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Guidance
- Regulatory Notice
- UPC Advisories
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Upcoming Deadlines and Effective Dates
- FINRA Requests for Comment
- SEC Request for Comment on FINRA Rules
- FINRA Elections
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Education and Compliance Programs |
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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.
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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: FINRA Senior Leaders Fireside Chat on Current Issues. During this session, FINRA President and CEO Robert Cook is joined by Chief Legal Officer Bob Colby and Executive Vice President of Member Supervision Bari Havlik to provide updates on key regulatory topics.
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Guidance
FINRA Encourages Firms to Notify FINRA if They Engage in Activities Related to Digital Assets
For the past two years, FINRA has encouraged firms to keep their Risk Monitoring Analyst informed if the firm, or its associated persons or affiliates, engaged, or intended to engage, in activities related to digital assets, including digital assets that are non-securities. FINRA appreciates members’ cooperation with this request, detailed in Regulatory Notice 20-23, and is encouraging firms to continue to keep their Risk Monitoring Analyst abreast of their activities related to digital assets until July 31, 2021.
UPC Advisories
The following UPC Advisories were published in the last week:
- UPC #24-20: Gemstone Solutions Holding Corporation (f/k/a Gymboree Holding Corporation) (GMBEQ)
- UPC #25-20: Aradigm Corp. (ARDMQ)
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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.
SEC Request for Comment on FINRA Rules
The SEC requests comment on FINRA’s proposal to adopt FINRA Rule 3241 (Registered Person Being Named a Customer’s Beneficiary or Holding a Position of Trust for a Customer). The comment period expires July 30, 2020. See the Federal Register notice.
FINRA Elections
FINRA will conduct its Annual Meeting of firms on Friday, August 7, 2020. The purpose of the meeting is to elect individuals to fill one small firm seat and one large firm seat on the FINRA Board of Governors. Firms that are members of FINRA as of the close of business on Tuesday, July 7, 2020, are eligible to vote. See Election Notice 7/8/20 for information about the voting methods and candidate profiles.
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Education and Compliance Programs
Registration is now open for the upcoming Small Firm Conference Call on Wednesday, July 29, at 4:30 p.m. ET. FINRA President and CEO Robert Cook and Vice President of Member Relations and Education Kayte Toczylowski will be joined by FINRA staff to discuss recent FINRA updates, including the new FAQ about exemption reporting under SEA Rule 15c3-3, adjusting supervisory systems to a remote work environment, and recent guidance on private placement retail communications. This event is open to all FINRA member firms.
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