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FINRA Foundation Awards 2021 Ketchum Prize

October 6, 2021
Volume 40


  • Updated FAQ
  • UPC Advisory

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

Education and Compliance Programs

FINRA’s virtual conference panels provide a unique opportunity to hear the most up-to-date compliance information directly from industry and regulatory leaders from the comfort of your home. Watch our latest panel today: Back to Basics: Fundamentals of FINRA Rule 2210. This session is designed for compliance and marketing professionals who are new to FINRA’s advertising rules or experienced practitioners interested in a refresher.

The FINRA Investor Education Foundation awarded Shawn Spruce the 2021 Ketchum Prize—its highest honor—in recognition of his outstanding advocacy, teaching and outreach as a champion of investor education and financial capability in Native communities. Spruce is a financial education consultant at First Nations Development Institute, a nonprofit organization that assists Native American tribes, their communities, and Native nonprofits in economic development by providing technical assistance, training, policy guidance and grants. To learn more about Spruce and his work, tune in to the latest episode of the FINRA Unscripted podcast.


Updated FAQ

FINRA has updated the Frequently Asked Questions About Advertising Regulation to answer recent questions concerning videos posted online, hyperlinks in electronic communications, private placement retail communications, the prohibition on predictions or projections of investment performance, and public appearances conducted via online conferencing platforms.

UPC Advisory

The following UPC Advisory was published in the last week:

  • UPC #101-21: Arbor Rlty Tr Inc (OTC Symbol: ABRFV)

 Upcoming Deadlines and Effective Dates

FINRA Requests for Comment

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.

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.

FINRA requests comment in Regulatory Notice 21-35 on a proposal to require members to publish quarterly order routing disclosure reports for held orders in OTC Equity Securities. The proposed new quarterly reports would be similar to those required for NMS stocks under the Securities and Exchange Commission’s (SEC) Rule 606(a) of Regulation NMS, with certain modifications reflecting the different structure of the OTC market. FINRA also requests input on possible steps to further facilitate investor access and understanding of current order routing disclosures for NMS securities. Comments are requested by December 6, 2021.

SEC Request for Comment

On September 22, 2021, the SEC issued an order instituting proceedings to determine whether to approve or disapprove FINRA’s proposed rule change to Rule 2165 (Financial Exploitation of Specified Adults) to permit member firms to: (1) place a temporary hold on a securities transaction where there is a reasonable belief of financial exploitation; and (2) extend a temporary hold on a disbursement of funds or securities or a transaction in securities for an additional 30-business days if the member firm has reported the matter to a state regulator or agency or a court of competent jurisdiction. Comments are due October 13, 2021. Any rebuttals to comments filed with the SEC must be submitted by October 19, 2021. See the SEC Notice of Order.

 Education and Compliance Programs

Don’t forget to register for the Compliance Outreach Program for Municipal Advisors tomorrow, October 7, from 10 a.m. – 5 p.m. ET. This free webcast program will provide municipal advisors and other municipal market participants an opportunity to hear from SEC, MSRB and FINRA staff on timely regulatory and compliance matters. View the detailed agenda for session descriptions.

Register today for the 2021 Access and Impact Conference: Gauging the Participation of Diverse Communities in the Capital Markets on October 22. Join the FINRA Investor Education Foundation, FINRA's Office of the Chief Economist, and NORC at the University of Chicago for this free virtual event as 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.

Registration is open for the virtual Trading and Execution Member Forum on November 10. Firm Grouping Member Forums are free one-day events designed to provide financial professionals associated with FINRA member firms the opportunity to engage in key discussions with FINRA staff and connect with industry leaders and peers. The forums also include thoughtful discussions around the future landscape of the financial services industry and provide opportunities to meet one-on-one with FINRA Risk Monitoring Analysts, Directors, and Single Points of Accountability to discuss firm-specific questions.

Register for all of FINRA’s upcoming events:

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