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FINRA Announces the Departure of Chip Jones

September 30, 2020
Volume 39


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

Education and Compliance Programs

Tune in to the latest episode of the FINRA Unscripted podcast. On this episode, Chris Kelly, deputy head of FINRA Enforcement and head of Main Enforcement and Sales Practice Enforcement joins us to talk about excessive trading or churning. He shares why this practice remains in focus for FINRA Enforcement and some recent trends. Listen to the podcast.

Exam enrollment windows extended through October 16, November 16. FINRA and NASAA are providing one additional extension of enrollment windows for the SIE, Series 6, Series 7, Series 63, Series 65 and Series 66 that are currently expired, or will expire, between March 16 and October 16, 2020. The exam enrollment end dates will be extended through the same end date of October 16, 2020. For exams not available online, FINRA and the MSRB will extend all enrollment windows that are currently expired, or will expire, between March 16 and November 16, 2020, to November 16, 2020. For more information, visit our website.

Register today for the 2020 Small Firm Virtual Conference! This one-day conference will be held online on October 28 and will focus on effective practices and tips for complying with FINRA rules – from the unique perspective of small firms. The conference will bring together experts, executives and policymakers to share their specialized knowledge and experiences. PLUS – Don’t miss our virtual Office Hours and networking opportunities. View the agenda and office hour schedule.

The FINRA Investor Education Foundation awarded Michael Morris the 2020 Ketchum Prize for his extraordinary leadership in creating a better economic future for people with disabilities through advocacy, research and education.

FINRA has announced that Chip Jones will leave the organization this month after nearly 20 years of dedicated service. “Chip Jones has built the Member Relations and Education department into an incredibly valuable resource for member firms and FINRA alike. I am very grateful for his leadership and hard work over nearly 20 years helping FINRA cultivate the constructive relationships and open dialogue with our member firms that are so vital to achieving the benefits of the self-regulatory model. Among his many noteworthy achievements are his thoughtful and tireless efforts to identify opportunities for FINRA to better support and engage with small firms. I will miss Chip’s daily partnership on all these efforts and his passion for making regulation smarter. I wish him all the best in his future endeavors,” said President and CEO Robert Cook. Kayte Toczylowski, who has spent the last nine years in FINRA’s Member Supervision examination program, will now lead FINRA’s Member Relations and Education department.

Upcoming Deadlines and Effective Dates

FINRA Requests for Comment

FINRA requests comment in Regulatory Notice 20-29 on the practice of “pennying” in the corporate bond market. Consistent with a recommendation from the SEC’s Fixed Income Market Structure Advisory Committee (FIMSAC) and a similar request for comment published by the Municipal Securities Rulemaking Board (MSRB), FINRA is soliciting comment on how to define or identify pennying, how pennying impacts market quality and whether further regulatory action would be appropriate. The comment period expires October 16, 2020.

FINRA requests comment in Regulatory Notice 20-33 on proposed formal procedures for bringing actions against non-associated persons who cheat or misbehave during a FINRA qualification examination. The proposed formal procedures—a new expedited proceeding rule—would also strengthen the existing processes for responding to cheating and misbehavior by associated persons during a FINRA qualification examination. FINRA also is proposing related amendments to FINRA’s registration requirements rule and eligibility proceedings rules. The comment period expires November 23, 2020.

SEC Request for Comment on FINRA Rules

The SEC requests comment on FINRA’s proposal to require firms to report time fields in trade reports submitted to a FINRA equity trade reporting facility using the same timestamp granularity that they use to report to the consolidated audit trail (‘‘CAT’’), in accordance with an SEC order granting exemptive relief from certain CAT NMS Plan requirements. The comment period expires October 20, 2020. See the Federal Register notice.

FINRA Elections

Election Notice 8/17/2020 notifies members of an upcoming election to fill two large firm seats and one small firm seat on the National Adjudicatory Council (NAC), and to announce the FINRA Nominating & Governance Committee nominees for these vacancies. Eligible individuals not nominated by the Nominating Committee who obtain the requisite number of valid petitions may be included as candidates on the ballot by following the petition procedures described in the Notice. Petitions for candidacy are due October 1, 2020.

Election Notice 9/1/2020 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 South region and one representing the Midwest region. 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 October 1, 2020.

Election Notice 9/1/2020 informs member firms of the upcoming nomination and election process to fill vacancies on FINRA’s Regional Committees. 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 October 1, 2020.

 Education and Compliance Programs

Registration is coming soon for the 2020 FINRA Artificial Intelligence (AI) Virtual Conference and Fintech Office Hours. The Virtual AI Conference, on November 9, is a half-day event to bring together regulators and industry leaders within the financial industry to discuss the use of AI and related opportunities and challenges. The Fintech Office Hours, held on November 10, will be hosted by FINRA’s Office of Financial Innovation and are designed to engage with broker-dealers, vendors, and other market participants seeking to bring forth fintech innovations. This event provides a platform for discussions on market and regulatory implications and related benefits and challenges associated with innovations occurring in the financial industry.

Reserve your spot at FINRA’s premier event, the 2021 Annual Conference. This conference takes place on May 18-20, 2021, in Washington, DC and provides the opportunity for practitioners, peers and regulators to exchange ideas on today's most timely compliance and regulatory topics. Register today to receive the maximum discount on conference registration rates.

Registration is open for the 2021 FINRA Institute at Georgetown Certified Regulatory and Compliance Professional (CRCP)® Program. Week I takes place on July 18-23, 2021, and Week II takes place on November 14-19, 2021.Take advantage of our new reduced registration rates and gain your CRCP designation.

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