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New Compliance Tools Webpage Now Available

September 28, 2022
Volume 39


Upcoming Deadlines and Effective Dates

  • FINRA Elections
  • FINRA Request for Comment
  • SEC Request for Comment

Education and Compliance Programs

FINRA’s Board of Governors held its fourth meeting of the year on Sept. 21-22.The Board approved two proposals related to FINRA’s Dispute Resolution forum. One proposal amends the Codes of Arbitration Procedure to make various clarifying and technical changes to the Codes, and the second proposes amendments to increase certain arbitration and mediation forum fees and arbitrator honoraria. The next FINRA Board of Governors meeting is scheduled for Dec. 7-8, 2022.

FINRA has created a new Compliance Tools webpage, which highlights new and updated tools for member firms. This resource is a result of FINRA’s comprehensive review of all of our firm compliance tools, where we reviewed all existing tools, created new tools and updated those that were out of date. We will continue to enhance these tools on a regular basis and welcome feedback from member firms on these and other helpful additional resources.

As part of the Member Application Program (MAP) Transformation noted in Information Notice 4/19/22, FINRA created four new tools to assist firms with the new member and continuing member application processes:

  • checklist for firms completing Form CMA due to an organizational change;
  • two checklists for funding portals and private placement firms; and
  • guidance on submissions and document names for all firms working with MAP.

Take advantage of our reduced registration rates and attend 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.

FINRA’s seventh annual Createathon takes place September 27-30. Read our blog post to learn more about how FINRA’s employee teams generate creative solutions to strengthen how FINRA fulfills its regulatory objectives and keeps up with the pace of evolving technology.

 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 Request for Comment

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 Request for Comment

On September 15, 2022, the SEC issued an order instituting proceedings to determine whether to approve or disapprove FINRA’s proposed rule change to amend FINRA Rule 8312 (FINRA BrokerCheck Disclosure) to release information on BrokerCheck relating to firm designation as a Restricted Firm. Comments are due October 12, 2022. Any rebuttals to comments filed with the SEC must be submitted by October 26, 2022. See the SEC Notice of Order.


 Education and Compliance Programs

Be sure to register for FINRA’s virtual Diversity Leadership Summit happening October 25 – 27, 2022. This year’s free, three-day summit will feature insights from diversity and inclusion thought leaders, FINRA senior leaders, other regulators and firms on the importance of embracing diversity, equity and inclusion—even during times of significant change. This year’s keynote speaker Dr. Mahzarin Banaji, Richard Clarke Cabot Professor of Social Ethics at Harvard University and co-author of Blindspot: Hidden Biases of Good People, will reveal the surprising and even perplexing ways in which we make errors in assessing and evaluating others when we recruit and hire, onboard and promote, lead teams, undertake succession planning, and work on behalf of our clients or the public we serve.

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.

View the agenda 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.

View the latest Virtual Conference Panel: Tips for Handling Emotional Callers. FINRA staff and industry panelists outline strategies to help you and your staff manage and diffuse emotional callers. During the session, panelists explore scenarios and provide tips on how to manage angry, frustrated or emotional clients.

Listen to the recording of the latest Small Firm Conference Call: SEC’s Regulation Best Interest and Form CRS. FINRA President and CEO Robert Cook and Vice President of Member Relations and Education Kayte Toczylowski are 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 Triolo to discuss the SEC’s Regulation Best Interest (Reg BI) and Form CRS.

Register for all of FINRA’s upcoming events:

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