Skip to main content
Welcome to the new FINRA.org. Learn more about our updates.
Create your own user feedback survey

Board of Governors Meeting Update

July 24, 2019
Volume 30

 
 
guidance

Guidance
  • Notices
  • UPC Advisory
upcoming

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

Education and Compliance Programs


Registration is now open for the upcoming Small Firm Report—a free conference call series hosted by senior FINRA leaders. The call takes place Monday, August 12 at 3 p.m. ET. FINRA Senior Vice President Chip Jones will be joined by President and CEO Robert Cook and Vice President Dave Chapman, as well as Senior Director of FINRA CAT Business Operations Paul McKenney, to discuss current progress and reporting obligations for the Consolidated Audit Trail.

This event is open to all FINRA member firms. Register today, as there are limited lines available.



FINRA reminds firms to register for CAT reporting. FINRA issued Regulatory Notice 19-19 to remind firms they must register with FINRA CAT, LLC for reporting to the Consolidated Audit Trail (CAT). Initial CAT registration ran through June 27, 2019. FINRA urges any member firm with a CAT reporting obligation that has not yet registered to do so as soon as possible so the necessary entitlements for CAT reporting can be established in time for testing, which is scheduled to commence in December 2019.

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

 


FINRA’s Board of Governors met last week. FINRA CEO Robert Cook, Chairman Bill Heyman, Board members and FINRA staff provided updates from the meeting in a video report.
 



Tune in to the FINRA Unscripted podcast to hear FINRA leaders review existing and emerging regulatory topics that impact the broker-dealer industry, as well as other insights into the operations of FINRA.

On this episode of FINRA Unscripted, the second of a two-part series, Gerri Walsh and Gary Mottola of the FINRA Foundation delve into the results of the National Financial Capability Study and its implications for researchers, policymakers, advocates and more. Listen to the podcast.

 

 Guidance

FINRA Encourages Firms to Notify FINRA if They Engage in Activities Related to Digital Assets

Last year, FINRA took several steps to engage with members regarding their current and planned activities relating to digital assets. These efforts included the issuance of Regulatory Notice 18-20, which encouraged firms to keep their Regulatory Coordinator 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. Regulatory Notice 18-20 requested that firms provide these updates to Regulatory Coordinators until July 31, 2019. FINRA appreciates members’ cooperation over the past year and has issued Regulatory Notice 19-24 to encourage firms to continue keeping their Regulatory Coordinators abreast of their activities related to digital assets until July 31, 2020.

FINRA Reminds Firms of Their Obligations Regarding TRACE Reporting

FINRA issued Trade Reporting Notice 7/19/19 to remind members of their obligation to have systems or processes in place to determine whether a transaction in a TRACE-Eligible Security has occurred and is, therefore, reportable, even if it was not included on the TRACE security master list at the time of the transaction. In those circumstances, members should contact Market Operations to add the TRACE-Eligible Security to the security master list and report the transaction to TRACE.


UPC Advisory

The following UPC Advisory was posted in the past week:

  • UPC #25-19 Point.360 (PTSXQ)

 Upcoming Deadlines and Effective Dates

FINRA Request for Comment

FINRA has issued Regulatory Notice 19-22 to request comment on a proposal to expand the alternative trading system (ATS) volume data that it publishes on its website to include information on transactions in corporate bonds and agency debt securities that occur within an ATS and are reported to FINRA’s Trade Reporting and Compliance Engine (TRACE). Comments are due September 7, 2019.

SEC Requests for Comment on FINRA Rules

The SEC requests comment on FINRA’s proposal to amend FINRA Rules 2210 (Communications with the Public) and 2241 (Research Analysts and Research Reports) to conform to the requirements of the Fair Access to Investment Research Act of 2017 (FAIR Act). The comment period expires July 29, 2019. See the Federal Register notice.

The SEC requests comment on FINRA’s proposal to amend FINRA Rules 6110 and 6610 to expand the summary firm data relating to over-the-counter (OTC) equity trading that FINRA publishes on its website by (1) publishing on a one-month delayed basis new monthly aggregate block-size trading data for OTC trades in NMS stocks executed outside an alternative trading system (ATS) and (2) publishing aggregate non-ATS volume for all firms, by eliminating the existing de minimis exception. The comment period expires August 1, 2019. See the Federal Register notice.

FINRA Elections

FINRA will conduct its Annual Meeting of firms on Monday, August 19, 2019. 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 Thursday, July 18, 2019, are eligible to vote. See Election Notice 7/19/19.

 

 Education and Compliance Programs

Free on-demand recordings of sessions from FINRA's 2019 Annual Conference are now available to member firms and CRCP graduates.


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

  • 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.


The agenda for the 2019 Small Firm Conference is now available. This two-day event, which takes place on October 23–24 in Santa Monica, California, brings together FINRA staff and industry peers for in-depth discussions on small firms' practices. Register today to hear from FINRA leaders, including CEO Robert Cook and Executive Vice President of Member Supervision Bari Havlik.


Also coming up:

FINRA logo

 facebook   twitter   linked in

Regulatory Contacts
FINRA By-Laws require member firms to maintain an Internet email account on behalf of their executive representatives. This facilitates firm notification of important publications and information added to the FINRA website.

Firms wishing to change the name or email address of their executive representative or designated assistant should do so through the FINRA Contact System (FCS). See
http://www.finra.org/FCS for further information. Requests from executive representatives to be removed from this email notification list cannot be honored.

Subscribers
You received this message because you are currently subscribed to the email subscription list on the FINRA website. To update, sign up for other email lists or cancel your subscription at any time, use our "update information" or "unsubscribe" forms located at
http://www.finra.org/Industry/Subscriptions.