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FINRA Board of Governors Election Results

September 1, 2021
Volume 35


  • UPC Advisory

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

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.


Tune in to the latest episode of the FINRA Unscripted podcast. On this episode, we sit down with FINRA’s Deputy Corporate Secretary Jennifer Piorko Mitchell and Regional Committee Member Trinity Lee to discuss the benefits of participating on FINRA’s Regional Committees and how you can get involved. Listen to the podcast.

FINRA’s Preferred Pricing Program, which featured a limited number of vendors offering compliance-related services, has been discontinued. Please continue to contact vendors directly to discuss any potential discount opportunities with their offerings. If you are looking for a vendor, log into the FINRA Compliance Vendor Directory (CVD), which provides firms with a convenient, effective way to search for vendors that offer compliance-related services.

FINRA offers a number of compliance tools, including templates, checklists, and libraries. Visit our website for a list of tools and resources available to help you and your firm meet regulatory requirements. If you have any questions, please contact us via email.


UPC Advisory

The following UPC Advisory was published in the last week:

  • UPC #90-21: Fieldwood Energy LLC (FWDEQ)

 Upcoming Deadlines and Effective Dates

FINRA Requests for Comment

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 20, 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, to amend the margin requirements for Covered Agency Transactions under FINRA Rule 4210 (Margin Requirements) as approved pursuant to SR-FINRA-2015-036. Comments are due by September 10, 2021. Rebuttal comments are due by September 16, 2021. See the SEC Notice of Order.

Upcoming Effective Dates

Effective September 1, 2021, FINRA has amended the rules governing the Membership Application Program to address brokers with a significant history of misconduct and the broker-dealers that employ them. To assist member firms, FINRA has provided an updated overview of the Materiality Consultation process and a Rule 1017(a)(7) Mandatory Materiality Consultation Checklist. In addition, Form CMA has been amended to conform to Rule 1017(a)(7).

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.

FINRA Elections

Election Notice 9/1/2021 notifies member firms of the upcoming nomination and election process to fill vacancies on FINRA’s Regional Committees. The Regional Committees play an important part of informing FINRA’s regulatory programs by, among other things, alerting FINRA to industry trends that could present regulatory concerns, and consulting with FINRA on proposed policies and rule changes. In this election, Regional Committees for the South and West regions each have six full-term vacancies, and the Midwest, North and New York regions each have four full-term vacancies to fill. Eligible candidates will be included on the appropriate ballot if they submit a candidate profile form to FINRA’s Corporate Secretary by Friday, October 1, 2021.

Election Notice 9/1/2021 informs small FINRA member firms of the upcoming Small Firm Advisory Committee (SFAC) election. Two seats on the SFAC are up for election, one representing the North region and one representing the West region. The SFAC provides guidance to FINRA staff, particularly regarding the potential impact of proposed regulatory initiatives on FINRA’s small firm members. Any eligible candidate who wants to be included on the ballot must submit the relevant information via the candidate profile form to FINRA’s Office of the Corporate Secretary by Friday, October 1, 2021.


 Education and Compliance Programs

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.

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 for the Ask FINRA Advertising Regulation Senior Staff Webinar on October 12 from 1 – 2 p.m. ET. Join this free virtual discussion with senior staff from FINRA's Advertising Regulation Department to hear how to navigate current developments in FINRA's communications rules and industry marketing practices including mobile apps, social media, and other digital channels. Panelists answer questions on how to embrace the future of communications while remaining compliant.

Register today to join the FINRA Investor Education Foundation, FINRA's Office of the Chief Economist, and NORC at the University of Chicago for the 2021 Access and Impact Conference: Gauging the Participation of Diverse Communities in the Capital Markets. During this free virtual event on October 22, panelists examine methods and impacts of increasing access or reducing impediments to the provision of financial services to diverse communities.

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 this upcoming event:

  • Compliance Outreach Program for Municipal Advisors | October 7, 2021 | 10 a.m. – 5 p.m. ET | Virtual

Register for all of FINRA’s upcoming events:

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