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Virtual Registration for 2021 Small Firm Conference Now Available

August 11, 2021
Volume 32


  • Regulatory Notice
  • UPC Advisories

Upcoming Deadlines and Effective Dates
  • FINRA Requests for Comment

Education and Compliance Programs

FINRA Board of Governors Election. FINRA will conduct its Annual Meeting of firms on September 1, 2021. The purpose of the meeting is to elect individuals to fill one small firm seat, one mid-size 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 July 30, 2021, are eligible to vote and will soon receive a reminder email containing instructions for how to vote. See Election Notice 8/2/21 for information about the voting methods and candidate profiles.


FINRA Adopts Rule 6439 Governing the Operation of Inter-Dealer Quotation Systems and Announces Closure of the OTC Bulletin Board

In Regulatory Notice 21-28, FINRA announced the adoption of new Rule 6439 (Requirements for Member Inter-Dealer Quotation Systems), which implements additional requirements for firms that operate systems that regularly disseminate the quotations of identified broker-dealers in OTC Equity Securities. Rule 6439 will become effective on October 1, 2021, except for paragraph (d)(1)(B), which relates to the collection of order-level information. The effective date for this paragraph will be announced at a later date to better coordinate, and avoid regulatory duplication, with reporting obligations to the Consolidated Audit Trail (CAT) under Rule 6830.

FINRA also is deleting the Rule 6500 Series and other rules related to the OTC Bulletin Board (OTCBB) – a FINRA-operated inter-dealer quotation system – and ceasing its operation. The permanent closure of the OTCBB will not occur prior to October 1, 2021. FINRA will announce the effective date of the deletion of the OTCBB-related rules and its closure in a separate communication.

UPC Advisories

The following UPC Advisories were published in the last week:

  • UPC #72-21: FHC Holdings Corp (f/k/a Francesca’s Holding Corp) (FRANQ)
  • UPC #73-21: Summit Hotel Properties Inc. (OTC Symbol: SMTHV)
  • UPC #74-21: Arbor Rlty Tr Inc (ABREP)
  • UPC #75-21: Telephone & Data Sys Inc (OTC Symbol: TDSLV)
  • UPC #76-21: Summit Hotel Properties Inc. (SMTHP)
  • UPC #77-21: Oxford Lane Capital Corp (OTC Symbol: OXLNV)

 Upcoming Deadlines and Effective Dates

FINRA Requests for Comment

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.

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.


 Education and Compliance Programs

Upcoming Webinar: Move Over, Firm Gateway: What to Expect on August 21, 2021. Attend FINRA’s upcoming webinar 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 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 today for FINRA’s 2021 Small Firm Conference on October 27 – 28, 2021. Virtual registration is now available! To ensure all attendees have the opportunity to participate in this year’s Small Firm Conference, you can now attend either in-person in Santa Monica, California or virtually from wherever you may be. Limited in-person seats available. Throughout this event, attendees have the opportunity to discuss small firm topics with FINRA senior staff. Highlights include detailed exchanges on industry and regulatory updates, and the opportunity for participants to share insights and effective practices. In addition, there will be valuable opportunities for networking with industry peers.

Save the date for these upcoming FINRA events:

  • Firm Grouping Member Forum: Capital Markets and Investment Banking | October 5, 2021 | Virtual
  • Compliance Outreach for Municipal Advisors | October 7, 2021 | Virtual
  • Access and Impact: Gauging the Participation of Diverse Communities in the Capital Markets | October 22, 2021 | Virtual

Register for these upcoming FINRA events:

  • FINRA Institute at Georgetown Certified Regulatory and Compliance Professional® Program
    Week II Waitlist | November 14 – 19, 2021 | Virtual + In-Person
  • 2022 FINRA Annual Conference | May 16 – 18, 2022 | Washington, DC
  • FINRA Institute at Georgetown Certified Regulatory and Compliance Professional® ProgramWeek I | July 17 – 22, 2022

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Regulatory Contacts
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