Features - FINRA Announces Annual Meeting to Elect Governors
The 2025 Annual Meeting of FINRA member firms will take place on August 18 to elect one small firm and one large firm representative on the FINRA Board of Governors. These Governors play a crucial role in providing the industry’s perspective on important issues before the Board, and we encourage member firms to cast their vote. A Notice published Friday provides details on the candidates and the election process. Firms eligible to vote should have also received an email from FINRA’s Election Agent containing specific voting instructions.
- FINRA Exempts Business Development Companies from IPO Allocation Restrictions
FINRA has adopted amendments to exempt business development companies from FINRA Rule 5130 (Restrictions on the Purchase and Sale of Initial Equity Public Offerings) and from paragraph (b) (Spinning) of FINRA Rule 5131 (New Issue Allocations and Distributions). The amendments maintain the integrity of the public offering process while facilitating vibrant capital markets by expanding access to IPOs through a highly regulated entity. They will become effective today, July 23.
- FINRA Files Proposal on Time Stamp Granularity
FINRA proposed an amendment to Rule 6860(a)(2) governing time stamps in CAT to comply with recent exemptive relief to the CAT National Market System Plan from the SEC. As a condition of the exemption, FINRA and other SROs require that industry members that capture time stamps in increments more granular than nanoseconds must truncate the time stamps after the nanosecond level for submission to CAT. FINRA is extending the expiration date of Rule 6860(a)(2) from April 8, 2025 to April 8, 2030 to reflect the extended period in the exemptive relief.
- Microsoft SharePoint Critical Vulnerability
A recent Cybersecurity Alert warned member firms of a critical vulnerability that affects certain versions of Microsoft SharePoint. The Microsoft advisory included in the Alert describes this vulnerability and provides specific mitigation steps to protect against this threat. FINRA recommends that firms review this information with appropriate information technology and information security personnel.
- ICYMI: National Financial Capability Study
The FINRA Investor Education Foundation on July 16 released the sixth wave of its National Financial Capabilities Study, an expansive source of data and insights about the financial lives of U.S. adults that has been conducted every three years since 2009. The findings reveal an overall pattern of decline in U.S. adults’ ability to make ends meet and save for emergencies in contrast to the broadly positive trends seen from 2009 through 2021.
- ICYMI: New Podcast: A Conversation with FINRA’s Board Chair
The latest episode of the FINRA Unscripted podcast features a conversation with FINRA Board Chair Scott Curtis and FINRA President and CEO Robert Cook from our recent Annual Conference.
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Guidance, Upcoming Deadlines, Effective Dates |
New Reminders - CRCP Small Firm Scholarship: FINRA is offering five scholarships to industry professionals from small firms to attend the FINRA Institute at Georgetown Certified Regulatory and Compliance Professional (CRCP)® program. Applications due by Aug. 25.
- FinCEN Money Laundering Alert: FinCEN updated its June 25 orders prohibiting covered financial institutions from transmitting funds from three Mexico-based entities—CIBanco S.A., Intercam Banco S.A., and Vector Casa de Bolsa, S.A. de C.V. Firms now have until Sept. 4 to implement the orders.
- The Modern Workplace: Regulatory Notice 25-07 requested comment on further evolving FINRA’s rules, guidance, and processes to reflect modern business practices and markets; support innovation; promote efficiency; and eliminate unnecessary regulatory burdens. Comments were due to FINRA by July 14, but we still welcome feedback.
- Rule Modernization: Regulatory Notice 25-04 requested comment in connection with a broad review of FINRA’s regulatory requirements applicable to member firms and associated persons. Comments were due to FINRA by June 11, but we still welcome feedback.
- Capital Formation: Regulatory Notice 25-06 requested comment on modernizing FINRA rules, guidance, and processes to further facilitate capital formation and reduce unnecessary regulatory costs and burdens impacting the capital raising process. Comments were due to FINRA by June 18, but we still welcome feedback.
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Disciplinary Actions |
FINRA publishes disciplinary actions to remind members of specific conduct that violates FINRA rules and may result in disciplinary action. The July 2025 Monthly Disciplinary Actions are available here. |
Education and Compliance Programs |
Registration Systems Foundation | Sept. 16 | Rockville, MD | In-Person Event Disclosure Reporting Boot Camp | Sept. 17-18 | Rockville, MD | In-Person Event Cyber Tabletop Exercise | Oct. 8 | Dallas, TX (held in conjunction with the Small Firm Conference) | In-Person Event Senior Investor Financial Exploitation Case Study Workshop | Oct. 8 | Dallas, TX | In-Person Event Small Firm Conference | Oct. 9-10 | Dallas, TX | Hybrid Event Cyber Tabletop Exercise | Oct. 27 | Santa Monica, CA | In-Person Event Elder Cyber Fraud Case Study Workshop | Oct. 27 | Santa Monica, CA | In-Person Event Cyber Crimes Conference | Oct. 28 | Santa Monica, CA | Hybrid Event |
Resources |
Member Firm Hub – Latest guidance, resources, educational opportunities and more. Comment Process – On-demand webinar on how to provide comments on FINRA Forward proposals, as well as the impact of comment letters and how they are used. Involvement and Election Process – How to engage with FINRA to help carry out our mission of protecting investors and safeguarding market integrity. Members can contribute their unique perspectives and skillsets with rotating terms on FINRA committees and other opportunities. Submit an indication of interest to be considered to join a FINRA advisory committee or speak at a FINRA event by clicking here. Membership Application Program (MAP) Tools – Guidance and other resources to help current members prepare for their continuing membership application (CMA) and new applicants prepare for a new member application (NMA). FINRA Unscripted – Monthly podcast on a range of topics important to FINRA members and other stakeholders. |
Follow FINRA |
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About FINRAFINRA is a not-for-profit organization dedicated to investor protection and market integrity. FINRA regulates one critical part of the securities industry—member brokerage firms doing business with the public in the U.S. FINRA, overseen by the SEC, writes rules, examines for and enforces compliance with FINRA rules and federal securities laws, registers broker-dealer personnel and offers them education and training, and informs the investing public. In addition, FINRA provides surveillance and other regulatory services for equities and options markets, as well as trade reporting and other industry utilities. FINRA also administers a dispute resolution forum for investors and brokerage firms and their registered employees. For more information, visit www.finra.org. |
Regulatory Contacts
FINRA By-Laws require member firms to maintain an email account on behalf of their executive representatives, to facilitate firm notification of important information. In light of this, requests from executive representatives to be removed from this email list cannot be honored. Firms wishing to change the name or email address of their executive representative or designated assistant should use the FINRA Contact System: http://www.finra.org/FCS. SubscribersYou received this message because you are currently subscribed to the email subscription list on the FINRA website. To update, use our "update information" or "unsubscribe" forms located at http://www.finra.org/Industry/Subscriptions |
