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Funding FINRA’s Mission

October 7, 2020
Volume 40


  • Regulatory Notice
  • UPC Advisory

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

Education and Compliance Programs

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.

On October 2, FINRA filed a plan with the Securities and Exchange Commission to increase member firm fees beginning in 2022—the first increase in core regulatory fees in nearly a decade. In a letter to firms announcing the plan, FINRA Board of Governors Chairperson Eileen Murray and President and CEO Robert Cook noted that the plan would put FINRA on "a firmer financial footing to support our mission in the years to come and offer member firms additional certainty and transparency regarding their regulatory costs."


FINRA Alerts Firms to Phishing Email Requesting Them to Respond to Fraudulent FINRA Survey

FINRA warns member firms of a widespread, ongoing phishing campaign that involves fraudulent emails purporting to be from FINRA asking member firms to complete a survey. The email was sent from the domain “” and was preceded by “info” followed by a number, e.g., info5@regulation- FINRA recommends that anyone who clicked on any link or image in the email immediately notify the appropriate individuals in their firm of the incident. See Regulatory Notice 20-35 for additional information and a sample of the fraudulent email.

UPC Advisory

The following UPC Advisory was published in the last week:

  • UPC #38-20: Akorn, Inc (AKRXQ)

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.

FINRA requests comment in Regulatory Notice 20-34 on proposed amendments to Rule 2165 (Financial Exploitation of Specified Adults) to extend the hold period and to allow temporary holds on securities transactions to further address suspected financial exploitation of senior investors. The Notice also summarizes the retrospective rule review process, including the predominant themes that emerged from stakeholder feedback and resulting actions, and provides guidance to aid member firms and senior investors. The comment period expires December 4, 2020.

SEC Requests 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

The SEC requests comment on FINRA’s proposal to amend the Code of Arbitration Procedure for Customer Disputes and the Code of Arbitration Procedure for Industry Disputes to modify the current process relating to the expungement of customer dispute information. The comment period expires October 22, 2020. See the Federal Register notice.


 Education and Compliance Programs

Register today 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. View the conference agenda and office hour schedule.

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 a 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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Regulatory Contacts
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