FINRA Offers Five Scholarships to Industry Professionals From Small Firms

August 17, 2022
Volume 33


Disciplinary Actions
Upcoming Deadlines and Effective Dates FINRA Requests for Comment SEC Requests for Comment
Education and Compliance Programs

FINRA is holding a special meeting of large firm members on or about October 31, 2022, to elect one individual to fill a vacant Large Firm Governor seat on the FINRA Board of Governors. Election Notice 08/09/22 announces the FINRA Nominating & Governance Committee nominee—Penny Pennington, Managing Partner at Edward Jones—and informs individuals of the procedures for being included as a petition candidate on the ballot. In addition to this election, FINRA is holding an election for small firms to vote for a governor on FINRA’s Board. Election Notice 07/20/22 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. Watch for emails from FINRA’s Election Agent (from the email address “[email protected]”) with specific voting instructions. If you need additional assistance with voting, contact FINRA’s Office of the Corporate Secretary via email or call (202) 728‑8949.
	FINRA is offering five scholarships to industry professionals from small firms to attend the FINRA Institute at Georgetown Certified Regulatory and Compliance Professional (CRCP)^® program. The scholarship covers full tuition for the entire CRCP program, including room and board. The Small Firm Scholarship application period is now open through September 16, 2022. For more information, including eligibility requirements, the selection process and our new application form, please visit our Small Firm Scholarship web page.
	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 August issue of FINRA Disciplinary and Other Actions to its website this week.
	Upcoming Deadlines and Effective Dates FINRA Requests 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. FINRA is soliciting comment on a proposal to amend Rule 6730 to reduce the Trade Reporting and Compliance Engine (TRACE) trade reporting timeframe for transactions in all TRACE-Eligible Securities that currently are subject to a 15-minute reporting timeframe. Members would be required to submit a report to TRACE as soon as practicable (as is currently the case), but no later than one minute from the time of execution, for transactions in corporate bonds, agency debt securities, asset-backed securities and agency pass-through mortgage-backed securities traded to-be-announced for good delivery. Comments are due October 3, 2022. See Regulatory Notice 22-17 for more information. SEC Requests for Comment The SEC requests comment on FINRA’s proposal to adopt new Supplementary Material .19 (Residential Supervisory Location) under FINRA Rule 3110 (Supervision) that would align FINRA’s definition of an office of supervisory jurisdiction (OSJ) and the classification of a location that supervises activities at non-branch locations with the existing residential exclusions set forth in the branch office definition to treat a private residence at which an associated person engages in specified supervisory activities as a non-branch location, subject to safeguards and limitations. In accordance with Rule 3110(c), as a non-branch location, a Residential Supervisory Location would become subject to inspections on a regular periodic schedule, which is presumed to be at least every three years, rather than an annual inspection requirement required of OSJs and other supervisory branch offices. Comments are due August 23, 2022. See the Federal Register notice. The SEC requests comment on FINRA’s proposal to amend FINRA Rule 3110 (Supervision) to adopt new Supplementary Material .18 (Remote Inspections Pilot Program), a voluntary, three-year remote inspection pilot program to allow member firms to elect to fulfill their obligation under Rule 3110(c) (Internal Inspections) by conducting inspections of some or all branch offices and locations remotely without an on-site visit to such office or location, subject to specified terms. Comments are due September 6, 2022. See the Federal Register notice. The SEC requests comment on FINRA’s proposed rule change to amend the Codes of Arbitration Procedure to modify the current process relating to the expungement of customer dispute information. Comments are due September 6, 2022. See the Federal Register notice. 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 Account Management: New Update/Replace Super Account Administrator (SAA) Process webinar will provide an overview of two new self-service features. The first feature allows firms to replace their current SAA and grant SAA privileges to another user, and the second enables the SAA to update their account information (i.e., name and email address). Register to attend the Thursday, Aug. 18 session at 2-2:45 p.m. ET. The Disclosure Reporting: Criminal Events Webinar provides guidance on reporting criminal matters as well as a review of the expungement process. Register to attend the upcoming session on Thursday, Aug. 25, 2-3 p.m. ET. Firm compliance personnel who are new to registration and licensing—or would like to become more familiar with navigating related systems—are invited to join FINRA virtually for an upcoming training. Each training session runs noon to 5 p.m. ET on two consecutive half days. Upcoming sessions are scheduled for Wednesday, Nov. 9 and Thursday, Nov. 10. See the Virtual Training Schedule & How to Register page for more information. 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. Week II of the 2022 FINRA Institute at Georgetown CRCP^® Program is almost sold out. 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: Account Management: New Update/Replace Super Account Administrator (SAA) Process Webinar Tuesday, Aug. 16 \| 2-2:45 p.m. ET \| Virtual Thursday, Aug. 18 \| 2-2:45 p.m. ET \| Virtual Disclosure Reporting: Criminal Events Webinar Thursday, Aug. 25 \| 2-3 p.m. ET \| Virtual FINRA Registration Systems Foundation Training Wednesday, October 5 and Thursday, October 6 \| noon-5 p.m. ET \| Virtual [Sold Out] Wednesday, November 9 and Thursday, November 10 \| noon-5 p.m. ET \| Virtual 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 2023 Annual Conference \| May 16-18, 2023 \| Washington, DC FINRA Institute at Georgetown Certified Regulatory and Compliance Professional^® Program Week I \| July 16 – 21, 2023 \| Washington, DC

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