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FINRA, the SEC and NASAA Recognize World Elder Abuse Awareness Day

June 16, 2021
Volume 24

disciplinary actions

Disciplinary Actions


Upcoming Deadlines and Effective Dates
  • FINRA Requests for Comment
  • SEC Requests for Comment
  • FINRA Elections

Education and Compliance Programs

Reminder: FINRA's Annual User Accounts Certification Process is underway and will conclude July 19, 2021. During this period, Super Account Administrators (SAAs) certify that individuals have the appropriate level of access to FINRA systems required to perform their job responsibilities or remove access if no longer required. For detailed information, refer to the Annual Entitlement User Accounts Certification Process page.

The 2021 Virtual Technology Conference is next week! Join us on June 23 to explore innovative technology designed to protect investors and ensure market integrity, and hear how we are focusing on technology tools to help comply with FINRA rules. Register today.

Tune in to the latest episode of the FINRA Unscripted podcast. On this episode, we sit down with Marcia Asquith, Executive Vice President of Board & External Relations, and Jennifer Piorko Mitchell, Vice President of Corporate Governance and Deputy Corporate Secretary, to discuss how FINRA has prioritized diversity in the boardroom. Listen to the podcast.

In recognition of World Elder Abuse Awareness Day, FINRA, the SEC and NASAA yesterday announced a free training, “Addressing and Reporting Financial Exploitation of Senior and Vulnerable Adult Investors,” that can be used by firms to train associated persons on how to detect, prevent, and report financial exploitation of senior and vulnerable adult investors. The training is also a resource for firms implementing the requirements of the Senior Safe Act and certain state training requirements relating to senior investment protection.

  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. FINRA posted the following disciplinary item on the website this week:

 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.

FINRA is requesting comment on potential enhancements to its short sale reporting program in Regulatory Notice 21-19. FINRA is considering: (1) modifications to its short interest reporting requirements (Rule 4560); (2) a new rule to require that participants of a registered clearing agency report to FINRA information on allocations to correspondent firms of fail-to-deliver positions; and (3) other potential enhancements related to short sale activity.
The comment period expires August
 4, 2021.

SEC Requests for Comment

The SEC requests comment on FINRA’s proposal to amend FINRA Rule 1011(p) (“specified risk event”), to correct an inadvertent drafting error and clarify the “final regulatory actions” that are included in the “specified risk event” definition for purposes of the Rule 1000 Series (Member Application and Associated Person Registration). Rule 1011(p) was among the rules approved in SR-FINRA-2020-011. Comments are due June 16, 2021. See the Federal Register notice.

The SEC requests comment on FINRA’s proposal relating to members’ filing requirements under FINRA Rule 6432 (Compliance with the Information Requirements of SEA Rule 15c2-11). Comments are due July 6, 2021. See the Federal Register notice.

FINRA Elections

The annual meeting of FINRA firms will take place on or about Wednesday, September 1, 2021, to elect one Large Firm Governor, one Mid-Size Firm Governor, and one Small Firm Governor to the FINRA Board of Governors. Election Notice 6/4/21 announced the FINRA Nominating & Governance Committee nominees to fill these vacancies, and informed individuals not nominated by the Nominating Committee of the procedures for being included as an additional candidate on the ballot for these elections.
Petitions for candidacy are due July 19, 2021.

 Education and Compliance Programs

Register for the virtual 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.

Register for these upcoming FINRA events:

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Regulatory Contacts
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