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New FINRA Foundation Study: The State of U.S. Financial Capability

June 26, 2019
Volume 26

  • UPC Advisories

Upcoming Deadlines and Effective Dates
  • FINRA Request for Comment
  • FINRA Elections
  • Upcoming Effective Date

Education and Compliance Programs

A new study from the FINRA Investor Education Foundation, The State of U.S. Financial Capability, finds that although the economy is strong, the gap between those prospering and those struggling continues to widen. The nationwide survey of more than 27,000 respondents is conducted every three years, and is one of the largest and most comprehensive financial capability studies in the U.S.

The 2019 Entitlement Certification deadline was Friday, June 21, 2019. FINRA’s Annual User Accounts Certification Period concluded on Friday, June 21. Super Account Administrators (SAAs) for firms with more than one user that have not yet certified must do so immediately. The ability to create, edit and clone accounts has been disabled for overdue organizations and will remain so until certification is completed. Other consequences include notifying the organization’s regulator(s), and ultimately, suspending all user accounts. Should account suspensions occur, SAAs from affected organizations will be required to work with the FINRA Entitlement Group in order to re-gain system access. For detailed information, refer to the Annual Entitlement User Accounts Certification Process page.

FINRA reminds firms to register for CAT reporting by June 27, 2019. FINRA issued Regulatory Notice 19-19 to remind firms they must register with FINRA CAT, LLC (FINRA CAT) for reporting to the Consolidated Audit Trail (CAT). CAT registration commenced on March 18, 2019, and will run through June 27, 2019. All Industry Members, as defined under the CAT NMS Plan, that will have a CAT reporting obligation must register during this window.

All questions regarding CAT registration should be directed to the FINRA CAT Helpdesk at (888) 696-3348 or [email protected].



UPC Advisories

The following UPC Advisories were posted in the past week:

  • UPC #20-19 Orexigen Therapeutics, Inc. (OREXQ)
  • UPC #21-19 Pernix Therapeutics Hldgs, Inc. (PTXTQ)
  • UPC #22-19 Triangle Pete Corp (TPLMQ)

 Upcoming Deadlines and Effective Dates

FINRA Request for Comment

As part of FINRA’s ongoing initiatives to protect investors from misconduct, FINRA has issued Regulatory Notice 19-17 to request comment on proposed new Rule 4111 (Restricted Firm Obligations) that would impose tailored obligations, including possible financial requirements, on designated member firms that cross specified numeric disclosure-event thresholds. These thresholds were developed through a thorough analysis and are based on the number of events at similarly sized peers. The member firms that could be subject to these obligations, while small in number, present heightened risk of harm to investors and their activities may undermine confidence in the securities markets as a whole. The proposal would further promote investor protection and market integrity and give FINRA another tool to incentivize member firms to comply with regulatory requirements and to pay arbitration awards. Comments are due July 1, 2019.

FINRA Elections

FINRA recently issued Election Notice 5/24/19 to inform member firms of an upcoming election to fill one Large Firm Governor seat and one Small Firm Governor seat on the FINRA Board of Governors (Board). The FINRA Nominating Committee nominated the following individuals who accepted the committee’s nominations:

  • Large Firm Governor Candidate: Andrew S. Duff, Board of Directors, Piper Jaffray & Co.
  • Small Firm Governor Candidate: Robert A. Muh, CEO, Sutter Securities

A petition period is currently underway during which eligible individuals who were not so nominated may seek to qualify to be included on the ballot for these elections. The petition procedures are set forth in the Election Notice. Petitions are due by July 8, 2019.

The Board election will begin in mid-July and conclude at FINRA’s annual meeting of member firms which will take place in August. A formal notice of the meeting, including the precise date, time and location, will be mailed to executive representatives on or about July 19, 2019.

Upcoming Effective Date

The SEC approved amendments to FINRA’s customer and industry arbitration rules to expand time for non-parties to respond to arbitration subpoenas and orders of appearance of witnesses or production of documents. The amendments also make related changes to enhance the discovery process for forum users. The amendments, outlined in Regulatory Notice 19-20, are effective for cases filed on or after July 1, 2019.

 Education and Compliance Programs

Register today for the 2019 FINRA Institute at Georgetown Certified Regulatory and Compliance Professional (CRCP)® program—comprised of two weeklong residential courses, which are delivered at Georgetown University's McDonough School of Business in Washington, DC.

Week I · July 21–26, 2019 (Registration closes July 14)
Week II · November 17–22, 2019

Register today for the 2019 Institutional Conference on September 11 in New York. The event will bring together industry experts, executives and policymakers to discuss topics affecting institutional firms across the country. Download the agenda.

FINRA is hosting several upcoming Half-Day Compliance Boot Camps, AML Half-Day Seminars and Cybersecurity Half-Day Seminars across the country.

Half-Day Compliance Boot Camps

  • July 16, 2019 | Boca Raton, FL
  • August 8, 2019 | Del Mar, CA
  • September 17, 2019 | Minneapolis, MN
  • September 17, 2019 | Baltimore, MD
  • September 25, 2019 | Stamford, CT

AML Half-Day Seminar

  • September 19, 2019 | Chicago, IL

Cybersecurity Half-Day Seminars

  • August 27, 2019 | Costa Mesa, CA
  • September 26, 2019 | Boca Raton, FL

District compliance events are designed for compliance and legal professionals at FINRA member firms, and offer an opportunity to hear about current regulatory issues while engaging with District Office staff. Upcoming events will be held in the Los Angeles, Woodbridge and Atlanta District Offices.

Review the compliance calendar to see a complete list of events.

Also coming up:

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