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FINRA Names New Chief of Staff to the CEO for Regulatory Operations

August 31, 2022
Volume 35

 
 
guidance

Guidance

  • Temporary Exemptive Fingerprint Relief
upcoming

Upcoming Deadlines and Effective Dates

 
  • FINRA Requests for Comment
  • SEC Requests for Comment
education

Education and Compliance Programs



View the agenda for the FINRA Advertising Regulation Conference. 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.
 


FINRA promoted Nathaniel Stankard to Executive Vice President and Chief of Staff to the CEO for Regulatory Operations. In this new role, Stankard, who had been Senior Vice President and Senior Advisor to President and CEO Robert Cook, will be responsible for providing strategic direction on the integration of FINRA’s regulatory operations, and for helping advance FINRA’s unified approach to regulatory policy.


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.
 

 Guidance

Temporary Exemptive Fingerprint Relief

The temporary exemptive relief for submitting fingerprint information—which was established by the SEC and FINRA in response to the COVID-19 pandemic in March 2020—will terminate effective Sept. 6, 2022. Firms relying on the exemptive relief must submit fingerprint information for associated individuals according to the time frames detailed on FINRA’s website.

Firms can utilize the “Active Individuals Roster” template in FINRA Gateway Reports to identify individuals with outstanding fingerprint requirements. Entitled firm users can learn more about filtering the report for this purpose in Classic CRD and FINRA Gateway system messages.

 

 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

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.


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 our new Firm Grouping Conference on December 1, 2022, in Kissimmee, FL. This event is designed to provide financial professionals associated with FINRA member firms the opportunity to engage in conference panels tailored to your specific firm grouping. Join FINRA staff and industry peers for thoughtful discussions around the future landscape of the financial services industry.


Register for all of FINRA’s upcoming events:

  • FINRA Registration Systems Foundation Training
    • Wednesday, October 5 and Thursday, October 6 | noon-5 p.m. ET | Virtual [Waitlist Available]
    • Wednesday, November 9 and Thursday, November 10 | noon-5 p.m. ET | Virtual [Waitlist Available]
  • 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
  • Firm Grouping Conference | December 1, 2022 | Kissimmee, FL 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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