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Small Firm Governor Election Underway

June 22, 2022
Volume 25


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

Education and Compliance Programs

FINRA reminds firms to review the cybersecurity resources provided on FINRA’s Cybersecurity Topic Page, including the Core Cybersecurity Threats and Effective Controls for Small Firms and the alerts on ongoing cybersecurity concerns. In addition, firms should verify the legitimacy of any suspicious email prior to responding to it, opening any attachments or clicking on any embedded links.

FINRA firms will elect one Small Firm Governor to the FINRA Board of Governors at FINRA’s annual meeting in August. As announced in Election Notice 5/16/22, any eligible individuals who obtain the requisite number of valid petitions will be certified as candidates and included on the ballot. Petitions for candidacy are due June 30, 2022.

 Upcoming Deadlines and Effective Dates

FINRA Request for Comment

FINRA is soliciting comment on a proposal to establish a new trade reporting requirement for transactions in over-the-counter options on securities with terms that are identical or substantially similar to listed options. FINRA is proposing to require firms to report this information to FINRA on a daily basis (end-of-day) for regulatory purposes only. Comments are due September 20, 2022. See Regulatory Notice 22-14.

SEC Requests for Comment

The SEC requests comment on FINRA’s proposal to amend FINRA Rule 6730 to: (i) require members to report electronically executed transactions in U.S. Treasury Securities to FINRA’s Trade Reporting and Compliance Engine (TRACE) in the finest increment captured by the system used to execute the transaction, subject to an exception for members with limited trading volume in U.S. Treasury Securities; and (ii) reduce the trade reporting timeframe for transactions in U.S. Treasury Securities to generally require reporting to TRACE as soon as practicable but no later than 60 minutes. Comments are due June 24, 2022. See the Federal Register notice.

The SEC requests comment on FINRA’s proposal to amend Rule 8312 (FINRA BrokerCheck Disclosure) to release information on BrokerCheck® as to whether a particular member firm or former member firm is currently designated as a “Restricted Firm” pursuant to Rule 4111 (Restricted Firm Obligations) and Rule 9561 (Procedures for Regulating Activities Under Rule 4111). Comments are due July 8, 2022. See the Federal Register notice.


 Education and Compliance Programs

On June 7, FINRA hosted an FBI Cyber Threat Briefing webinar for Northeast region firms. Register to access the on-demand recording. Registration is available to FINRA member firms and CRCP graduates. Additional webinars, specific to your region, will be available at a later date.

Attend the June 28 FINRA Disclosure: Regulatory Actions Webinar. This webinar provides guidance on reporting investigations, pending and final regulatory events, required document submission and a Statutory Disqualification overview. For additional information and registration links, please see the FINRA Webinars page.

Week I of the 2022 FINRA Institute at Georgetown CRCP® Program is sold out and Week II is filling up fast. Reserve your spot now and join us in Washington, D.C., on November 13-18. View the Week II detailed schedule for a look at what sessions are being held and the participating faculty.

Thinking ahead and want to reserve your spot for next year? Registration for 2023 Week I is now open.

Register for all of FINRA’s upcoming events:

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Regulatory Contacts
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