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FINRA Foundation Staff Discuss the Financial Capability Study and the Implications for the Financial Industry

July 27, 2022
Volume 30


  • Regulatory Notice
  • Exemptive Fingerprinting Relief

Upcoming Deadlines and Effective Dates


Education and Compliance Programs

The FINRA Board of Governors Election is underway through August 19. FINRA posted Election Notice 07/20/22 (Notice of Annual Meeting of FINRA Firms and Election Proxy) announcing the 2022 Annual Meeting of FINRA members to elect one individual to the FINRA Board of Governors. The available seat up for election is one of three designated for representatives of small firms. The Notice provides details on the election process and the two candidates for the small firm governor seat:

  • Stephen A. Kohn, President, DMK Advisors Group, Inc.
  • Linde Murphy, President & Chief Compliance Officer, M.E. Allison & Co., Inc.

Small firms that are members of FINRA as of the close of business on Tuesday, July 19, 2022, are eligible to vote in this election and may do so via the Internet, telephone or U.S. mail, or by attending the Annual Meeting in person.

In the latest episode of FINRA Unscripted, Gerri Walsh and Gary Mottola of the FINRA Foundation discuss the latest results of the nationwide FINRA Foundation Financial Capability Study and the implications for the financial industry, researchers, policymakers and more. Listen to the podcast.


Regulatory Notice

FINRA amended its rules to permit, and in some instances require, electronic service and filing of documents in disciplinary and other proceedings and appeals. FINRA has also amended its rules to require parties in proceedings before the Office of Hearing Officers to file and serve the parties with their current email address and contact information at the time of their first appearance, and to file and serve any change in email address or contact information during the course of the proceeding. These amendments, which are described in Regulatory Notice 22-16, become effective August 22, 2022.

Temporary Exemptive Fingerprinting Relief

The temporary exemptive relief for submitting fingerprint information—which was established by the SEC and FINRA in response to the COVID-19 pandemic in March 2020—will terminate effective Sept. 6, 2022. Firms relying on the exemptive relief must submit fingerprint information for associated individuals according to the time frames detailed on FINRA’s website.

Firms can utilize the “Active Individuals Roster” template in FINRA Gateway Reports to identify individuals with outstanding fingerprint requirements. Entitled firm users can learn more about filtering the report for this purpose in Classic CRD and FINRA Gateway system messages.


 Upcoming Deadlines and Effective Dates

FINRA Request for Comment

FINRA is soliciting comment on a proposal to establish a new trade reporting requirement for transactions in over-the-counter options on securities with terms that are identical or substantially similar to listed options. FINRA is proposing to require firms to report this information to FINRA on a daily basis (end-of-day) for regulatory purposes only. Comments are due September 20, 2022. See Regulatory Notice 22-14.

SEC Request for Comment

Treasury Department Notice and Request for Information

The U.S. Department of the Treasury has issued a Request for Information seeking comment on additional post-trade transparency for data regarding secondary market transactions in U.S. Treasury Securities, including the potential benefits and risks of several potential ways to build on existing public transparency. See the Notice Seeking Public Comment. Comments are due 60 days after the date of publication of the Notice in the Federal Register.


 Education and Compliance Programs

The FINRA Advertising Regulation Conference is back! Join us in Washington, DC, on October 20-21, 2022, for a conference designed specifically for new and experienced communications compliance professionals. Participate in forward-looking discussions on current practices, policies, priorities and rulemaking. Plus, use this opportunity to network with industry peers and meet one-on-one with Advertising Regulation Department staff during office hours.

Register today for the 2022 Small Firm Conference. Join us in Santa Monica, CA, or participate virtually on November 9-10, for the opportunity to discuss small firm topics, share insights and effective practices, and hear detailed exchanges on industry and regulatory updates.

Only a few spots left at Week II of the 2022 FINRA Institute at Georgetown CRCP® Program. Reserve your spot now and join us in Washington, D.C., on November 13-18. View the detailed schedule for a look at what sessions are being held and the participating faculty.

Thinking ahead and want to reserve your spot for next year? Registration for 2023 Week I is now open.

Register for all of FINRA’s upcoming events:

  • FINRA Institute at Georgetown Certified Regulatory and Compliance Professional® Program
    • Week II | November 13 – 18, 2022 | Washington, DC
  • Advertising Regulation Conference | October 20 – 21, 2022 | Washington, DC and Virtual
  • Small Firm Conference | November 9 – 10, 2022 | Santa Monica, CA and Virtual

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Regulatory Contacts
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