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FINRA Board Elects Eric Noll as Chair

August 24, 2022
Volume 34


  • UPC Advisories

Upcoming Deadlines and Effective Dates

  • FINRA Requests for Comment
  • SEC Requests for Comment

Education and Compliance Programs

The FINRA Board of Governors elected current FINRA Public Governor Eric Noll as its next Chair. Noll succeeds Eileen Murray, whose term on the Board and service as Chair concluded at the Aug. 19 annual meeting of FINRA firms. FINRA also announced the re-election of a Small-Firm Governor, the appointment of two new Public Governors and the reappointment of two Public Governors.

FINRA announced an upcoming election to fill one small firm seat on the National Adjudicatory Council (NAC). Eligible individuals who obtain the requisite number of valid petitions may be included as candidates on the ballot by following the petition procedures described in Election Notice 08/22/22. Petitions for candidacy are due October 6, 2022.

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.


UPC Advisories

The following UPC Advisories were published in the last week:

  • UPC #24-22: Midland States Bancorp (MSBSL)
  • UPC #23-22: KeyCorp New (KEYHL)
  • UPC #22-22: Midland Sts Bancorp Inc. ILL Depositary Shares (MSBSV)
 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 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.

The SEC requests comment on FINRA’s proposal to amend FINRA Rule 11880 (Settlement of Syndicate Accounts) to revise the syndicate account settlement timeframe for corporate debt offerings. Comments are due September 8, 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

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 Registration Systems Foundation training. These training sessions run noon to 5 p.m. ET on two consecutive days.

Waitlists are now available for the upcoming fall sessions, and the 2023 schedule will be published by January. See the Virtual Training Schedule & How to Register page for more information.

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.

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.

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:

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