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August 29, 2019
Volume 35

 
 
upcoming

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

Education and Compliance Programs


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FINRA EVP of Office of Fraud Detection and Market Intelligence Cameron Funkhouser announces retirement. FINRA announced this week the retirement of Executive Vice President Cam Funkhouser after more than 35 years of service at the organization. Funkhouser has led FINRA’s Office of Fraud Detection and Market Intelligence (OFDMI) – including the Insider Trading and Fraud Surveillance units, FINRA's Complaint Center and FINRA's Whistleblower program – since its creation 10 years ago. He will remain in his position until the end of the year.
 


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 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. Hear from FINRA senior leaders, plus—a Fireside Chat with FINRA President and CEO Robert Cook and Senior Vice President and Northeast Regional Director Bill St. Louis. Download the conference brochure.
 


In an ongoing effort to increase the financial capability of military families, the FINRA Investor Education Foundation awarded 2019 FINRA Foundation Military Spouse Fellowships to 50 military spouses seeking to earn the Accredited Financial Counselor® designation. While working toward the AFC® credential, Spouse Fellows have provided financial counseling and education to more than 211,480 service members and spent in excess of 483,860 hours helping military families reach their financial goals in the United States and around the world.
 

 Upcoming Deadlines and Effective Dates

FINRA Requests 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.

FINRA is conducting a retrospective review to assess the effectiveness and efficiency of its rules and administrative processes that help protect senior investors from financial exploitation. FINRA is interested in whether additional tools, guidance or changes to FINRA rules or administrative processes are appropriate to further address suspected financial exploitation and other circumstances of financial vulnerability for senior investors. Regulatory Notice 19-27 outlines the general retrospective rule review process, summarizes the rules and administrative processes that most directly apply to financial exploitation of senior investors, and seeks responses to a number of questions related to addressing financial exploitation. Comments are due October 8, 2019.

SEC Request for Comment on FINRA Rules

The SEC requests comment on FINRA’s proposal to amend Rules 5130 and 5131 to exempt additional persons from the scope of the rules, modify current exemptions to enhance regulatory consistency, address unintended operational impediments and exempt certain types of offerings from the scope of the rules. The comment period expires August 29, 2019. See the Federal Register notice.

FINRA Election

FINRA has issued Election Notice 8/20/19 to notify members of an upcoming election to fill one large firm and one mid-size firm seat on the National Adjudicatory Council (NAC), and to announce the FINRA Nominating & Governance Committee nominees for these vacancies. Individuals interested in petitioning to become candidates must complete and submit a candidate profile form by October 4, 2019.

 

 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 20, 2019. For more information, including eligibility requirements, the selection process and the application form, please visit our website.


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

  • September 17, 2019 | Minneapolis, MN
  • September 17, 2019 | Baltimore, MD
  • September 25, 2019 | Stamford, CT
  • October 17, 2019 | Jericho, NY

AML Half-Day Seminars

  • September 19, 2019 | Chicago, IL
  • October 8, 2019 | New York, NY

Cybersecurity Half-Day Seminar

  • 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. 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 2019 Small Firm Conference takes place on October 23–24 in Santa Monica, California. This event 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.


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