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Bari Havlik, Head of Member Supervision, to Retire

September 15, 2021
Volume 37


  • UPC Advisories
disciplinary actions

Disciplinary Actions


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

Education and Compliance Programs

In light of the challenges posed by the COVID-19 pandemic,
FINRA Rule 3110.17, which provides firms the option to satisfy their Rule 3110(c) obligations remotely, has been amended to include calendar year 2022 inspections obligations through June 30, 2022. Rule 3110.17, as amended, becomes operative on January 1, 2022, and does not extend to a member's inspection requirements beyond June 30, 2022.


FINRA system-generated emails to be centralized, modernized. FINRA compliance systems will begin transitioning to modernized and centralized notifications for system-generated emails to firms and registered representatives. These messages will come in a new format and from a new email address. For more information, visit our website.

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 announced that Bari Havlik, Executive Vice President and Head of the Department of Member Supervision, plans to retire from FINRA later this year. Havlik will be succeeded by Greg Ruppert, who currently reports to Havlik and serves as Executive Vice President and leader of FINRA's National Cause and Financial Crimes Detection Program, on November 1. She will remain an adviser to Ruppert to assist with the transition until the end of the year.


UPC Advisories

The following UPC Advisories were published in the last week:

  • UPC #91-21: Agree Realty Corp (OTC Symbol: ADCDV)
  • UPC #92-21: Vornado Realty (OTC Symbol: VNOOV)
  • UPC #93-21: New Residential Invt Corp (OTC Symbol: NRZDV)
  • UPC #94-21: New Residential Invt Corp (OTC Symbol: NRZDP)
  • UPC #95-21: Agree Realty Corp (ADCDL)
  • UPC #96-21: Western Alliance Bancorporation (OTC Symbol: WALPV)
  • UPC #97-21: Inpoint Commercial Real Estate Inc (OTC Symbol: IPCRV)
  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 posted the following disciplinary item on the website this week:

 Upcoming Deadlines and Effective Dates

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.

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.

NEW: FINRA requests comment in Regulatory Notice 21-32 on a proposed change to its current policy relating to the assignment of OTC symbols to unlisted equity securities. Specifically, FINRA is considering whether it should begin assigning OTC symbols to unlisted equity securities that do not have a valid CUSIP identifier, in the limited circumstance where a member firm demonstrates its best efforts to obtain a CUSIP identifier and provides documentation to identify the security. Comments are requested by November 15, 2021.

 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.

The agenda is now available for FINRA’s Virtual Diversity Leadership Summit on September 28 – 30, 2021. Hear from diversity practitioners and business leaders as they share innovative ideas and effective practices to promote diversity, equity and inclusion in the workplace. Register today!

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. View the agenda for more information and session descriptions.

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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