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FINRA Releases Its 2019 Annual Financial Report, Announces New FINRA Board Chairperson

July, 1, 2020
Volume 26


  • Notices
  • UPC Advisories

Upcoming Deadlines and Effective Dates
  • FINRA Requests for Comment
  • Annual Entitlement User Accounts Certification

Education and Compliance Programs

FINRA released its 2019 Annual Financial Report, which describes how FINRA managed its finances in 2019. Read the report to learn more about the key drivers of FINRA’s 2019 financial performance.

Reminder: continuing education member survey responses due July 2. As part of its efforts to enhance the securities industry Continuing Education program, CE Council is seeking responses to a brief questionnaire to help develop an impactful Firm Element training program. Surveys were sent to firms’ CE contacts and feedback is requested by Thursday, July 2, 2020. Please contact the FINRA Gateway Call Center at (301) 590-6500 if you have any questions.

Reminder: sharing account credentials is strictly prohibited. As FINRA introduces multi-factor authentication (MFA) to access various FINRA applications, FINRA reminds all administrators and users that sharing account credentials to access FINRA systems is strictly prohibited by the Entitlement Program Terms of Use (Section 2A). An account must be used only by the person for whom it is created. This is an important measure to safeguard the data of customers, system users, registered persons and member firms. For more information, please visit FINRA’s MFA page.

The FINRA Board of Governors elected Eileen Murray, former Co-CEO of Bridgewater Associates, LP, as chairperson effective at FINRA’s Annual Meeting in August In addition, Maureen Jensen, former Chair and CEO of the Ontario Securities Commission (OSC), and Eric Noll, CEO of Context Capital Partners, have been appointed to the FINRA Board as public governors, also effective at the August Annual Meeting.


FINRA Provides Guidance on Retail Communications Concerning Private Placement Offerings Summary

Regulatory Notice 20-21 provides guidance to help member firms comply with FINRA Rule 2210, Communications with the Public, when creating, reviewing, approving, distributing, or using retail communications concerning private placement offerings.

FINRA Provides Updates on Regulatory Coordination Concerning CAT Reporting Compliance

FINRA published Regulatory Notice 20-20 to provide members an update on regulatory coordination efforts concerning compliance with CAT reporting rules. In particular, FINRA and the national securities exchanges, as CAT NMS Plan Participants, have entered into a Rule 17d-2 Plan and corresponding Regulatory Services Agreements to coordinate regulation of the CAT compliance rules through FINRA. Relatedly, FINRA and the exchanges developed a coordinated approach for enforcement of the CAT compliance rules under the Participants’ respective Minor Rule Violation Plans.

FINRA Gateway – Changes to Form U4 User Interface and Access to Continuing Education

FINRA’s Digital Experience Transformation is changing the way that firms and their personnel access and interact with FINRA’s systems and complete their compliance and regulatory tasks. Information Notice 6/25/20 highlights near-term changes to the manner in which firms and their personnel access, and interact with, FINRA’s registration and continuing education applications and provides relevant dates when FINRA anticipates those changes will occur. Some of these changes will require registered persons (and persons seeking registration) to exclusively use FINRA’s Financial Professional Gateway (FinPro)

UPC Advisories

The following UPC Advisories were published in the last week:

  • UPC #22-20: Valeritas Holdings, Inc. (VLRXQ)
  • UPC #21-20: McDermott International, Inc. (MDRIQ)

 Upcoming Deadlines and Effective Dates

FINRA Requests for Comment

FINRA is inviting member firms that participate, or plan to participate, in the security-based swap (SBS) market to provide views and information with regard to broker-dealer SBS activities, including the application of FINRA rules to those activities. Any other interested party is also invited to submit views and information. For more information, including how to make a submission, please visit the FINRA website. FINRA would appreciate receiving responses by July 31, 2020.

FINRA encourages comments on its recent paper on Artificial Intelligence (AI) in the Securities Industry, including areas where guidance or modifications to FINRA rules may be desired to support adoption of AI applications while maintaining investor protection and market integrity. Comments are requested by August 31, 2020.

Annual Entitlement User Accounts Certification

FINRA's Annual User Accounts Certification Process is underway and will conclude July 20, 2020. During this period, Super Account Administrators (SAAs) for organizations with more than one user and/or administrator account must 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. This year, organizations with only an SAA account and no other users or administrators have the option to certify but are not required. For detailed information, refer to the Annual Entitlement User Accounts Certification Process page.


 Education and Compliance Programs

FINRA's virtual conference panels provide a unique opportunity to hear the most up-to-date compliance information directly from industry and regulatory leaders right from the comfort of your home. Watch the latest panel on Developments in the Digital Assets Market. Join FINRA panelists and industry experts as they explain how these products and related initiatives are evolving and impacting the securities industry.

Small Firm Conference Call

Save the date for the next Small Firm Conference Call on July 29, 2020 at 4:30 p.m. As a reminder, audio recordings of prior calls are made available to FINRA member firms. Register to listen to any session.


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