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New Account Management System Launches August 1

July 28, 2021
Volume 30

 
 
guidance

Guidance
  • Regulatory Notice
  • UPC Advisories
upcoming

Upcoming Deadlines and Effective Dates
  • FINRA Requests for Comment
education

Education and Compliance Programs



New Account Management System Launches August 1, 2021. FINRA is launching a new Account Management System that firm administrators will use to manage access to FINRA applications. Starting August 1, 2021, firms that have completed their 2021 user account certification or firms that have recently onboarded will be able to access the new Account Management System. The new system’s simplified user interface and better organization of information creates an easier and more intuitive application for administrators. To learn more, visit the Account Management System page. In addition, FINRA is hosting an introductory webinar on Wednesday, August 4, from 2:00 – 2:30 p.m. Eastern Time.
 

 Guidance

FINRA Announces Update of the Interpretations of Financial and Operational Rules

FINRA is making available updates to interpretations in the Interpretations of Financial and Operational Rules that have been communicated to FINRA by the staff of the SEC’s Division of Trading and Markets. The updated interpretations, summarized in Regulatory Notice 21-27, are with respect to Securities Exchange Act (SEA) Rules 15c3-1 and 15c3-3.

Options Allocation of Exercise Assignment Notices

FINRA has updated the Regulatory Filing Systems page regarding allocating options exercise assignment notices. FINRA Rule 2360(b)(23)(C) requires member firms conducting transactions in exchange-listed options to establish fixed procedures for allocating options exercise assignment notices to short options positions in their customer accounts. As detailed in Regulatory Notice 11-35, firms initiating an options business, changing their clearing firm, or changing their allocation method must file with FINRA by emailing [email protected]. In addition, firms that receive specific requests on behalf of a group of accounts under common ownership for an exception from their approved method of allocating options exercise assignment notices to permit reallocation of exercise assignment notices for such accounts must submit those reallocation instructions to [email protected] for approval as part of their overall allocation method.

UPC Advisories

The following UPC Advisories were published in the last week:

  • UPC #58-21: Stifel Financial Corp. (OTC Symbol: STFLV)
  • UPC #59-21: First Republic Bank San Francisco California (FRBSP)
  • UPC #60-21: Stifel Financial Corp. (STFLP)
  • UPC #61-21: Wells Fargo & Company (OTC Symbol: WFPDV)
  • UPC #62-21: Pebblebrook Hotel Trust (OTC Symbol: PEBBV)
  • UPC #63-21: JPMorgan Chase & Co (OTC Symbol: JPMMV)
  • UPC #64-21: Wells Fargo & Company (WFPDP)
  • UPC #65-21: Pebblebrook Hotel Trust
  • UPC #66-21: Capital One Finl Corp (COFNV)
  • UPC #67-21: Capital One Finl Corp (COFNL)
  • UPC #68-21: JPMorgan Chase & Co (JPMML)

 Upcoming Deadlines and Effective Dates

FINRA Requests for Comment

FINRA is requesting comment on potential enhancements to its short sale reporting program in Regulatory Notice 21-19. FINRA is considering: (1) modifications to its short interest reporting requirements (Rule 4560); (2) a new rule to require that participants of a registered clearing agency report to FINRA information on allocations to correspondent firms of fail-to-deliver positions; and (3) other potential enhancements related to short sale activity. The comment period has been extended to September 30, 2021.

FINRA issued Special Notice 6/30/21 seeking input from firms, investors, investor advocates, academics and other stakeholders who are knowledgeable about investor behavior regarding the most effective methods for educating newer investors. Comments will help inform and guide the investor education initiatives FINRA and the FINRA Investor Education Foundation undertake.
The comment period expires August
 30, 2021. 
 

 Education and Compliance Programs

Upcoming Webinars: Move Over, Firm Gateway: What to Expect on August 21, 2021. Attend FINRA’s upcoming webinars to learn about features retiring August 21 in Firm Gateway and Classic CRD. Presenters will also walk through the transition to FINRA Gateway and discuss other recent system changes. Register to attend from 2 – 3 p.m. Eastern Time on July 29 or August 12 to learn more. Presentation slides and recordings will be made available on the FINRA Gateway Webinars page. For more information, see the FINRA Gateway page.

Register for these upcoming FINRA events:

  • Small Firm Conference | October 27 – 28, 2021 |
    Santa Monica, CA
  • FINRA Institute at Georgetown Certified Regulatory and Compliance Professional® Program
    Week II | November 14 – 19, 2021 | Online + In-Person | Limited seats available
  • 2022 FINRA Annual Conference | May 16 – 18, 2022 | Washington, DC

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Regulatory Contacts
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http://www.finra.org/FCS for further information. Requests from executive representatives to be removed from this email notification list cannot be honored.

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