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Register Today for the Small Firm Report on CAT Reporting

July 31, 2019
Volume 31


  • UPC Advisories
disciplinary actions

Disciplinary Actions


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

Education and Compliance Programs

The Report Center has introduced two new Corporate Financing report cards:

  • Public Offering Rule 5110 Filing Summary: A monthly summary of a firm’s Public Offering filings submitted to Corporate Financing pursuant to FINRA Rule 5110.
  • Private Placement Filing Timeliness Report Summary: A quarterly report on the timeliness of Private Placement filings submitted to Corporate Financing, pursuant to FINRA Rules 5122 and 5123.

The reports include filings from January 2019 onward. Access privilege is based on the Corporate Financing entitlement in the Report Center. Users who already have that particular access right do not need to do anything else. Others will need to contact their firm’s Super Account Administrator and request access. For further inquiries, please contact the Report Center Administrator.

Beginning in July 2019, the Report Center will begin to migrate its content to a new, redesigned Report Center platform. The Cross-Market and Corporate Financing content will be the first to transfer. Other reports will be transitioned before the end of the year. Users will notice that the new versions of the reports have a slightly different layout, however the data and analyses within them remains the same. Additionally the Pick Up Detail Data service is being replaced by a faster, direct downloading feature.

The current Report Center (legacy) will remain in use and available with its historical data until all reports have migrated. We encourage users to save their past and present content for their own records. For further inquiries, please contact the Report Center Administrator.


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].


Register today 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.


UPC Advisories

The following UPC Advisories were posted in the past week:

  • UPC #25-19 Point.360 (PTSXQ)
  • UPC #26-19 E-TRADE Financial Corporation – 5.875% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series A & 5.3% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series B.
 Disciplinary Actions

FINRA publishes disciplinary actions to remind registered representatives and firms of specific conduct that violates FINRA rules and may result in disciplinary action. FINRA posted the following disciplinary items on the website this week:

  • FINRA announced it has fined Citigroup Global Markets Inc. (CGMI) $1.25 million for failing to conduct timely or adequate background checks on approximately 10,400 non-registered associated persons spanning a seven-year period.

 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.

FINRA has issued Regulatory Notice 19-25 to request comment on a proposal to expand TRACE reporting requirements to collect information on trades in foreign sovereign debt securities that are U.S. dollar-denominated. Issuance activity in these debt securities has accelerated in recent years and FINRA believes the proposal would provide important regulatory information on an increasingly active segment of the market. Under the proposal, trades in U.S. dollar-denominated foreign sovereign debt securities would be subject to same-day reporting and would not be disseminated publicly. Comments are due September 24, 2019.

SEC Request for Comment on FINRA Rules

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 conference brochure.

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.

Registration for Fall Registration and Disclosure (RAD) Training Sessions is now open. Space is limited, so register soon!

  • Foundations of CRD Training | September 23–24, 2019 | Rockville, MD
    This training is designed for broker-dealer (BD) firms or joint BD/investment adviser firms and will cover both classic CRD and new CRD functionality, registration and disclosure hot topics, plus an overview of IARD.
  • FINRA Registration and Disclosure Boot Camp | September 25–26, 2019 | Rockville, MD
    This training is designed for those who are new to reporting disclosure information in CRD or those who want to receive refresher training and reporting tips.
  • Buy One, Get One Half Off: Attend both trainings for a reduced price. To receive the discount, register for one of the classes; the discount code to register for the other class will be included in your email confirmation. The discount is non-transferable.

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:

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Regulatory Contacts
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