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Register for the Virtual Trading and Execution Member Forum

November 3, 2021
Volume 44

 
 
guidance

Guidance
  • Regulatory Notices
  • UPC Advisories
upcoming

Upcoming Deadlines and Effective Dates
  • FINRA Requests for Comment
  • FINRA Elections
education

Education and Compliance Programs

 
Reminder: FINRA to close OTC Bulletin Board on November 8, 2021. In Regulatory Notice 21-38, FINRA announced that it will cease operation of the OTC Bulletin Board (OTCBB)—a FINRA-operated inter-dealer quotation system—and delete the OTCBB-related rules from the FINRA rulebook on November 8, 2021. Members and vendors should plan to eliminate OTCBB-related connections immediately. Technical questions regarding these changes can be sent to [email protected] or (866) 899-2107.
 



Tune in to the latest episode of the FINRA Unscripted podcast. On this episode, we are joined by three FINRA Military Spouse Fellows to learn more about the program and the unique financial challenges facing the military community. Listen to the podcast.
 

 Guidance

Broker-Dealer, Investment Adviser Firm, Agent and Investment Adviser Representative, and Branch Renewals for 2022

The 2022 Renewal Program begins on November 8, 2021, when FINRA makes Preliminary Statements available to all firms in E-Bill. Preliminary Statements are not mailed to firms. Regulatory Notice 21-39 highlights the key dates in the renewal process. The deadline for full payment of Preliminary Statements is December 13, 2021.

UPC Advisories

The following UPC Advisories were published in the last week:

  • UPC #110-21: Bank OZK Little Rock Ark (OTC Symbol: OZKKF)
  • UPC #111-21: Bank OZK Little Rock (OZKKP)

 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.

FINRA Elections

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.
 

 Education and Compliance Programs

Join FINRA disclosure reporting experts on Tuesday, November 9 from 2 to 3 p.m. ET for a Disclosure Reporting Tips and Best Practices Webinar, previously known as the FINRA Registration and Disclosure Boot Camp training. This abridged version of the course will focus on a review of recent individual disclosure process changes and discuss future disclosure reporting training offerings.

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 Capital Markets and Investment Banking Member Forum and the Ask FINRA Advertising Regulation Senior Staff Webinar. On-demand sessions are available for FINRA member firms and CRCP® graduates.

Register for all of FINRA’s upcoming events:

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Regulatory Contacts
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Firms wishing to change the name or email address of their executive representative or designated assistant should do so through the FINRA Contact System (FCS). See
http://www.finra.org/FCS for further information. Requests from executive representatives to be removed from this email notification list cannot be honored.

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