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FINRA Kicks Off Regional and SFAC Elections

October 20, 2021
Volume 42


  • UPC Advisories
disciplinary actions

Disciplinary Actions


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

Education and Compliance Programs

FINRA has issued two Election Notices to notify firms of elections to fill vacancies on various FINRA Committees. Election Notice 10/19/21 notifies firms of elections for FINRA Regional Committees and the mailing of ballots to eligible firms. The second, Election Notice 10/19/21, notifies FINRA small firm members of the process to fill one North and one West Region vacancy on the Small Firm Advisory Committee. Ballots are due by Thursday, November 18, 2021.

Reminder: FOCUS Part II/IIA to be filed in redesigned eFOCUS system. FINRA reminds firms that the FOCUS Part II/IIA filings for the October 2021 filing period will be submitted through the newly redesigned eFOCUS system. If users have not done so already, they should familiarize themselves with the redesigned system prior to the October 26 filing deadline. For more information on the redesigned system, visit; for specific questions please contact your Risk Monitoring Analyst, call the Gateway Call Center at 800-321-6273, or email [email protected].


UPC Advisories

The following UPC Advisories were published in the last week:

  • UPC #103-21: Morgan Stanley (OTC Symbol: MNSLV)
  • UPC #104-21: Eagle Point Income Co Inc (OTC Symbol: EICPV)
  • UPC #105-21: Bank of America (OTC Symbol: BOAPV)
  • UPC #106-21: Eagle Point Income Co Inc (EICPP)
  • UPC #107-21: Morgan Stanley (MNSLL)
  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 Requests for Comment

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

The SEC requests comment on FINRA’s proposal to amend Rule 2231 (Customer Account Statements) to, among other things, (a) add new supplementary materials pertaining to compliance with Rule 4311 (Carrying Agreements), the transmission of customer account statements to other persons or entities, the use of electronic media to satisfy delivery obligations, and compliance with Rule 3150 (Holding of Customer Mail); and (b) incorporate without substantive change specified provisions derived from Temporary Dual FINRA-NYSE Rule Interpretation 409T (Statements of Accounts to Customers) pertaining to information disclosed on customer account statements, externally held assets, use of logos and trademarks, and use of summary statements. Comments are due October 27, 2021. See the Federal Register notice.

 Education and Compliance Programs

Join members of FINRA’s Technology and Credentialing, Registration, Education and Disclosure (CRED) teams on Thursday, October 21 from 2 to 3 p.m. ET for a discussion about recent FinPro enhancements. During the webinar, staff will demonstrate supporting FinPro and FINRA Gateway functionality and answer audience questions.

Register today for the 2021 Access and Impact Conference: Gauging the Participation of Diverse Communities in the Capital Markets on Friday, 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 brochure for more information including speakers and session descriptions.

Register today for the virtual Trading and Execution Member Forum on November 10 and the virtual Retail Member Forum on December 9. 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.

View the latest on-demand sessions from the 2021 FINRA Annual Conference and the 2021 Virtual Technology Conference. On-demand sessions are available for FINRA member firms and CRCP® graduates. Sessions from the 2021 Diversity Leadership Summit are also available for on-demand viewing.

Register for all of FINRA’s upcoming events:

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Regulatory Contacts
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