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FINRA Unscripted Podcast: The Intersection of AML and Cyber

October 28, 2020
Volume 43


  • Updated FAQ

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

Education and Compliance Programs

Tune in to the latest episode of the FINRA Unscripted podcastOn this episode, the first of a two-part series, we look at the intersection of a firm's AML and cybersecurity risks. Joining us are Jason Foye and Dave Kelley from FINRA’s National Cause and Financial Crimes Detection Program. Listen to the podcast.

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.


Update: Trade Reporting Frequently Asked Questions

FINRA has updated the Reporting Cancellations, Corrections and Reversals section of the Trade Reporting FAQ.

Upcoming Deadlines and Effective Dates

FINRA Requests for Comment

FINRA requests comment in Regulatory Notice 20-36 on a concept proposal regarding the application of FINRA rules to security-based swaps (SBS) following the SEC’s completion of its rulemaking regarding SBS dealers and major SBS participants. The comment period expires November 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 delete the rules related to the OTC Bulletin Board® Service ("OTCBB") and cease its operation, and to enhance the regulation of quotations in OTC Equity Securities by adopting new requirements for member inter-dealer quotation systems. The comment period expires October 28, 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 increase arbitrator chairperson honoraria and certain arbitration fees. The comment period expires November 16, 2020. See the Federal Register notice.

FINRA Elections

FINRA has issued two Election Notices to notify firms of elections to fill vacancies on various FINRA Committees. Election Notice 10/20/20 notifies firms of elections for FINRA Regional Committees, and the mailing of ballots to eligible firms. As detailed in the Notice, the District 2 seats on the West Region Committee are the only contested seats. The second Election Notice 10/20/20 notifies FINRA small firm members of the process to fill one South and one Midwest Region vacancy on the Small Firm Advisory Committee (SFAC). Ballots are due by Thursday, November 19, 2020.


 Education and Compliance Programs

Now available: On demand sessions from FINRA's 2020 Virtual Diversity Summit. Throughout the week, more than 500 participants learned from expert diversity thought leaders as they led focused discussions on the importance of embracing diversity, equity and inclusion as a strategic business priority. If you missed it, free recordings of all sessions are now available.

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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