Stephen Luparello Appointed as FINRA Public Governor 

May 28, 2025

Features

  • Stephen Luparello Appointed as FINRA Public Governor  
    Stephen Luparello, who has held several senior regulatory and industry positions throughout his career, has joined the FINRA Board of Governors as a Public Governor. Most recently, Luparello was Managing Director and General Counsel at Citadel Securities. Prior to Citadel, he served as the Director of the SEC’s Division of Trading and Markets. Earlier in his career, Luparello was a partner at WilmerHale where he specialized in broker-dealer compliance and regulation as well as securities litigation and enforcement. He spent 16 years at FINRA, and its predecessor, the National Association of Securities Dealers, serving at one point as FINRA’s Vice Chairman. 
     
  • Cyber Alert: Phishing Campaign Impersonating FINRA Executives 
    Firms should be aware of fraudulent emails whose senders are impersonating FINRA executives. These emails are not from FINRA, and firms should delete them and consider blocking their domains. Read the Cybersecurity Alert. 
     
  • Cyber Advisory: Potential Endpoint Detection and Response Vulnerability 
    Member firms that use SentinelOne Endpoint Detection and Response (EDR) protections—and potentially other EDR service providers—should be aware of a vulnerability that could allow threat actors to access publicly accessible servers. A recent Cybersecurity Advisory explains how threat actors exploit this vulnerability and offers guidance for remediating and protecting against this type of attack. 
     
  • ICYMI: FinPro to Adopt New Interface 
    Starting on June 12, FINRA’s Financial Professional Gateway (FinPro) will update its user interface. It will have the look and feel of FINRA Gateway and make completing compliance assignments quicker and easier. Users do not need to take any action to prepare for this transition and can preview it here.  
     
  • ICYMI: FINRA Encourages Member Firm Involvement    
    Engagement with our members is crucial for FINRA to carry out our mission of protecting investors and safeguarding market integrity. We encourage you to consider contributing your unique perspective and skillset with rotating terms on our committees and other opportunities detailed in the 2025 Involvement and Election Process Overview, including FINRA’s Advisory Committees, Regional Committees, Ad Hoc Committees, National Adjudicatory Council (NAC), Working Groups, Roundtable Meetings, and FINRA’s Board of Governors. You may submit an indication of interest to be considered to join a FINRA advisory committee or speak at a FINRA event by clicking here.  

    Other ways to engage include reaching out to your FINRA contacts such as your Risk Monitoring Analyst (RMA), contacting Member Relations and Education at [email protected], and sharing feedback via your Regional Committee representatives, who are elected annually by member firms headquartered in the same geographic area and who represent all firms in their region.   
Guidance, Upcoming Deadlines, Effective Dates
New
  • No new guidance, upcoming deadlines, or effective dates have been announced since the last edition of the Weekly Update.
Reminders
  • FINRA Forward – Requests for Comment:  
     
    • Rule Modernization: Regulatory Notice 25-04 requests comment in connection with a broad review of FINRA’s regulatory requirements applicable to member firms and associated persons. Comments are due by June 11.  
       
    • Capital Formation: Regulatory Notice 25-06 requests comment on modernizing FINRA rules, guidance and processes to further facilitate capital formation and reduce unnecessary regulatory costs and burdens impacting the capital-raising process. Comments are due by June 18.   
       
    • The Modern Workplace: Regulatory Notice 25-07 requests comment on modernizing FINRA rules, guidance and processes for the organization and operation of member workplaces. Comments are due by July 14. 
       
  • FinPro to Adopt New Interface: As noted in the feature above, FINRA’s Financial Professional Gateway (FinPro) will update its user interface starting on June 12. Users do not need to take any action to prepare for this transition and can preview the updated interface here. 
Disciplinary Actions
  • FINRA publishes disciplinary actions to remind members of specific conduct that violates FINRA rules and may result in disciplinary action. The May 2025 Monthly Disciplinary Actions are available here.
Education and Compliance Programs

Elder Financial Fraud Webinar: Identifying, Preventing, and Responding as a Financial Professional | June 10 | Virtual Event | Link to Come 
 
 
Registration Systems Foundation | Sept. 16 | Rockville, MD | In-Person Event 
 
Disclosure Reporting Boot Camp | Sept. 17-18 | Rockville, MD | In-Person Event
 
Small Firm Conference | Oct. 9-10 | Dallas, TX | Hybrid Event
 
Joint Compliance Outreach Program for Municipal Advisors, Dealers, and Other Market Professionals | Hosted by FINRA, the SEC and the MSRB | Nov. 18-19 | Virtual Event | Link to Come
Resources
Member Firm Hub – The latest guidance, resources, educational opportunities and more.
 
Comment Process – Watch this on-demand webinar on how to provide comments on rule modernization proposals, as well as to learn about the impact of comment letters and how they are used. 

Involvement and Election Process – Learn about ways to engage with FINRA to carry out our mission of protecting investors and safeguarding market integrity. Members can contribute their unique perspectives and skillsets with rotating terms on FINRA committees and other opportunities detailed in the Involvement and Election Process Overview. Submit an indication of interest to be considered to join a FINRA advisory committee or speak at a FINRA event by clicking here.
 
Membership Application Program (MAP) Tools – Find guidance and other resources to help current members prepare for their continuing membership application (CMA) and new applicants prepare for a new member application (NMA). 

FINRA Unscripted – Listen to our monthly podcast on a range of topics important to the securities industry.  
 
 
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About FINRA
FINRA is a not-for-profit organization dedicated to investor protection and market integrity. FINRA regulates one critical part of the securities industry—member brokerage firms doing business with the public in the U.S. FINRA, overseen by the SEC, writes rules, examines for and enforces compliance with FINRA rules and federal securities laws, registers broker-dealer personnel and offers them education and training, and informs the investing public. In addition, FINRA provides surveillance and other regulatory services for equities and options markets, as well as trade reporting and other industry utilities. FINRA also administers a dispute resolution forum for investors and brokerage firms and their registered employees. For more information, visit www.finra.org.
Regulatory Contacts
FINRA By-Laws require member firms to maintain an email account on behalf of their executive representatives, to facilitate firm notification of important information. In light of this, requests from executive representatives to be removed from this email list cannot be honored.
 
Firms wishing to change the name or email address of their executive representative or designated assistant should use the FINRA Contact System: http://www.finra.org/FCS.
 
Subscribers
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