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Preferred Pricing Program Discontinued

September 8, 2021
Volume 36


  • Regulatory Notice
  • UPC Advisory

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


FINRA Establishes New Supplemental Liquidity Schedule

FINRA has established a new Supplemental Liquidity Schedule (SLS). The new SLS, which members subject to the requirement will need to file as a supplement to the FOCUS Report, is designed to improve FINRA’s ability to monitor for events that signal an adverse change in the liquidity risk of the members with the largest customer and counterparty exposures. FINRA has issued Regulatory Notice 21-31 to provide further information on the new requirement, which will become effective on March 1, 2022. For members subject to the requirement, the first SLS must be completed as of the end of March 2022 and will be due by May 4, 2022.

UPC Advisory

The following UPC Advisory was published in the last week:

  • UPC #91-21: Agree Realty Corp (OTC Symbol: ADCDV)

 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.

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 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.

The 2021 Small Firm Virtual Conference is now being held entirely online on October 28. Register today to join us 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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Regulatory Contacts
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