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Small Firm Conference Call Registration Now Open

September 14, 2022
Volume 37


  • UPC Advisories
disciplinary actions

Disciplinary Actions


Upcoming Deadlines and Effective Dates

  • FINRA Elections
  • FINRA Requests for Comment
  • Treasury Department Request for Information

Education and Compliance Programs

Register today for the next Small Firm Conference Call on Monday, September 19, at 4:30 p.m. ET. FINRA President and CEO Robert Cook and Vice President of Member Relations and Education Kayte Toczylowski will be joined by Associate General Counsel Meredith Cordisco, Senior Director of National Cause and Financial Crimes Detection Programs Nicole McCafferty, and Examination Director of Diversified, Carrying & Clearing Examinations Justin Tricolor to discuss the SEC’s Regulation Best Interest (Reg BI) and Form CRS. Registration is open to all member firms.


UPC Advisories

The following UPC Advisories were published in the last week:

  • UPC #28-22, ION Geophysical Corporation (IOGPQ)
  • UPC #27-22, Basic Energy Services, Inc. (BASXQ, BASWQ)
  • UPC #26-22, AGNC Investment Corp. (AGCGL)
  • UPC #25-22, AGNC Investment Corp. (AGCGV)
 Disciplinary Actions

FINRA publishes disciplinary actions to remind registered representatives and firms of specific conduct that violates FINRA rules and may result in disciplinary action.

  • FINRA fined BofA Securities Inc. $5 million for failing to report over-the-counter (OTC) options positions to the Large Options Positions Reporting system (LOPR) in more than 7.4 million instances, including 26 positions that were over the applicable OTC position limit, and related supervisory failures.
  • FINRA ordered Joseph Stone Capital LLC to pay restitution of approximately $825,000 to customers whose accounts were excessively traded by the firm’s representatives. In related settlements, FINRA suspended eight current or former Joseph Stone representatives and required them to pay, collectively, an additional $211,000 in restitution to the firm’s impacted customers. In addition, FINRA suspended three supervisors at the firm for failing to reasonably identify or respond to red flags of excessive trading, and barred two representatives for refusing to respond to FINRA’s requests for information in connection with the investigation.
 Upcoming Deadlines and Effective Dates

FINRA Elections

FINRA is holding several elections to fill seats on the Small Firm Advisory Committee (SFAC), Regional Committees, National Adjudicatory Council (NAC) and the FINRA Board of Governors.

  • One seat on the SFAC representing the New York region is up for election. Individuals interested in becoming candidates for this election must submit a candidate profile form to FINRA’s Corporate Secretary by October 6, 2022.
  • Election Notice 09/06/22 describes the nomination and election process to fill vacancies on FINRA’s Regional Committees. 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 October 6, 2022.
  • As described in Election Notice 08/22/22 FINRA is holding an election to fill one small firm seat on the 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 the Election Notice. 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.

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.

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.

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.

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.

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 their 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:

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