 meeting. During the meeting, the Board approved FINRA’s 2020 Annual Financial Report, which—for the first time—will include a section on human capital describing the diversity of FINRA's workforce and Board of Governors. The Board also approved a FINRA proposal to adopt membership term limits for its advisory committees that currently do not have them.


UPC Advisories

The following UPC Advisory was published in the last week:

  • UPC #28-21: Gulfport Energy Corporation (GPORQ)

 Upcoming Deadlines and Effective Dates

FINRA Request for Comment

FINRA seeks comment on any aspects of our rules, operations and administrative processes that may create unintended barriers to greater diversity and inclusion in the broker-dealer industry or that might have unintended disparate impacts on those within the industry. See Regulatory Notice 21-17 for additional information. The comment period expires June 28, 2021.

SEC Requests for Comment

The SEC requests comment on FINRA’s proposal to amend FINRA Rules 0180, 4120, 4210, 4220, 4240 and 9610 to clarify the application of its rules to security-based swaps (“SBS”) following the SEC’s completion of its rulemaking regarding SBS dealers and major SBS participants. Comments are due June
 2, 2021. See the Federal Register notice.

The SEC requests comment on FINRA’s proposal to adopt a Supplemental Liquidity Schedule, and Instructions thereto, pursuant to FINRA Rule 4524 (Supplemental FOCUS Information). Comments are due June 8, 2021. See the Federal Register notice.

The SEC requests comment on FINRA’s proposal to amend the requirements for Covered Agency Transactions under FINRA Rule 4210 (Margin Requirements) as approved by the SEC pursuant to SR-FINRA-2015-036. The proposed rule change would amend, under FINRA Rule 4210, paragraphs (e)(2)(H), (e)(2)(I), (f)(6), and Supplementary Material .02 through .05, each as amended or established pursuant to SR-FINRA-2015-036. Comments are due June 15, 2021. See the Federal Register notice.

Upcoming Effective Date

In Regulatory Notice 21-09, FINRA adopted new rules to address brokers with a significant history of misconduct and the broker-dealers that employ them. Amendments to the FINRA Rule 9520 Series and Funding Portal Rule 900 become effective on June 1, 2021.

 Education and Compliance Programs

Register today for the 2021 Virtual Technology Conference on June 23. This conference showcases the latest technology offerings to our member firms. Technology is transforming the Financial Services industry and FINRA is dedicated to supplying our members with innovative technology designed to protect investors and ensure market integrity.

Register for the Diversified and Carrying & Clearing Member Forum on July 13. Firm Grouping Member Forums are free one-day events designed to provide financial professionals associated with FINRA member firms the opportunity to engage in key discussions with FINRA staff and connect with industry leaders and peers. The forums also include thoughtful discussions around the future landscape of the financial services industry and provide opportunities to meet one-on-one with FINRA Risk Monitoring Analysts, Directors, and Single Points of Accountability to discuss firm-specific questions.

Registration is open for the 2022 FINRA Annual Conference, held on May 16-18 in Washington, DC. We had record-breaking attendance at this year’s event so be sure to register early to reserve your spot. Early bird rates are available.

Register for these upcoming FINRA events:

  • FINRA Institute at Georgetown Certified Regulatory and Compliance Professional Program
    Week I Waitlist | July 18-23, 2021 | Online
  • 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 | Online + In-Person

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Regulatory Contacts
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