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FINRA Board of Governors Election Concludes September 1

August 25, 2021
Volume 34


  • UPC Advisories

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

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 an email containing voting instructions was delivered to executive representatives of eligible firms. See Election Notice 8/2/21 for information about the voting methods and candidate profiles.

Register today for FINRA’s virtual Diversity Leadership Summit on September 28 – 30, 2021. The Summit provides a forum for diversity practitioners and business leaders in the industry to share innovative ideas and effective practices to promote diversity, equity and inclusion in the workplace.


Tune in to the latest episode of the FINRA Unscripted podcast. On this episode, we sit down with Haime Workie and Michael Oh of FINRA’s Office of Financial Innovation to discuss the group’s latest report on cloud computing and other areas of focus. Listen to the podcast.


UPC Advisories

The following UPC Advisories were published in the last week:

  • UPC #88-21: Textainer Group Holdings Limited (TGHPL)
  • UPC #89-21: Pennymac Mtg Invt Tr (PMTCP)

 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.

FINRA is requesting comments on its Cloud Computing in the Securities Industry report, including areas where guidance or modifications to FINRA rules may be desired to support cloud adoption while maintaining investor protection and market integrity. Comments are requested by October 16, 2021.

SEC Request for Comment

On August 9, 2021, the SEC issued an order instituting proceedings to determine whether to approve or disapprove FINRA’s proposed rule change, as modified by Amendment No. 1, relating to security-based swaps. Comments are due August 30, 2021. Any rebuttals to comments filed with the SEC must be submitted by September 3, 2021. See the SEC Notice of Order.

Upcoming Effective Dates

FINRA has amended its Membership Application Program (MAP) rules to address brokers with a significant history of misconduct and the brokers that employ them. The new rules require a member firm to submit a written request to FINRA’s Department of Member Regulation, through the Membership Application Group, seeking a materiality consultation and approval of a continuing membership application, if required, when a natural person seeking to become an owner, control person, principal or registered person of the member firm has, in the prior five years, one or more “final criminal matters” or two or more "specified risk events." These changes, outlined in Regulatory Notice 21-09, become effective September 1, 2021.

FINRA is amending its rulebook to eliminate the Order Audit Trail System (OATS) rules in the FINRA Rule 7400 Series and FINRA Rule 4554 (Alternative Trading Systems — Recording and Reporting Requirements of Order and Execution Information for NMS Stocks). As outlined in Regulatory
Notice 21-21, FINRA has determined that the accuracy and reliability of the Consolidated Audit Trail (CAT) meet the standards approved by the SEC and has determined to retire OATS as of September 1, 2021.

 Education and Compliance Programs

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. FINRA is accepting applications through September 17, 2021. For more information, including eligibility requirements, the selection process and application form, visit our website.

Registration is now open for the virtual Capital Markets and Investment Banking Firm Grouping Member Forum on October 5. Firm Grouping Member Forums are free one-day events designed to provide financial professionals associated with FINRA member firms the opportunity to engage in key discussions with FINRA staff and connect with industry leaders and peers. The forums also include thoughtful discussions around the future landscape of the financial services industry and provide opportunities to meet one-on-one with FINRA Risk Monitoring Analysts, Directors, and Single Points of Accountability to discuss firm-specific questions.

Register today to join us virtually for FINRA’s 2021 Small Firm Conference on October 27 – 28, 2021. In-person attendance is sold out. Attend virtually for 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.

Save the date for these upcoming events:

  • 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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