SFAC and Regional Committee Elections Begin

Features

• SFAC and Regional Committee Elections Begin 
  The elections to fill one open seat on the Small Firm Advisory Committee (SFAC) and several vacancies on the Regional Committees have begun. There has been significant interest in joining these committees this year. For the first time since Regional Committee elections began in 2018, individuals self-nominated for all vacancies. Please see the SFAC Election Notice and Regional Committee Election Notice for information on voter eligibility and links to profiles of the candidates. Member firms eligible to vote in the elections will receive voting instructions and ballots from FINRA’s election agent ([email protected]) and will have until Nov. 19 to cast their votes. 
   
• Reminder: Small Firm Briefing 
  FINRA President and CEO Robert Cook and Kayte Toczylowski, Head of Member Relations and Education, will join three FINRA Board Governors—Erin Baskett, Wendy Lanton, and Jennifer Szaro—on Oct. 27, 4:30-5:15 p.m. ET, for a conversation on how small firms are navigating the evolving regulatory landscape. This session will highlight regulatory insights and practical guidance shared at the FINRA Small Firm Conference to help firms stay compliant while operating efficiently. Please register here. 
   
• Treasury Clarifies Suspicious Activity Reports Requirements 
  Treasury’s Financial Crimes Enforcement Network (FinCEN) recently issued frequently asked questions about filing requirements for suspicious activity reports (SARs), including whether SARs are required for transactions at or near currency reporting thresholds. They also cover customer or account review requirements following the filing of a SAR, as well as documentation requirements for decisions not to file a SAR. Per FinCEN, the FAQs—available here—do not alter legal or regulatory requirements nor create new supervisory expectations. Please see our Oct. 17 advisory for more information. 
   
• Notice on Changes to ACATS Transfer Process 
  The National Securities Clearing Corporation (NSCC) administers the Automated Customer Account Transfer Service (ACATS), a system which enables firms to transfer accounts among themselves. Effective Oct. 17, the NSCC removed the settlement preparation stage from the ACATS transfer process. Please see our Oct. 21 Notice for more details. 
   
• ICYMI: FINRA Facilitates U4 Recordkeeping Compliance 
  FINRA members may now rely on our Central Registration Depository (CRD®) system to maintain for recordkeeping purposes the Form U4 filings that individuals electronically sign through FINRA’s Financial Professional Gateway. FINRA received relief last month from SEC staff to allow member firms to rely on the CRD to satisfy their record retention requirements with respect to Form U4 filings electronically signed via our systems. FINRA issued a Regulatory Notice detailing this change, which is part of FINRA Forward and designed to save member firms the time and cost of having to separately store these records. 
   
• ICYMI: Cyber Alerts Involving Red Hat Consulting, Oracle E-Business Suite 
  Member firms should be aware of two cyber alerts issued last week. One involves a security incident at Red Hat Consulting that exposed sensitive data about Red Hat customers that could be abused to breach member firm customer networks. The other pertains to a critical vulnerability that affects certain versions of Oracle E-Business Suite, a business management software platform. 
   
• ICYMI: FINRA Foundation Military Spouse Fellows 
  The FINRA Investor Education Foundation and the Association for Financial Counseling and Planning Education recently announced the 2025 cohort of the FINRA Foundation Military Spouse Fellowship. This year, 30 military spouses will achieve their Accredited Financial Counselor designation through the fellowship. Find more information or sign up for program updates here.